Long-Term Care Premium Deductibility Limits Look Pretty Familiar The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care premium insurance, and the figures are almost the same as in 2021. Many types of medical expenses are deductible from your…
Nursing Home Level of Care for Medicaid Eligibility When applying for Medicaid’s nursing home level of care coverage, in addition to the strict income and asset limits, you must demonstrate that you need level care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid waiver program…
Social Security Benefits Increase 2022 The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise…
Promissory Note and Nursing Home Resident’s Daughter Corona Estate Planning Attorney Joseph Hudack knows that a Kentucky appeals court holds that a promissory note executed by a nursing home resident’s daughter, agreeing to pay the nursing home for the resident’s outstanding expenses, is not illegal because there was no evidence her mother’s stay in the…
Lawsuit Charges Corona Estate Planning Attorney Joseph Hudack knows that plaintiffs in a class-action lawsuit against the Social Security Administration (SSA) might describe it as an open-and-shut case. When the SSA closed its field offices at the onset of the COVID-19 pandemic, it remained open for the purposes of denying benefits. But, plaintiffs say, the…
Special Assessments and HOA Fees Corona Estate Planning Attorney Joseph Hudack knows that members of the homeowners’ community are required to pay assessment fees every month. This doesn’t mean that they will just pay whatever the HOA decides to charge them. Homeowners have every right to question an increase in monthly HOA fees or why…
Medicaid Estate Planning Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very expensive, especially around-the-clock nursing home care. Most people end up paying for…
Medicaid Planning Strategies While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called “half a loaf” approaches allow a Medicaid/Medi-Cal applicant to give away some assets while still qualifying for Medicaid/Medi-Cal. In…
HOA Rules and Regulations: Understanding the Framework of Community Living When you purchase a home within a community association, whether it’s a condominium, townhouse, or planned development, you automatically become a member of the homeowners’ association (HOA). This membership entails adherence to a set of rules and regulations established by the association. While some may…
Corona Estate Planning Attorney Joseph Hudack knows that the Social Security trustees are projecting that due to the economic downturn caused by the pandemic, the Social Security trust fund will be depleted in 2033 — one year earlier than the previous estimates. Social Security and Medicare – Once the fund is depleted, Social Security benefits…