Planning for Life

Harry S. Margolis

Find me on:

Recent Posts

Is Medicaid Planning Ethical?

Posted by Harry S. Margolis on July 26, 2017

By Harry S. Margolis

In his most recent personal finance column, New York Times reporter Ron Lieber ron-lieber-thumbLarge[1].jpgaddresses "The Ethics of Adjusting Your Assets to Qualify for Medicaid." As Lieber explains in this and prior articles, Medicaid has become the primary source of payment for long-term care services in the United States. But it is essentially a health care program for the poor and has set asset, and sometimes income, limits for determining if someone is poor enough to qualify for benefits.

Read More

Topics: MassHealth planning, long-term care planning, Medicaid

Florida Governor Vetoes Electronic Will Act

Posted by Harry S. Margolis on July 18, 2017

By Harry S. Margolis

I've often mused about the contrast between the formalities necessary to execute a will, requiring two witnesses and a notary, and the lack of formality to name a beneficiary of an investment or retirement account or a life insurance policy. Often the investment and retirement accounts contain substantially more money than the rest of an individual's estate. And often the beneficiaries can be changed online without any of the protections required for a will.

Read More

Topics: Estate Planning

Senate to Poor, Disabled and Elderly: You're On Your Own

Posted by Harry S. Margolis on June 23, 2017

By Harry S. Margolis

The repeal Obamacare millipede has dropped its next foot with the Senate Republican "draft" bill released on Thursday, June 22nd, the so-called Better Care Reconciliation Act. In many millipede7.jpgways it's more draconian than the House's American Health Care Act (AHCA), especially with regard to Medicaid funding. Yet, it maintains much of the structure of the Affordable Care Act (Obamacare), which has caused four Republican Senators -- Ted Cruz, Rand Paul, Ron Johnson, and Mike Lee -- to say they will not support it. A fifth, Dean Heller, has also come out against the bill due to its planned cuts in Medicaid, leaving its passage in its current form in doubt.

Read More

Topics: Affordable Care Act, Medicaid

Trump-Ryan-McConnell Plan Takes Aim at Your Parents, and You

Posted by Harry S. Margolis on June 21, 2017

By Harry S. Margolis

image-3.pngI generally try to avoid politics in my blog posts, but sometimes politics invade my field of long-term care planning. At this writing, the Republican leadership in the Senate is crafting its own version of Obamacare repeal. We don't know what it will look like, and 

Read More

Topics: long-term care planning, MassHealth, Medicaid

Making Charitable Contributions from Your IRA

Posted by Harry S. Margolis on June 14, 2017

By Harry S. Margolis

I've often heard that taxpayers should make their charitable contributions from their IRAs rather than from their other savings, but didn't understand why until recently. It seemed to me that any tax incurred by withdrawing funds from the IRA would be offset by the charitable deduction available for making the gift. So the result would be the same whether the taxpayer withdrew the funds from the IRA and subsequently made a charitable gift of the same amount or made the donation directly from the IRA.

Read More

Topics: Retirement Planning, Retirement Benefits

SJC Rejects MassHealth "Availability" Doctrine

Posted by Harry S. Margolis on June 5, 2017

By Harry S. Margolis

In its long-awaited decision in the Daley and Nadeau cases released on May 30th, 2017 ( Daley v. Secretary of the Executive Office of Health and Human Services (Mass., No. SJC-12200, May 30, 2017) and Nadeau v. Director of the Office of Medicaid (Mass., No. SJC-12205, May 30, 2017)), the Supreme Judicial Court rules that MassHealth cannot count assets owned by irrevocable trusts as available to an applicant for MassHealth unless and only to the extent the trustee may distribute principal to the applicant or his or her spouse. MassHealth had argued that the right of the applicant or his or her spouse to use and occupy a residence owned by a trust makes it available and countable. 

Read More

Topics: trusts, MassHealth planning, MassHealth

Probate Court Upholds Beneficiary Designation: Attorney-in-fact Executed Documents for Her Own Benefit

Posted by Harry S. Margolis on December 23, 2016

When can an attorney-in-fact change an estate plan for her own benefit? When it's what the grantor or the durable power of attorney wants. In Giroux v. Laranjo, et al. (Bristol Probate Court Docket Nos. BR15F0006QC and BR13P2422EA, March 4, 2016), the court upholds the validity of a schedule of trust beneficiaries executed by Patricia A. Giroux as attorney-in-fact for Joseph A. Peixoto even though she stood to gain a considerable amount from its execution.

Read More

Topics: trusts, Estate Planning, Probate Estate Administration

New Law Adds to Hospital Discharge Protections

Posted by Harry S. Margolis on December 20, 2016

Governor Charlie Baker has signed into law the Caregiver Advise, Record, Enable (CARE) Act, which gives hospital patients the right to designate a caregiver who will be advised of the patient's discharge or transfer plans with the right to discuss these with hospital personnel. Specifically,

Read More

Topics: hospital care

Grandfather May Intervene in Granddaughter's Guardianship

Posted by Harry S. Margolis on December 13, 2016

By Kate English

In a recent guardianship decision, Guardianship of B.V.G., 474 Mass 315 (2016), the Supreme Judicial Court holds that an “interested person” may have standing to intervene in an incapacitated adult’s welfare even if he isn’t an “heir-at-law.”
                

Read More

Topics: guardianship

Congress Passes Special Needs Fairness Act

Posted by Harry S. Margolis on December 9, 2016

By Harry S. Margolis

As part of the 21st Century Cures Act which passed last week, Congress  has finally corrected a glitch in the law dating back to 1993. Back then, Congress authorized the creation of so-called (d)(4)(A) trusts which permit people with disabilities under age 65 to shelter funds and still qualify for Medicaid (MassHealth in Massachusetts) and Supplemental Security Income. A quirk in the law has required these trusts to be created by a parent, grandparent, guardian or court, even if the beneficiary is competent to create the trust herself. This has limited the availability of these trusts and required expensive proceedings in court which have often delayed eligibility for vital public benefits.

Read More

Topics: trusts, special needs planning

Subscribe to New Blog Posts

Recent Posts

Most Popular Posts

Posts by Topic

see all