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The Legal Exchange 2-11-17

Feb 11, 2017|

We focus on educating the public on estate, gift and income tax planning matters, asset protection and Medicaid eligibility matters as well as advanced Medicaid planning and the preservation of assets through the use of Medicaid irrevocable grantor income only trust.

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This is the legal exchange which John let's keep from the low for a look Cushing and Dolan and Susan powers of the Armstrong advisory group. Each week Todd and Susan we'll discuss many topics including estate planning how to avoid probate and protecting your money from a nursing home. If you need assistance in any of these areas for have a question about another issue that may affect your future. Call 8668485699. To make an appointment that's 8668485699. Operators are standing by now here are your host Don let's game and the season. Growers. Welcome into the league in exchange with Todd Heap. I'm Susan Powell the financial advising against young guys in and dying by Todd let's keep up park with the law firm of Cushing Indo and with a masters in taxation. Todd welcome how are you I'm never better and you I am great thank you we've got some interest in cases today actually. One really interest in case that they think that the courts are taking a little hiatus there's not not a lot of activity. But I do have some things I wanna share one there's this interesting article on aging in place. And really to discuss what people how they can make their home. A little war you know accessible. For folks with teams in wheelchairs and you know ways to keep metal and aging in place yet really about aging in place and we need to figure out ways to help people do that because the stacks. About who have family members with a mobility issue is going to be girl Cheryl that. But in addition this is the one case we have that I thought was interesting it it's an Alabama appellate court case on somebody who applied for Medicaid benefits and got and I. And and that superior court decided that well they should be denied they should be broke all that appealed again and I explained to you what. What happened in that process. And really more than just explain to you what happened there but explained you how we can not happen this happen to lie us perfect if we do our planning right. And then. Another thing Susan we've talked about this a lot you know people that actually are faced with going into the nursing home. And they go to the nursing home and they're told to fill out forms and all maybe you could do on year old in the you know apply on your own and whatnot so apply for Medicaid Medicaid you know the actual process. And we always tell people not to try it on there'll. Right because it's just more complicated than filling out a few boxes. And a few pages and of application. And so I thought we spent some time going through what I'd like to call the anatomy of the Medicaid application process great. And maybe you walk you through let you know what we actually got through. And maybe that'll help you understand why you should try it on Euro. In that you're not just saying owner Aaron do don't today as we'll do for you it's there's a reason behind. We also have a couple of listener questions and are asked Todd segment and folks if you have not yet requested. Todd has written a green new guide for the month of February it's the top ten reasons to create an estate planning it's not just a quick hit top ten list. It is a deep field guide. Not just saying this is why you should do look at the reasons why the deet tails behind that. Maybe you're concerned about having your feeling avoid probate maybe you're concerned about eliminating. Did you know that it's possible to eliminate your estate taxes he is if you have a clean and place depending on the level of your assets. You can also do your bloodline inning which meet for you include special needs cleaning or are protecting your kids from future divorces or. And your kids from themselves if they're not very good with money. That information and many more in guide excuse me many more reasons to create in this statement are included in Todd sky. The month of February you can request your copy of tides bring new guide at 866848. 5699. That's 866848. 5699. To get your free copy of tides top ten reasons decreed amnesty plan guide if you prefer you can always download a copy on your website legal exchange showed dot com. Just click on the guides and articles tab in if you miss any of today's or any of our past you that you can always find our podcasts out there and listen at York convenient. And you doses and I think that's a good way to describe it is like you say it's not just a top ten list but it's important that people understand you know. What the reason is and then why that's a reason. Yes and you don't plan it's the best thing you can do for your family quite frankly I think. Ali elite of B I we've seen the night air masses that come from folks. That who have not done any planning infect river real life story and yeah we dealing you know what nothing good. The fixed income from given your stumpel weight or dying without and is likely since not all about taxes and it's eloquently. About the fan myself and it. Let's give it some aging in place which is I think a nice lead and actually we talk about reasons to do planning while. This isn't necessarily. Estate planning but it's planning as you age to help you stay where you wanna statement which we all know is at all. So. Just some interest in stats from I was reading it that really made me as sort of continue. You know twenty years from now they're saying seventeen million households in America will have at least one mobility challenged person while living. That is a lot of what they're saying right now as fewer than 10% of the seniors have homes that are equipped. To allow them to live there. When I say equipped we're talking about things like wider hallways they can accommodate wheelchairs. Maybe you know how to get in the