Most Americans do not have adequate long-term care insurance for care at home or in a nursing home. Furthermore, most Americans would like to stay at home as long as possible before nursing home care is required. If one has inadequate income or resources or...
The government encourages saving for medical expenses by allowing before-tax contributions to a Health Savings Account (HSA) which can grow without taxation on the condition the funds are used for qualified medical expenses (ranging from acupuncture to vaccines and from hearing aids to dental work...
As of January 1, 2022, you can give up to $16,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...
Although joint accounts are often used so that there is always one owner who can handle the assets in the account in the event of the death or disability of the other owner, there are many problems that one should consider before opening a joint...
As of January 1, 2022, 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 $636,000 (presently $603,000). Thus, if the home equity (the...
Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility, the solution for this is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust. The government recently announced the gross...
As a result of the recent November election passage of Propositions 7 and 8 as amendments to the Texas Constitution, the surviving spouse of (1) a disabled individual (who received a homestead property tax exemption) if the surviving spouse is at least 55 years of...
Although many are familiar with existing IRS rules which permit a donor to give away $15,000 per year, per person (donee) without reporting the gift to the IRS (if you give more than $15,000 per year, then there is a duty of the donor to...
There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust to transfer assets at death under the terms and conditions you desire. The simple answer is that it depends on...
(How to keep more for spouse if ill spouse needs to go into nursing home or needs care at home) As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources or income for...