Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a 5-year “look-back” period as there is a presumption resources were...
Small estates affidavits and affidavits of heirship are often confused as an alternative to a costly court-ordered heirship determination which are often needed when a decedent dies without a will. Heirship determinations require at least 2 attorneys (the applicant’s attorney and an attorney to represent the...
The Tax Cuts and Jobs Act is scheduled to sunset at the end of year 2025 which is scheduled to reduce the federal and estate and gift tax exclusion to one-half of the exemption level that exists at that time. As of January 1, 2024,...
As of January 1, 2024, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $713,000 ($688,000 in year 2023). Thus, if the home...
As of January 1, 2024, you can give up to $18,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...
Client created a basic estate plan including a will, financial power of attorney, medical power of attorney, directive to physicians a/k/a living will, HIPPA authorization and declaration of guardian in the event of later incompetence. The client gave extra powers to the agent in the...
Surviving spouses are entitled to numerous rights under federal and Texas laws. The following are just a few of the many that widows and widowers should be aware. Homestead rights Under the Texas Constitution, a surviving spouse is entitled to the exclusive right to occupy the homestead...
The cost of long-term care is great (average is around $7,500/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance to help pay the facility and drugs. It is not unusual for us to receive calls after either a facility...
Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility. If the applicant’s income exceeds the income limit of $2,829 (as of January 1, 2024), the eligibility solution for this particular requirement is the creation...
A life estate is an interest in real estate whereby the grantor of the deed (the life tenant) retains the exclusive (no one else has right without permission) right to occupy and use the real estate (often a homestead) for life. The deed would indicate...