house sometimes they're stairs you can share in so you can you know we'll op and and kid and that's a little hurdle come over. You know things you can do for for a few showers putting in those those walk in showers ought to step all over. A shower and watch in bathtubs at the door that opened up just little things like that and maybe they're not literally do requires an expense. But you know I think all things like that. People with canes need a little more room. Two for your house in that you're going to be totally. And you know what you say it's not about a state playing Todd but I would I would disagree and that. Think about that twenty years from now estimated year listening you're sixty years 65 so when you're eighty you're 85. Do you want to roll the dice and have no protection for your assets in place and say woman to be part of the two million. That have the ability to stay at home or maybe party eighteen million they can't agent plays 'cause their homes not equipped port so you know what if you have to go into nursing home. If your spouse is still living to one impoverish them. If there's something the could have done in it they yeah I think tea here that you're probably right that that that could be viewed as an estate planning technique because to the extent you're staying at home. The money used and to meet your house. Able to keep you at home who is a pittance really. Compared to the fourteen grand a month that's the nursing so can't stay at home. And you got to go to the nursing home and I guess that's bad planning it's really bad cleaning in you know what if you protect those assets in advance I mean let's face it we all wanna stay home. When did you ever heard any when you've met with that sign me up I wanna go to dinner thing everyone that a planned to avoid going in but they are awful. And I think at the end of the day this this could be part of the state plan but it's still always wanna do the other I mean because we we never know. Even though our house as he quipped if we get. You know I once a sick enough for ill enough for art you know the mobility becomes bad enough yet that we do have to go we never wanna forget about. That trusts that are in place that that they can protect these assets in advance. From the nursing. And I I just think that with our aging population can mean the odds are against you. I would say they're against all of us because as we age if we don't put our plans in place boy. What headache for our family whether it's our spouse if you know the parsing fourteen grand a month. That is huge well in fact in the guide. Right we actually have a section where I talk about accountable assets vs non capital assets and in a reason to plan is in fact. Not to impoverished south that's number three. On our list that says you know you do not want a impoverish your spouse that's like the number three reason to do an estate plan and and as I told you that. The guy doesn't just say that's a reason and that's it. Right actually lays out some numbers and some. Reasons. Why. It is an in this case. It deals primarily with accountable and non accountable assets and I think. That's the reason one of the big reasons to do it yet you sensors in the impoverished and of the spouse so. Let me run through that. If you have. A husband and wife. And you've done no planning. In other than perhaps make your house. You know able to sustain you. What's accountable and what's not count of wire we impoverish and a spouse well. Because they will actually give her house let's say it's hurt at all chair she gets the house. And then all the rest of the money no matter whose name is on it remember they just take all the assets even IRAs Roth IRAs. Everything. And they and they don't put on the table. In and they say. Healthy spouse region and and now they've increased at the 2017 number for that community spousal resource allowance which is in the guide. Is a 120900. Dollars so that's what healthy spouse gets sticky so good luck supporting healthful. 121000. And don't forget who knows what maybe she's only getting Social Security. There's no pension who know so so you got a house that you've got to maintain live taxes utilities etc. And 120000 dollars and probably not a lot of. You know fixed income group. Recent reports show that six in ten Americans don't level will. Protecting your assets couldn't be more important so if you're one of those people this seminar can provide new valuable information that will help you with your claiming space is limited so don't wait to register. All right now and reserve your spot for Todd let's keep seminar and a state claiming in wells Thursday February 16 at one win gateway a 65 plus community for living independently in Needham mass. Number to call 781 or 55. At seven they won a 45580978104558090. Hi this is very Armstrong the advisors at my firm the Armstrong advisory group have over 110 years of combined experience in the financial services industry and whether you're working with another advisor or not want to give you some free advice finding the right advisor is not always so easy I've written a guide to help you through this difficult process it's the top ten questions you should ask your financial advisor is your advisor a fiduciary does he sell financial products what other fees will he charge you these are critical questions that you should have answers to before you make your decision call my office right now -- 803934001. And request a copy of this guide the top ten questions you should ask -- -- financial advisor don't delay get your free guide today by calling 803934001. That's 803934001. Or download it on our website financial exchange showed dot com it's. Three suffered a securities America incorporated members in SIPC into my reserves is the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and our two companies are unaffiliated. Tune into the legal exchange which John let's do you and Susan powers if you're dealing with a loved one who may need nursing home care. Don't delay Coleman at 8668485699. And let us help guide you through the process