Happy Spring…. unless you’re in the Northeast, then welcome to the endless winter. Grab a cup of coffee or tea, sit down in front of the fire and enjoy this issue of our newsletter. As you’re reading the articles, you might be reminded of the adage goes, “no good deed goes unpunished”. Whether it’s the Social Security Administration trying to protect your identity; you gifting assets without thinking of how it might impact your ability to qualify for Medicaid; designating beneficiaries for certain accounts and not reviewing and updating them as needed, or protecting the physical and financial well-being of loved ones. Understanding law changes and the impact decisions you’ve made or will make might impact your planning is key to ensuring you get your desired results.
I hope that this issue finds you well, and that we’ll actually have bid winter farewell by the next issue.
As always, should you have questions or concerns about these or other issues, never hesitate to contact us.
Medicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? How do you prove you made the transfers for a purpose other than to qualify for Medicaid?