In an article in The Wall Street Journal from January 7, 2009, new tax cuts proposed by President-elect Barack Obama were outlined that provide likely benefits to many estate planners.
Beginning the first of the year, the federal estate-tax exemption increased $1.5 million from 2008, to $3.5 million.
This is likely to benefit many estate planners in 2009 because the number of estates subject to the tax is expected to decline AND larger estates affected will likely receive significant tax savings.
Stayed tuned to our blog for more updates impacting your long-term financial planning.
Wednesday, January 14, 2009
Monday, January 12, 2009
New Numbers for 2009 have been released regarding Medicaid qualification.
Medicaid: Community Spouse Resource Allowance is $109, 560.
Income Cap. is $2, 022. Beyond that level of income for the applicant, a Qualified Income Trust must be done.
Gift Taxes: Annual exemption has increased from $12, 000 to $13, 000. This has nothing to do with gifts for Medicaid purposes where all gifts made can create a penalty period.
Medicare Premiums: The premium remains the same as the previous year at $96.40.
Food Stamps: Assets not in excess of $2000 and income of less than $1, 127 to qualify.
We can help you understand how you might be able to qualify for Medicaid so contact our offices with any questions.
Medicaid: Community Spouse Resource Allowance is $109, 560.
Income Cap. is $2, 022. Beyond that level of income for the applicant, a Qualified Income Trust must be done.
Gift Taxes: Annual exemption has increased from $12, 000 to $13, 000. This has nothing to do with gifts for Medicaid purposes where all gifts made can create a penalty period.
Medicare Premiums: The premium remains the same as the previous year at $96.40.
Food Stamps: Assets not in excess of $2000 and income of less than $1, 127 to qualify.
We can help you understand how you might be able to qualify for Medicaid so contact our offices with any questions.
Monday, December 8, 2008
Elder Law Seminars
I will be speaking at the following seminar in 2009!
TOPIC: ELDER LAW (details to come)
WHEN: March 13th, 3pm
WHERE: Lake Bluff Public Library, 123 E Scranton Ave., Lake Bluff, IL 60044, (847) 234-2540
TOPIC: ELDER LAW (details to come)
WHEN: March 13th, 3pm
WHERE: Lake Bluff Public Library, 123 E Scranton Ave., Lake Bluff, IL 60044, (847) 234-2540
Medicaid
The Illinois Supreme Court has held that despite language in the federal Medicare Catastrophic Coverage Act stating that no income of the spouse of an individual in a nursing home is to be "deemed available to the institutionalized spouse", the state is not prohibited from seeking a contribution for the institutionalized person's care from his or her spouse.
Source: Chicago Daily Law Bulletin
Source: Chicago Daily Law Bulletin
Wednesday, November 19, 2008
It can be very difficult to bring up the topic of long-term planning. However, it's important to have plans in place in case you or those you care for become seriously ill. The Go WishTM game is an excellent way for family members and other care givers to facilitate conversations about future planning with the elderly people they care for. This makes it much easier for care givers to follow through on those wishes when the time comes. The game was designed to be easy to use for those with limited literacy or disabilities.
Elder Law Seminars
I will be speaking at the following upcoming seminar:
TOPIC: Planning Methods to Control Medical Treatment
WHERE: Hyatt Regency Hotel, 151 E. Wacker Drive, Chicago, IL 60601
WHEN: December 4, 2008 3:30-4:30pm
More to come in 2009. Stay tuned...
TOPIC: Planning Methods to Control Medical Treatment
WHERE: Hyatt Regency Hotel, 151 E. Wacker Drive, Chicago, IL 60601
WHEN: December 4, 2008 3:30-4:30pm
More to come in 2009. Stay tuned...
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