while protecting your assets that's 8668485699. I come back into the leaking it seems that hot let's keep. Nine season powers of financial advisor to the Armstrong advisory group. And a chilling by Todd black ski apart with the law firm of Cushing and talent with a masters in taxation. On today show we have Todd Greene new diabetes written for the month of February. It's the top ten reasons to create and if speak Korean and they are many reasons in this guide provides so much detail on the most common reasons. He is included information on reducing in even eliminating your estate taxes. Nursing home protection not impoverished in your spouse keeping your assets in your blood line which will help them get till we air and when you want them to. Avoiding probate having your fiduciary servers your power of attorney are you health care proxy. You can protect your kids' inheritance from future divorces you can certainly protect for special needs children in Korean children. And he's even included information. On the best to wait to own your rental properties would the use of an LLC in conjunction with your trust. You can call your free copy of this brain nuke I'd rate now at 866. 8485699. At 866848. 5699. If you prefer you can always download a copy on our web site legal exchange showed dot com just click on the guides and. Articles. OK Susan thanks let's go to. Alabama. And this was an interesting case because we always wonder right what happens when you give them. When you apply for Medicaid and likely say you know we were we always do our best to apply you do your planning but it doesn't mean that the State's gonna rubber stamp. EU sometimes have to go to these things called fair hearings chair that we've reported on numerous times. And you know defend. Your trust in light of a case worker. When your filing the application. And not just a caseworker but perhaps an attorney working with the caseworker. For the state. Denying. Benefits to you that's like your appeal process right so you're you're on immediate appeal process your direct appeal. Is to go to what they call a fair here and and that's an essence what happened here we have an individual who applied for Medicaid that really give me all the facts in the case. As to. You know what the background once did the person actually you know. Did have a trust today may gifts and have disqualifying transfers. To date to spend down you know what is it that rocked him. To this point where they could file a Medicaid application. And nevertheless they did that this individual was in the nursing home and he felt that they can apply for Medicaid they apply for Medicaid and they were denied. And and they did their appeal OK and we just pretty common they get denied up upfront kind of understand hope you go away. We can't be yet this seemed to happen a lot and and and you go to the fair game while a fair hearing apparently confirmed the denial. The fair hearing officer must have agreed with the case workers arguments as to why this person. Should not receive a Medicaid benefits. Well then they appealed to the superior court so this would be the first level of court system in Alabama. And that court. That judge finally a real judge it's not. You know I'm not trying to make fun of you know that's fair enough so they're just not judges to hear your first. And and so finally get in front of a real judge and the judge says. Now I think that the case worker in the fair hearing officer were wrong. And that. Medicaid benefits should be applied to this person. Why did me originally. Denied what was your reasoning well that's that's what that they didn't tell us they said but that but but that court the judge said. Whatever their reasoning was it was arbitrary and capricious. And therefore that means that they wore. Applying them Medicaid laws. In an arbitrary and capricious manner like come on ruling because they said so. That that's what they think that's the court's right at that would be a good point yet and therefore. Because. There. Their analysis as to why they should be denied was arbitrary and capricious we are gonna reverse it and grant benefits. That's the court said yeah. Day appealed state appealed. And so now the states as we're gonna go to the appellate court in Alabama. And we're no addressed this in the appellate court said. Whitman we got to remain and I'm gonna reverse this and remand it back to this to that lower court level because. You'll. Reversed that that the denial. Under terms that that was arbitrary capricious but you need to give a specific reason. You see arbitrary and capricious is just the standard of review. When you re viewing something you need to determine whether or not they were arbitrary and capricious in denying you know lying in Medicaid and lie so that judge that heard it. All these non morally right so so they said you can't do that I'll explain that arbitrary capricious religious sect you know up both if you have your cleaning. If you don't have to worry about any of this nonsense. Do you you're cleaning put it in place if you're worried about nursing home protection it takes five year is to protect those assets that the look back period. To protect those ascent to when you go into a nursing homes so you need to make sure you have your cleaning done. Well in advance that's reason number two in tides top ten guide. You can get your free copy of Todd guide its brand new for the month of February by calling 866. 