President Lyndon Johnson had a vision of how older Americans should be treated. On July 30, 1965, President Johnson, at the signing of the Medicare Bill, talked about the purpose of Medicare and the dignity it would restore to America’s older citizens. President Johnson was clear about what the United States needed to do to protect older …
Archives for June 2019
Gifting
Dear Attorney Tully: I am a recently retired senior. It seems funny to call myself a senior, but I guess I am. My girlfriend and I had a discussion recently over coffee. She said I can’t make gifts to my children because the state could come after it for 5 years! I thought I could give my two children $10,000 tax free gifts every year. My friend …
10 Reasons to Create an Estate Plan Now
Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth. 1. Loss of capacity. What if you become incompetent and unable to …
Divorce and Health Care
Will you have to divorce your husband or wife to protect what you’ve worked your lifetime for if a loved one gets ill? This is exactly what was proposed by Columbus, Ohio Elder Law Attorney William Jr. Browning. Ohio, like Connecticut, proposed significant changes to its Medicaid (Title 19) program that will endanger couples homes and assets if …
Dividing Assets for Title 19 Benefits
Dear Attorney Tully: My wife is ill and will have to go into a nursing home in a few months. She has $43,000 in her name and I have $100,000 in my name. Can the state of Connecticut come after my money? ANSWER: If your wife permanently enters a nursing home and applies for Medicaid (Title 19) assistance, the state Department of Social Services …
