Comments for Michigan Elder Law and Estate Planning

Comment on Boomer Misconception by Solos Must Learn How to Surf the Economic Waves | Build A Solo Practice @ SPU

Mon, 26 Oct 2009 11:47:48 +0000

[...] Law is very fertile ground even if there are some misconceptions about the statistics. Mull over this statistic. It is projected in twenty years Connecticut will have the same [...]

Comment on Understanding Medicaid Planning by Estate Planning and Elder Law--Detroit Metro Area

Estate Planning and Elder Law--Detroit Metro Area — Thu, 23 Apr 2009 23:29:18 +0000

[...] or a revocable living trust. It is therefore important to consider tax consequences when doing any Medicaid planning. Gifting to a trust can typically eliminate the negative tax consequences of gifting during life [...]

Comment on About Jerrold E. Bartholomew by Michigan Elder Law--Asset Protection and Planning for Long-term Care

Michigan Elder Law--Asset Protection and Planning for Long-term Care — Tue, 07 Apr 2009 06:45:56 +0000

[...] About Jerrold E. Bartholomew [...]

Comment on Nursing home expenses are tax deductible by Estate Planning and Elder Law--Detroit Metro Area

Estate Planning and Elder Law--Detroit Metro Area — Thu, 02 Apr 2009 12:34:18 +0000

[...] the often related issues issues of gifting, Medicaid, and taxes, it is very important to understand that giving away appreciating assets during your lifetime can [...]

Comment on Medicaid Checklist by Checklists help keep us safe?

Checklists help keep us safe? — Mon, 23 Feb 2009 04:37:18 +0000

[...] Medicaid Checklist [...]

Comment on FAQ: What is the community spouse resource allowance? by New Medicaid Numbers for 2009 « Michigan Elder Law & Estate Planning

New Medicaid Numbers for 2009 « Michigan Elder Law & Estate Planning — Sun, 01 Feb 2009 22:29:35 +0000

[...] new community spouse resource allowance is a minimum of $21,912.00 and a maximum of $109,560.00. This number is important for married [...]

Comment on The Basics of Medicaid Qualification by FAQ: Is my annuity protected from the cost of nursing home care? « Michigan Elder Law & Estate Planning

Wed, 17 Sep 2008 16:17:09 +0000

[...] By itself, an annuity is either an asset, in which case it will be subject to the asset test for Medicaid qualification or an income stream, in which case it will be subject to the [...]

Comment on Medicaid Checklist by Current Scam Affecting Lapeer County Citizens « Michigan Elder Law & Estate Planning

Wed, 23 Jul 2008 15:28:17 +0000

[...] Medicaid Checklist [...]

Comment on Learning to Juggle with Your Property by Jerrold Bartholomew

Jerrold Bartholomew — Wed, 02 Jul 2008 04:13:09 +0000

Mr. Peters,

Thank you for your thoughtful comments. In response to your first question, yes, placing your assets in a properly structured irrevocable trust will begin the lookback period. With respect to the second, it appears to me that you are concerned with a situation with one spouse in the nursing home and a non-institutionalized spouse. In a case like that, I would generally advise a different type of irrevocable trust that will allow immediate qualification. This trust is called a solely for the benefit of trust, and while it does not protect assets in the event that the second spouse would need nursing home care, it does allow for assets to be protected from the cost of one spouse’s long term care needs.

Comment on Learning to Juggle with Your Property by john peters

john peters — Sat, 28 Jun 2008 13:31:37 +0000

Question #1. Once your assets are put into an irrevocable trust, are they then sheltered from medicaid for purposes of the 5 year look back period? That is, if this trust was established 4 years ago, would you have 1 year left of the look back period? Or if we did the trust today, and all assets (excluding house, car, burial plots and the $104,400) are in the irrevocable trust, does the look back period begin tomorrow and none of my assets will be touched for purposes of applying for Medicaid moving forward and will not impact the date that I can go on Medicaid?

Thanks,