8485699. At 8668485699. Of course you can always download a copy on your web site legal exchange showed dot com just click on the guides and articles tapped. Susan it's great that you mentioned it that way adds that the number two reason that that number two reason are protecting assets from the nursing home really ties into the story because it's. That when I'm gonna start telling you about now is. All about how that trusts work and and that's what number two does but it it also. Tells us how having a trust might help us not fall into this problem here nothing you're not gonna get the night. But how weekend. Fight the denial better than that was done here so the appellate court says. Rub this back down to the trial court level and asks the trial court level to be a little more clear. And don't just saying. That it's arbitrary and capricious that's the standard. For you when you're reviewing it would sell as they were as a court you look at it and say. The arguments that the state made to deny this person Medicaid benefits. Did they apply the Medicaid rules in an arbitrary and capricious fashion. If they did then you can reverse it. But that's the standard right so you can't just so you act. And so they went back to the trial court I don't know what the answer ultimately was not remanded and we haven't got the decision yet when they read me it'd basically picture masks. It's very likely right that the court now has to come back and say all right let me read look at the facts and say what specifically. In what specific regulation. Did they apply arbitrary and capricious and why wouldn't they applied it in a way that we think was not accurate. According to what the rule it is hot and and they had to be specific about it so. And and to tie it back into the guide Susan that's really where we are here. What do we do well if protecting your assets from the cost of long term care which again as the number two reason in the guide. You need to know how to do chair and an irrevocable trust is gonna be the way. And so we're gonna recommend the irrevocable trust and by drafting the irrevocable trust with all the right paragraphs in. Now when you get a denial they're gonna have to pick on a paragraph. Apply that paragraph to the regulation and say. You violated this regulation you apply this regulation incorrectly there for the asset is at risk and but if it's done right it's easy for us to defend it shared by saying they're saying this is the reason but let's take a closer look. Here's the paragraph that they're picking on we read it we try to analyze it. And then we say and here's how it applies to the regulation. And therefore if it's consistent. With the regulation. That it's easy to say. We can reverse it and no we're not going to be denied we're going to be moved. And and here's why. In timing timing in week her I mean last year there was nine months full of last year they are here denial fee or hearing approval denial they are nearing approval so. There's just such a trend I mean they work it and again the good news is I think at least in the New England area certainly in Massachusetts. Not only is are we winning at the fair hearing level but we should hopefully see a 88 less attacks this year because appellate and superior court and even a Supreme Court case that were waiting on right now. Is gonna come down in sort of it'll tell the state look. Don't make these arguments we could technically be wiping out about four or five of the major arguments that the state was making. Based on these. Supreme Court ruling that we're waiting on and the one appellate court that we had last year so hopefully it's gonna you know. Pushed back a little and help them not. And allow people to feel more comfortable doing the play here. And you know what it is not all about nursing home cleaning that's that's to look the reason that's and hot guy you know long term care. Protection from nursing home expenses and not in publishing your spouse they are eight others maybe you're more concerned about taxes or probate. Maybe you're concerned about your kids and how they are going to spend how they are going to receive. Their inheritance will you can determine wind. In winner they get their inheritance in in what fashion you can protect them from themselves. You who called to get a copy of tides bring new guide right now. It's the top ten reasons to creating a state clean and just call 866848. 5699. That's 8668485699. Org download a copy on our website legal exchange showed dot com just click on the guides an article stabbed. You're listening to Todd lucky apart in with the law firm of Cushing in Dolan I'm Susan powers of financial advisor with the Armstrong advisory. We have your listener questions coming up next will we return. On the legally exchange with Todd black ski. Hi this is very Armstrong the advisors at my firm the Armstrong advisory group have over 110 years of combined experience in the financial services industry and whether you're working with another advisor or not want to give you some free advice finding the right advisor is not always so easy I've written a guide to help you through this difficult process it's the top ten questions you should ask your financial advisor is your advisor a fiduciary does he sell financial products what other fees will he charge you these are critical questions that you should have answers to before you make your decision call my office right now at 803934001. And request a copy of this guide the top ten questions you should ask your financial advisor don't delay get your free guide today by calling 803934001. That's 803934001. Or download it on our website financial exchange showed dot com. Three suffered to secure American corporate members in SIPC into my reserves is our securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated. Advance the state planning has many benefits including avoiding probate passing your assets along to your bloodline protection from the nursing home and my favorite possibly eliminating the state taxes I folks this is very Armstrong from the financial exchange each week Todd let's keep who's a partner with the law firm of Cushing in Dolan educates our listeners by telling them how to protect their assets from the high cost of nursing homes a state planning has many benefits including helping you to not impoverish your spouse if you go into a nursing home Cushing and Dolan has put together a brand new guide the top ten reasons to do estate planning call for your copy now at 8668485699. Or download it from their website legal exchange showed dot com that's legal exchange showed dot com Cushing and Dolan can help you protect your assets 8668485699. That phone number again is 