Making a gift to a charity in your estate plan is a wonderful way to give back. Today’s blog post will talk about the basics of charitable giving.
Before you leave money to any charity, it is wise to go to a website like https://www.charitynavigator.org/ and https://www.consumerreports.org/charities/best-charities-for-your-donations/ to make sure that the charity is worthy of your support. Unfortunately, there are many great sounding charities that spend most of their operating costs on administrative expenses or are scams.
How to Make the Gift
A gift to a charity… Read the rest
If you or a loved one is facing the need for long term care, that is nursing home, assisted living or home care, you know how expensive it is. Medicaid planning utilizes legal and financial strategies to qualify for government programs like Medicaid to pay for long term care and save you and your family money. Annuities are a popular tool in Medicaid planning for both single individuals and married couples. This post will explain how annuities are often a great tool for married couples.
When one spouse needs long term care, it takes a financial toll not just on the individual but on the individual’s… Read the rest
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
The Department of Veterans Affairs is proposing changing eligibility rules for VA Aid and Attendance Benefits. Specifically, it is proposing an asset limit, a look-back period and asset transfer penalties for applicants applying for pensions, like the Aid and Attendance benefit. Currently, there is no prohibition on transferring assets prior to applying for benefits.
The proposed rule would create a 36-month look-back period and a penalty period of up to 10 years. The penalty period would be calculated based on total assets transferring during the look-back period exceeding the new asset… Read the rest