Nonlawyer Medicaid planning is a completely unregulated business. As the Florida Supreme Court reaffirms in the 2015 Advisory Opinion, there is no state or federal agency to license and regulate Medicaid planners. Likewise there are no educational, testing or advertising requirements. While someone might hold a professional license to sell annuities or practice financial planning, [...]
It is very common for seniors who need help qualifying for Medicaid to accept referrals from trusted sources—such as family, friends, social workers, nursing home administrators and hospital discharge planners. The trouble is, these referrals are frequently to nonlawyer Medicaid planners. In some cases, referrals are made without the knowledge or awareness of the nursing [...]
In January 2015, the Florida Supreme Court issued an Advisory Opinion explaining exactly what activities are considered to be the unlicensed practice of law as it pertains to Medicaid planning. Except for licensed attorneys, anyone who advises a Florida Medicaid applicant on how to structure their income and assets in order to become eligible for [...]
One of the biggest issues our seniors face is paying for long term care in a skilled nursing home or assisted living facility. Most seniors cannot afford up to $100,000 a year to live in a quality facility. Florida’s Medicaid program provides vital financial assistance to many seniors who need long term care. Medicaid is [...]
When a married person needs nursing home placement, the spouse living at home (Community Spouse) is often told that he or she can only retain assets up to the Community Spouse Resource Allowance (CSRA). In 2018, that number is $123,600.00. The institutionalized spouse can only have $2,000.00 of assets. If the combined assets of both [...]
Many clients who are married are faced with nursing home placement for their spouses. If the spouse in the community has assets in excess of the Community Spouse Resource Allowance (CSRA), presently set at $123,600.00 for 2018, the Department of Children & Families (DCF), will reject the case. While there are many planning opportunities available [...]
Building Flexibility into the Estate Plan Formula Clauses: Coming Full Circle Power of Appointment Credit Shelter Trust - “A Final Bite at the Apple” or “Maybe not Ready for Prime Time.” With the increase of the applicable exclusion amount to $5.43 million in 2015, and the enactment of portability, on the surface it appears reasonable [...]
Building Flexibility into the Estate Plan Formula Clauses: “Disclaimer Funded Credit Shelter Trust” The most flexible trusts include the “Disclaimer Funded Credit Shelter Trust” and the “Clayton Trust.” The discussion below explains the benefits of each trust. Disclaimer Funded Credit Shelter Trust: With a disclaimer funded Credit Shelter Trust, the entire estate is left to [...]
Building Flexibility into the Estate Plan Formula Clauses: “General Power of Appointment Marital Trust” In developing an estate plan for a married couple, we may direct that all assets pass to the surviving spouse, place assets in a Marital Trust or Credit Shelter Trust for the benefit of the surviving spouse, or a combination thereof. [...]
Strategy for Asset Protection: Inter Vivos (Lifetime) QTIP Trusts: For married couples who are concerned with asset protection, non reciprocal inter vivos QTIP trusts may be considered. Using this planning technique, each spouse creates and funds an inter vivos QTIP trust for the benefit of the other spouse. At the death of the first spouse, [...]