8668485699. Securities offers you securities America incorporated member can rest a BC and advisory services are for the securities America advisors incorporated Barry Armstrong represented Armstrong advisory group Cushing Dolan and the securities America companies are on the filly. You're listening to the legal exchange and its time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process once again here's Todd lets PN's Susan powers. Welcome back Todd have a few questions from listeners for you. First question comes from a little rain in Burlington mass and Lorraine writes I in the agent under my parents durable power of attorney. She appointed her daughter adds power of attorney for health care so the health care proxy. I would like to revoke the health care proxy but my aunt is now incapacitated. As her power of attorney can Niger are up and sign the revocation of the health care proxy. While. That's pretty tough I think the answer is no okay. In other words so Lorraine you know we you already have in place in these important. Documents finally. I don't mean to be little them by any means so. In this case Lorraine is the agent for her on under the terms so that means folks in English that means the on granted Lorraine. The power to make financial decisions in essence for her. Excuse me and and then in addition. She appointed the daughter. As power of attorney for health care which is the health care proxy yet now I guess. Lorraine is the daughter lowering the now zones non appointed her daughter is health care Arenas and so you got it needs for financial and it daughter for health care uncommon there. You know remember folks what's the health care proxy the health care proxy is designed to allow somebody to make medical. Decisions. For that person and what surprised me that it daughter is going to be appointed in that role or. But now it sounds like. The on. Is incapacitated so obviously the health care proxy is in place I assume they've they've enacted the healthcare proxy due to her in capacity. And it's actually care who wants to revoke it. Does the rain want to provoke. All or does the want to revoke it. This is why I think she can't do that the aunt is now incapacitated. In the hunt can now decide. That she wants to revoke her health care proxy she doesn't have the power to grant one at this point. She certainly doesn't have the power to revoke one. So her power of attorney that she's in for our. Doesn't give her the power to review it I haven't read it but I can tell you that that all the powers of attorney that we know of out there. Don't actually grant a clause that says you can create like. Health care proxy and it will like you can't create a deal. For an individual. If you of the power of attorney can't do. I don't think you could even put a clause there to happen. So there's certain things that you can't so if there are issues that need to be addressed how did they go about has it Lorraine Keyon revoke it adds attorney did they have to go to the court for a there'd be no reason to revolt you've got a health care proxy in place you've got the daughter there at this clinic the modern state. Daughter we need answers to these questions but what if that daughters in a position to do that so essentially cancer. Should be an altered. Like what we do healthcare proxy and I believe these are reasons to deal help these are reasons to do in his state yet right now number six now returning number seven Nokia products. Mean they are reasons to do an estate plan we discussed them in the guide. And so in this case when we draft our power of attorneys at Cushing in Poland we always have an alternate. And the language that's there isn't just that the agent that number one agent let's say you're my health care proxy Susan. And let's say we in New York. York child as my alternate okay right it doesn't say in there that you have to be incapacitated. Tell it. Not act you can just been willing or not able to beat. And that's even true maybe you're just too emotionally involved. And you can't make the decision to go into our Angel pulled the plug and you on this without no sample have no fear. It's about example for you and I tell you anyway. But but from a family standpoint rightly let's say let's say a mother points to stop feeling here. And that in the navy appoints another seeking and you went into the one daughter just can't bring yourself to make it tough decisions that need to be made. Willing or able okay and in we have that language that allows the alternate to step it OK so. So I hope if you look closely in the rain at that power of attorney. That that'll be there but you know most importantly these are two very important documents have in your state. And they are simple documents that we tend to colossal read them a bid their reason number six and reason number seven in Todd top ten guy but they are so. Powerful to have these documents in place. Otherwise your head into the courts for them to decide by any Intel or physical decisions for the person in question in the nursing home to react and get into the nursing home at a health care proxy lot of people don't realize the power of those documents. Call right now for tides bring new guide it's in the top ten reasons to create instate clean and you can get your free copy by calling 866848. 