by Allison DePaola | Jan 14, 2015 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care, Taxes
Gift and Estate Tax: The federal lifetime exemption for property passing to non-spouse beneficiaries has been increased to $5,430,000.00. The Connecticut lifetime exemption for property passing to non-spouse beneficiaries remains $2,000,000.00. There is still an...
by Allison DePaola | Dec 17, 2014 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care, Taxes
Many people assume that the annual federal and state gift tax exclusion of $14,000.00 per recipient also applies if you file a Medicaid application. That is not true! Gift tax rules are very different from Medicaid eligibility rules. Gift tax rules: The current annual...
by admin | Nov 20, 2014 | Connecticut Estate Planning Attorney Blog, Uncategorized
It’s human nature to think we’ll always be able to take care of the daily financial matters we all routinely manage. Things like paying the rent or insurance or utilities, or writing checks. But what if an injury, accident, or illness takes you out, and you can’t do...
by admin | Sep 19, 2014 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care
We often are asked, “Should we give our home to the children?” The impetus for the question almost always is a fear that the home will need to be sold to pay for nursing home costs. If that were to happen, what would be left for the children? As with many legal...
by admin | Aug 19, 2014 | Connecticut Estate Planning Attorney Blog, Long Term Care Issues, Medicaid and Long Term Care
If you are applying for Medicaid (Title XIX) there is a lot of information you need to gather to submit your application to the Department of Social Services (“DSS”). Here are some of the common items that are necessary: Personal Identification. A copy of your birth...
by admin | Jul 7, 2014 | Connecticut Estate Planning Attorney Blog, Long Term Care Issues, Medicaid and Long Term Care
The background. This case focused on the question of personal liability of an individual who signed an agreement as a “responsible party” when admitting his mother to a nursing home. Nursing home contracts drafted by the facilities often ask for a...
