Gifting is usually a last resort when creating a Medicaid Plan. The reason is gifts trigger a transfer of resources penalty. The Medicaid Transfer Penalty Worksheet can be used to calculate the penalty, but an additional worksheet is helpful when calculating the amount of income a Medicaid applicant must generate to private pay through the penalty period. An example of that worksheet is below. Keep in mind, this worksheet “estimates” the terms of a promissory note used to pay through the penalty period. Also, use of this worksheet is not a substitute for securing qualified legal counsel. No warranty, express or implied, is offered that estimates using this worksheet will accurately reflect your circumstances. More to that point, the author of this spreadsheet has a liberal arts degree, not a math degree!!
On November 15, 2024, the Centers for Medicare and Medicaid Services posted the 2025 spousal…
The word disability doesn't have the same meaning in all contexts. If you have a…
On October 10, 2024, the Social Security Administration announced that Americans will increase a 2.5…
Many people think that estate planning is just having documents prepared. They have a lawyer…
In Chambers v. Edwards, 365 Ga. App. 482 (2022), William Chambers sued his sister, Kathy…
When an injured party sues someone who negligently injured him or her, one form of…