5699. That's 8668485699. Or you can download a copy. On our web site legal exchange showed dot com just click on the guides and articles task. Tied next question comes from Derek increased emirate island and Derek writes. My parents are getting older and they want to make sure their home is not taken from them if they should end up in a nursing home in need Medicaid. I have heard they should put the house in a trust but I also heard they gifting there that house to their children is the week ago can you please clear up this question for me. So basically Derek saying. Should they gifted to the children are shall user trust yes that's that's the question yet. While this an easy one this is like no easy for you oh no heavy lifting for me on this there's a lot of info up their proposed that the conflicting yeah and you know I was at a seminar. Yesterday morning hours giving a round table breakfast leading the discussion on on these trusts you know two professionals share. And and talking about how best to draft these these irrevocable trusts. And. You know that the feedback I got ones and that's this leads right into this question the feedback I got was. Lot of the attorneys and so far there Christopher. Afraid to practice in this field and because of you know they're not sure that draft the trust right in the challenges and one that they're just afraid. So I guess gifting it away. It's easier. Easier for them at that time but not for the kids and they sell it right so. It's not just about the sale at eight relief goes deeper than that so for me a right Susan but for a lot of people it's it's not so easy. For me this is a no brainer folks and and I'm gonna state it that way. Don't give away your house. Or any of your assets. To your children outright. Well you're living. What do we generally say about that. Nothing good to incumbent. Can never nothing can ever come. From that it's any good for a lot of different reasons so let's go through a couple of them time so let's say they've taken that approach to Eric and you said yeah we put our hands I don't know Derek maybe you've got a brother and sister. So there's three kids who aren't they gonna wanna treat kids equally sure sure so what what three games on and oh now if anyone of those three. Have a financial problem creditor our divorce. Probably should've sent it in reverse order death divorce might be the biggest one. What happens to that says. Well mom and dad don't own it anymore. Not theirs. Well but it is owned by the people who are now getting a divorce 13 marital asset goodbye. Right and what does that do to the other kids Newton. It affects all three. Momma that could lose their house. So that's correct but that they've given it all away they don't even have the right to live there. Technically. The kids can salad and chicken and saying they would you know you need to understand that that could happen yeah I'd seen it. So I wouldn't want that never worked protecting our clients. And were really protecting kids whose picture in the trust. Now the kids don't own. Now it's protected from those divorces and creditors now mom and dad still have control. Over it. They don't need to worry about being thrown now. We've eliminated all of those issues in those are all non. Tax issues right. Now let's get into the tax issues. Even if you think the kids are great kids let's assume that house was bought and fixed up costs all in for a hundred grant wouldn't. Years ago to worth 500 now. There's 400 of gain built in of that property yes if you give it away you giveaway that 400000 of gain because the kids get the basis. When the kids turnaround Acela when mom and dad died. They're gonna pay tax on 400000 dollars as opposed to if you were in the trust in the inherited it from the trust what they pay then the kids would get a basis equaled the fair market value on the date of death stepped up to 500. So it. Zero gain. Zero capital gains taxes. Huge went. Yeah you can't beat that and and lastly. You know by having it in an in the trust you also are you don't just providing outright protection and for selling during life is to have controlled Sonia. Don't have to ask permission folks. If you have a question you would like to ask Todd visit our website at legally exchange showed dot com and click on the asked Todd tab. Hopefully will be able to read your question and it will stop you from being one of next Todd realized stories. While you are out there you can download a copy of Todd scarring guide its brand new for the month of February. The top ten reasons to create your it's the clean and it discusses taxes nursing home bloodline cleaning. Probate power attorney healthcare proxies protecting from future divorces special needs cleaning he and proper pleading for your rental properties. You can get a copy of this guide by calling right now. 866848. 5699. That's 8668485699. To request your free copy of tides bring you guide for the month of February. The top ten reasons to create and that's the plan. You're listening to Todd let's keep from the law firm of Cushing and Alan. I am season powers of financial advisor to the Armstrong advisory group we are diving into the whole process that comes along with going into the nursing home. When we return in the legally exchange with Todd black ski. Each week on the legal exchange Todd let's keep my partner with a laugh from crushing in Dolan educates you on what you need to know about estate planning and wells and now you've got a chance to attend a special seminar that Todd is holding on Thursday February 16 at 9 AM one win gave way but the win gave residences in Needham mass Todd is an expert in educating the public and estate gift and income tax planning matters if you need information on these topics this is a seminar that you'll want to attend. Recent reports show that six in ten Americans don't have a will. All right now and reserve your spot for Todd let's key seminar and a state claiming wells Thursday February 16 at one win gateway a 65 plus community for a living independently in Needham mass. At seven they won the 45580978104558090. Hi this is very our truck if you're looking for a great vacation spot to get away from the New England cold I highly recommend the buccaneer beach and golf resort in saint Croix US Virgin Islands daily owned and operated since 1947 the buccaneer offer spectacular views of the Caribbean three gorgeous beaches finding casual dining scuba diving snorkeling standup paddle boarding plus golf tennis and spot services call right now use my name on any new reservation and Ernie 250 dollar resort credit on stays five nights or more I've been visiting the Buccaneers since 1992. And it is by far my favorite vacation destination call today 802553881. Or email them at reservations at the buccaneer dot com don't forget to use my name and get your 250. Dollar resort credit on any new reservation of the state -- five nights or more the buccaneer -- saint -- gracious elegant legendary book your trip today 802553881. That's 802553881. Or email them at reservations at the buccaneer dot com. You're listening to the legally exchanged we Susie powers and Todd let's game. Understanding how Texas can affect your state plan is critical to building a successful plan if you need help in this area told us right now and make an appointment. 