by Allison DePaola | Feb 19, 2015 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care, Special Needs Trusts
Background Signed into law by President Obama on December 19, 2014, the ABLE Act creates a new and more accessible financial tool for Americans living with disabilities. The ABLE Act amends Section 529 of the IRS Code to create tax-free savings accounts available to...
by Allison DePaola | Feb 17, 2015 | Connecticut Estate Planning Attorney Blog, Long Term Care Issues, Medicaid and Long Term Care, Veterans
On January 23, 2015, the VA issued proposed new regulations that would impact the application process and eligibility determination for Veterans and their surviving spouses. Some of the proposed regulations include: A 3 year look back period for gifts/transfers of...
by Allison DePaola | Jan 21, 2015 | Business Transactions, Estate Planning
JOIN US next week (1/27/15) at 5:00 pm for drinks and appetizers as we host the ORANGE CHAMBER Women’s Leadership Networking Group and discuss Personal and Professional Planning for 2015: Personal Planning – importance of protecting all of your “stuff” and the...
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 | 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...
