
How Probate affects Real Estate Transactions
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
Develop a successful transition plan that will provide for you, your heirs and your business.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
QUOTE Effective long-term care planning can require gifting assets to a spouse or child. In Medicaid cases, assets must be transferred to the community spouse
Trusts can be a highly effective tool in nursing home planning. Certain types of trusts are effective even when a nursing home stay is imminent
Across the board, legal documents can be confusing. Just think about the paperwork needed to take out a mortgage – the legalese is overwhelming. And
The Deficit Reduction Act of 2005 spread changes to the Medicaid rules over hundreds of pages of the federal code.
In 2005, Congress passed legislation which, among many, many other things, changed the way a Medicaid applicant’s resources and past transfers are considered. This bill is called the Deficit Reduction Act of 2005 and was signed by the President on February 8, 2006.[Read More]
If you’ve transferred assets within the lookback period, the state is going to assess an eligibility penalty period based on the value of all the transfers you made within that 60-month window. The penalty period can be calculated by dividing the value of that gift by the penalty divisor. [Read More]
Iowa’s penalty divisor changes every July 1. What’s a penalty divisor? Let me explain.
If you’ve heard anything about Medicaid, you’ve probably heard about the lookback period. In Iowa, the lookback period is the period of time starting with the day you apply for Medicaid and extending back through time for sixty months. We break that definition down after the jump. [Read More]
The lookback period is the first major hurdle when seeking Medicaid for long-term care.
If you can’t prove you didn’t make a transfer to get on Medicaid, that transfer becomes a disallowed transfer. And that’s bad because a disallowed transfer means a penalty period will be imposed, delaying the time you are allowed to receive Medicaid coverage for the nursing home. The real question becomes: how do you calculate the penalty period? [Read More]
The length of the penalty period depends on the value of the assets transferred.