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Elder Law and Special Needs News

January 2022

Gift Tax Made Simple
Federal gift tax can be a mystery.  Many wonder why a tax is owed on money or assets on which a person has already paid income tax.  We see numerous clients with questions as to how this system works: 
You Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. 

What's In The News

What Vaccines Does Medicare Cover?
Vaccines can become less effective over time. Even individuals fully vaccinated as children may need to update their immunizations. Medicare Parts B and D offer vaccination coverage.
ABLE Accounts vs. Special Needs Trusts: Why Not Have It All?

ABLE accounts and special needs trusts can accomplish the same goals, but each has its advantages and limitations.  The best approach, depending on the beneficiary, may be to use them in tandem.

Advocates Sound Alarm About Pilot Program They Say Could Privatize All of Medicare
The Biden administration is moving forward with a Trump-era pilot program that would hand over the care of millions of Medicare beneficiaries to private, mostly for-profit, groups.

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