Are retirement accounts vulnerable to being used up to pay for nursing home costs? Yes, they are “available resources” and must be spent down before you qualify for Medicaid. There are legal and legitimate strategies for avoiding that spend-down, and you should discuss those with an experienced elderlaw attorney. -Jack N. Alpern, Esq.
Can my children wait until they attain age 70 ½ before taking Required Minimum Distributions from an IRA they inherit from me? No, children must begin taking RMDs the year after you pass away, and the time within which they must take out all of their shares of your IRA may be shortened if the […]
Can the cost of nursing home care use up my retirement accounts? Yes!! All retirement accounts – IRAs, 401ks, 403bs and deferred compensation plans are “Available Resources” in Ohio and must be used to pay for your nursing home care, along with your other assets, before Medicaid will take over and pay. There are legal […]
Who needs a trust? Neither age nor the amount of assets you own should determine if you need a trust. If any of the following applies to your situation, you should seriously consider creating a trust to manage your assets during your lifetime and to distribute your property when you die: Is it your wish […]
I heard that I am allowed to give away up to $15,000.00 per recipient, per year, without paying any gift tax. Is that a good way to make sure my estate is not consumed by the cost of nursing home care? Not always. Even though you may not pay taxes on those gifts, all gifts […]