Long-term care Medicaid (the government program that assists in payment of nursing home care and medication) is means-tested. The government looks at an applicant’s assets prior to obtaining eligibility for paying for long-term care. The government (Texas Health and Human Services Commission) also considers income...
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...
Your homestead is usually the largest asset you might own. Most people would prefer to stay at home as long as possible - even if there is a need for skilled care rather than living in a facility. As a result, often elderly (over age...
Recent changes under the Secure Act 2.0 that became effective January 1, 2023 may make a QLAC (Qualified Longevity Annuity Contract) a planning option for long-term care Medicaid which helps pay for nursing care and care at home. A QLAC is an annuity within your retirement...
Sometimes there is a simple solution for asset preservation when applying for long-term care Medicaid – whether the applicant is either in a nursing home that accepts Medicaid or is living at home. If eligible for Medicaid, the government will help pay for those care...
If you have an IRA, you are required to make a distribution annually once you reach a certain age (if you were 70½ prior to January 1, 2020, then you should already be making required minimum distributions known as “RMDs” – otherwise you could be...
IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which became effective at the beginning...
IRS publication 590-B issued recently has surprised almost everyone with its erroneous proposal that designated beneficiaries (“DBs”) will need to take required minimum distributions (“RMDs”) of inherited individual retirement accounts (IRAs) in years one through nine following the year of death of the IRA owner....
Husband and wife (“clients”) have 2 adult children. Once child is disabled and the other is a spendthrift (money is spent as soon as it is received). The disabled child is on Medicaid and lives in a facility where the drug costs and the great majority of...
