For the majority of Americans, most net worth is held in the home and/or tax deferred retirement accounts. Estate planning for the home was covered in our previous post, http://www.perlalaw.com/blog/estate-planning-for-your-home-simple-will-transfer-on-death-affidavit-or-revocable-trust/. This post will focus on planning for tax deferred retirement accounts.
What is a Tax Deferred Retirement Account?
A tax deferred retirement account is a financial account where your contributions can grow tax deferred until they are withdrawn. Traditional IRAs, Annuities and 401(k)’s… Read the rest
The Law Offices of Randall M. Perla, Cleveland attorneys practicing in estate planning, family law, elder law, including Medicaid Planning, and Probate are offering three free guides.
- Estate Planning Guide- Estate Planning can seem an intimidating process for some. It need not be. This guide will walk you through the estate planning consultation and basic documents.
- Medicaid Planning Guide- Given the cost of long term care, Medicaid planning is an essential component of any estate plan for the elderly or disabled.
… Read the rest
- Probate and Estate Administration Guide- Dealing with the loss of a loved
What is MAGI-Based Medicaid Eligibility?
MAGI stands for Modified Adjusted Gross Income. The MAGI Medicaid program started January 1, 2014 under the Affordable Care Act (ACA). It established a uniform approach to determining a person’s household size and income for purposes of Medicaid Eligibility.
Who Can Qualify for MAGI-Based Medicaid?
MAGI-Based Eligibility applies to singles, married couples, families with children 19 and under and children up to the age of 19.
It does not apply to the elderly or people who qualify for Medicaid based on disability. The elderly and disabled fall under… Read the rest
Ohio Governor John Kasich’s 2016-2017 proposed budget calls for a number of changes to Ohio Medicaid that will effect current and future Medicaid recipients.
Good News for Ohio’s Disabled
Currently, an individual deemed disabled and granted Supplemental Security Income (SSI) by the Social Security Administration (SSA) must complete a separate application to qualify for medical coverage under Medicaid. Under the proposed plan, Ohioans who are granted SSI based on disability will automatically be enrolled in Medicaid.
No More Spend Down Program
Ohio intends to eliminate its spend-down… Read the rest
You own your home and want to ensure that it passes to particular loved ones upon your death but you’re not sure the best way to do it. This blog post will break down your options for you.
First, it is important to look at your deed and determine how the property is held. Often married couples have a survivorship deed. With a survivorship deed, upon the death of one spouse, the real estate transfers to the surviving spouse outside of probate. One need only record an Affidavit of Surviving Spouse with Death Certificate to effectuate the transfer. If the home is in your individual name, or you own a partial… Read the rest