866848569. Night that's 866848569. Night. Welcome back into the league in exchange the paparazzi I'm season powers of clinging to a size it would be Armstrong advisory group. In doing by Todd that he apart in with the law firm of Cushing and Allen with a masters in taxation. On today show we have Todd bring new guy that he is written for the month of February. It's the top ten reasons to create heat in this state clean and in this is not just a quick hit top ten list folks he is providing great DT ills on all of the various topics. All of the various reasons that are out there to create Europe's deepening and whether it's taxes nursing home bloodline cleaning. Probate power of attorney health care proxies future divorces special needs concern even if you own rental property there's information in here for you. This guy is for every one. Call right now to request your free copy of the top ten reasons to create in that state plan. 866848. By 699. At 8668485699. If you prefer you can always download a copy. On our web saint legal Eckstein showed dot com just click on the guides and articles. So Susan we've got some. Really I I'd call it you know breaking news it's sort of updating news that came out last week okay. On on those Medicaid proposed regs that we've been talking yes that's. Those those proposed for exit and it's important to remember because. These when they came out in November of 2016 and then in December of 2016. Member myself along with a lot of other. Folks ago went and voiced their public opposition at the public hearing. Those regulations that were proposed were supposed to be finalized in February. Now wouldn't. We just checked over the week and this past week and they are not finalized yet in fact. Information we're getting from talking to people over there is that. They now are still mulling over all of the public comments that were made in that December public hearing. Well that's gonna be a little bit re sharing a lot makes me feel a lot better. And however we don't know but they said now they're gonna they're gonna put off issuing a final version of the regulations. Which they're still gonna right. In those final regulations will in fact have a effective date when they come out now. Problem is that the final version of the regulations might still look exactly like the old ones. Or they could be very different then they go back and they modify it and and L. Basically take into account what we set about it at the public hearing. And and I hope they do but now the expectation is march 1. A floor for when we should know more so here we are in February but march 1 we should know more. About what these private. That these these proposed ranks Ole wheel thing. And they proposed to issue an operation memo the same day. Which is basically English explaining to allies. What the changes are and how they think they're gonna implement. These changes so they'll translate into lawyers speak in the annual translated into English for Moscow to like every but that's up to record so that. That is exactly who are out and again all this going on but don't forget there's that bill we talked about. Where they wanna save the pooled trusts again I am a separate bill that has actually as of today has not yet been voted on. In the house of the senate. But they expected that vote is coming. Relatively soon so okay so good news there that they can you know even even if they change the regulations. They're trying to save the pooled trust under a separate regulates. An Opel trust that's what are the last minute. Cleaning. Options that you have it's still worked at this point. A lot of people Todd they go and they have some wind going into the nursing home where there are you there in their writing their checks. And I think a lot of people understood in the complexity that's involved. When someone's actually going through the Medicaid crops are right Susan we talked about all the time. We always just tell him please don't just listen to the nursing home in then go home and trying to apply on your own. But our I think my ideas and maybe arthritis in his and that that that's not enough. Let's give you guys what the anatomy. Love affair of a of a Medicaid application process really is and then you could decide whether or something you wanna do one girl you on your own whether or not he would face for that because you haven't done you're planning an if he'd been thinking about doing complaining and you haven't yet done and it. Call for a copy of tides bring your guide for February at the top ten reasons to create your estate plan. You get your copy by calling 8668485699. That's 8668485699. You can always download a copy on our website legal. Exchange show dot com so let's let's talk about this. Application process for. On Medicaid first thing you need to do wish need to gather a ton of information. Nothing you put on that application is going to be believed. Okay period app to start with that premise. So things like Social Security cards Medicare card. Birth certificates and actual copies of these documents that knowing give the Iranians on. Akron and copies that's a no one believes your citizen militia show the birth certificate. Right Obama had that problem so you you've got to come up with you know but proof. Copy of tax returns for at least two or three years of tank copies of five years of your bank statements of your brokerage account statements IRA statements. You meet him I mean this it life insurance documents. Everything you can think of that reflects your assets. Unique to prove that half a tank and they want not only the current but five years back