Key Medicaid Figures For PA In 2010
It is important to keep up with the annual change Pennsylvania (PA) Medicaid Numbers. These key Medicaid figures help us to properly prepare Medicaid applications and to provide proper Elder Law advice to clients. Click this link to review the updated Medicaid numbers. They include, Community Spouse Resource Allowance (CSRA), Monthly Maintenance Needs Allowance, …
Estate Tax Reform 2010: Modified Step-Up In Tax Basis For Capital Gains
As we have discussed frequently, the Federal Estate Tax system is in a state of change in 2010. Frequently lost in the discussion of revocation of the Federal Estate Tax is the new Modified Step-Up In Tax Basis for Capital Gains. Prior to January 1, 2010 all capital appreciation assets owned by a decedent at …
IN RE: ALICE G. NOVOSIELSKI: PA Supreme Court Rules On Joint Account Case
IN RE: ALICE G. NOVOSIELSKI: PA Supreme Court Rules On Joint Account Case MARCH 25, 2010. The Supreme Court of Pennsylvania overturns the Superior Court on appeal. I think the Supreme Court got this one right. You can read the entire Novosielski Case here, but the general ruling is that accounts made joint by …
Are GRATs (Grantor Retained Annuity Trusts) Dead?
GRATs are one of the best estate planning techniques for families with welath of over 1 million dollars and they are under legislative attack. The time to act may be very limited. Read more if you have ever considered a GRAT.
Medicaid Answers at the PA Medicaid Policy Center
We have many clients searching for information about Medicaid, Medical Assistance and payment for Nursing Home Care. The rising cost of Long Term Nursing Care and longer life expectancies have spurred the desire to protect assets and learn more about the PA Medicaid System. I found the following site for the Pennsylvania Medicaid Policy …
Life Insurance and Estate Planning – What Are They Saying Behind Our Backs?
Get the scoop on what life insurance sales people and their industry are saying about the federal estate tax and estate planning when you're not looking.
When is My Gift Tax Return Due? Read On If You’re Short On Time!
Gift Tax Returns Are Due Now! Gift tax returns are due by April 15th of the year following the gift. You must file a return if you have made a gift of a hard to value asset such as real estate or an interest in a closely held business. You may also need to …
Difficult IRA Beneficiary Designations-Naming A Trust
Although you are permitted to name anyone or anything as the beneficiary of an Individual Retirement Account (IRA), there are many pitfalls that must be avoided. Naming a Trust as the beneficiary of an IRA is an important estate planning opportunity, but the Trust and the beneficiary designation language must be drafted properly to insure …
PA Elder Law Case Update: Guardian/Son Held Liable For Medicaid Overpayment
MALLOY v. DEPARTMENT OF PUBLIC WELFARE (No. 1575 C.D. 2009): A Memorandum Opinion was issued by a three-Judge panel of the Commonwealth Court reported unofficially. Read the facts of the case and unofficial reporting here. This case shows the Pennsylvania Department of Revenue’s (DPW) expanded attempts to recapture overpayment of Medicaid benefits. The …
Owning S Corporation Shares in a Trust: ESBT vs QSST vs Grantor Trust
ESBT vs QSST vs Grantor Trust Owning S Corporation Shares in a Trust can be tricky business. There are three types of trusts that can qualifiy with the IRS to own shares of an S Corporation: 1. The Qualified Subchapter S Trust (QSST) 2. Electing Small Business Trust (ESBT) 3. Grantor …