Arnie so that they a lot of stuff. That's five year old right here's the application of the five year rule actually coming into play. So we're not gonna take your word for it that having given anything away we're actually gonna rake through your investment account statements looking for withdraw our girls looking money leaving your checking. You've got all of that okay what they do. That's what they did and then when you finally file that. Nice that way from within thirty days they will send you back another letter saying. By the way here's what else we would like OK so after they sniff over everything you gave them. They're gonna submit your gonna get there's almost no way around it. You're gonna get this. Information request form. We'd like this additional information. I don't know what it is it's gonna vary by a. Application air. But nevertheless the important thing behind this is now you have thirty days to respond just parity. If you missed that thirty gay response time. It could cost you calm at least a month. Of private pain to know Lee what will the run when it comes tennis. Getting those states' rights when and why that is is because you're trying to preserve. Your application date right that's important. So if we apply on January 1. We can go back. Right three months. For retroactive eligibility. Or if we want if we know we're not eligible until until January 1 we apply we might not get approved until April. Okay we want that approval to go back and say preserve that January 1. Eligibility date that we effectively made ourselves financially eligible OK still would be retroactive to the day you apply. Right okay so so if you get to April but during this process you miss one of those thirty date deadlines. Now you move up your eligibility date. I honor. And so now you've got a private pay for the month of January and hope. That you were able to meet the financial eligibility. Now requirements those those numbers right so here minimum may minimum amount that you're allowed to keep that community spousal resource allowance. These things right. So you've got to make sure you don't miss one of votes. Idol lets say don't you Semitic you give it back and then another. Thirty days goes by and you're likely to get either your approval. And which you don't know what's coming. Or about denial okay right now another big deal if you get denied. It usually. Cite some regulations but you probably don't how to read them. And and you're not sure whether their right and you'll immediately want and then find a hole for an appeal. That's not fair hearing that we talk about who do so you want to then file for that appeal. And you need to file that appeal within thirty days if you miss that now you've really blown. Your application date OK now no matter what you're probably looking at. You know at least three months out and they're gonna have to private pain so this could be very costly if you missed that and that of course. If you have to attend the fair hearing now you're surely gonna probably cult lawyer if you've gotten this far on your own. You're certainly gonna call lawyer and say I need someone to defend me and explained this fair hearing officer why these why are denial is incorrect. I it's complicated yet. I think queen this deserves a revisit from us on a future showtime because there is so much that it really how it's involved in in that whole process so weird we're not gonna do a disservice I think that they could block. We're gonna say were definitely circling back on this topic again. On a future show. Just it's an expert advice both call for a copy of tides bring new guided the top ten reasons to create your steeply and this information is all in it folks whether it's taxes nursing home. Bloodline cleaning probate your fiduciary is divorces special needs a rental properties. What ever the reason behind your state plan Todd included them here call for your free copy of this bring a guide right now. 8668485699. That's 866848. 5699. Or download a copy on our web site legal Eckstein showed dot com just click on the guides and articles tab. In a question for Thai people click on the asked podcast and you can submit your question there as well. Todd lucky from the law firm of Cushing and Allan thank you so not always a pleasure Susan thank you. Ion season powers of tiny until advise doing the Armstrong advisory group we thank you for listening to the show today. And we will be back again next week he or on the legally exchange with Todd black ski. Securities offered through securities America ink member and that SIPC an advisory services offered through securities America advisors think securities America in its representatives to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation pushing in on the Armstrong advisory group to legally exchange in the securities America companies are not affiliated. Each week on the legal exchange Todd let's keep my partner with a lot of form of Cushing in Dolan educates you on what you need to know about estate planning and wells and now you've got a chance to attend a special seminar that Todd is holding on Thursday February 16 at 9 AM one win gave way that the Wingate residences in Needham mass Todd is an expert in educating the public and estate gift and income tax planning matters if you need information on these topics this is a seminar that you'll want to attend. Recent reports show that six in ten Americans don't have a will. Protecting your assets couldn't be more important so if you're one of those people this seminar can provide new valuable information that will help you with your claiming. Space is limited so don't wait to register. All right now and reserve your spot for Todd let's key seminar and a state claiming wells Thursday February 16 at one win gave away a 65 plus community for living independently in Needham mass number to call. 781 or 55. At seven and one of 45580978104558090. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams traditional information call 8776917900. That's 8776917900. 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