Planning for Life

Questions & Answers on Protecting the Family Home

Posted by Anthony Bushu on February 1, 2017

By Harry S. Margolis

I recently conducted a webinar surveying the various techniques clients can take to protect their home from the costs of long-term care. These ranged from standing pat and doing nothing to giving their home to their kids, with life estates, irrevocable trusts and purchasing long-term care insurance as in-between strategies, each with its own pros and cons.

Afterwards, I received a number of follow-up questions. Here are some of them with my answers:

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Topics: MassHealth planning, MassHealth

SJC Picks Up Two Irrevocable Trust Cases for Review

Posted by Elizabeth Stepakoff on November 8, 2016

By Sarah Hartline

Earlier this year, we reported on two Superior Court decisions both involving irrevocable trusts created for long-term care planning purposes, Daley and Nadeau. In both cases, the Superior Court sided with MassHealth and upheld their decision to deny the applicant’s MassHealth application due to assets in an irrevocable trust, in both cases created by the applicant more than five years prior to the MassHealth application.

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Topics: MassHealth planning, MassHealth

Using Annuities in MassHealth Planning for Nursing Home Residents

Posted by Harry S. Margolis on October 4, 2016

By Harry S. Margolis

Immediate annuities have long been used in long-term care planning as a means of transforming assets that are countable against the limits for MassHealth eligibility into an income stream that does not affect eligibility. This primarily benefits spouses of nursing home residents, but can be used for single nursing home residents as a form of “arbitrage,” in effect to pay the MassHealth rather than the private-pay rates charged by nursing homes. 

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

Are You Saving to Leave an Inheritance? Why?

Posted by Harry S. Margolis on August 29, 2016

By Harry S. Margolis

Do you hope to leave your children an inheritance? If so, what sacrifices are you willing to make to assure that you do so. Are you working longer or scrimping on spending for yourself? If so, why? Haven't you raised your children and perhaps paid expensive college tuitions? Shouldn't they be able to stand on their own two feet?

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Topics: MassHealth planning, long-term care planning, Retirement Planning

Favorable Decision from Appeals Court on Irrevocable Trusts

Posted by Elizabeth Stepakoff on April 19, 2016

By Sarah Foster

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Topics: trusts, MassHealth planning, MassHealth

Another Trust Bites the Dust, or Why You Should Review Your Plan Periodically

Posted by Harry S. Margolis on April 5, 2016

By Harry S. Margolis

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

Governor Baker Seeks to Expand Estate Recovery

Posted by Harry S. Margolis on February 23, 2016

By Harry S. Margolis

Governor Charles Baker's FY 2017 budget includes a proposal to expand MassHealth estate recovery to include non-probate property. Currently, MassHealth recoups its expenditures from the probate estates of individuals who received coverage of nursing home care or any other MassHealth benefits after age 55.

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Topics: MassHealth planning, MassHealth, Probate Estate Administration

The Top 10 Blog Posts of 2015

Posted by Harry S. Margolis on February 16, 2016

By Harry S. Margolis

While two of our blog posts on life estates and durable powers of attorney (see the links on the right) get far more traffic than all others (they must have gotten greenlighted by Google in some fashion), following are the most popular articles we posted in 2015.

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Topics: MassHealth planning, long-term care planning, MassHealth, Estate Planning

8 More Ways to Protect Your Home from MassHealth Estate Recovery: Part 2

Posted by Harry S. Margolis on February 9, 2016

By Harry S. Margolis

In an earlier blog post, I discussed planning steps you can take to protect your home if sometime in the future you were to need MassHealth covered long-term care. The four steps I described all need to be taken at least five years before you apply for MassHealth. But what do you do if you can't wait five years, if you or a loved one already needs assistance or the writing is on the wall?

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

4 Ways to Protect Your House from MassHealth Estate Recovery: Part 1

Posted by Harry S. Margolis on December 15, 2015

By Harry S. Margolis

In most instances, you can own a home and still get MassHealth coverage of your health or long-term care. While MassHealth has strict income and asset limits on eligibility, in most cases it doesn't count the home against those limits. On the other hand, as I often say, while they don't get you coming, they will get you going. If you sell the house either during your life or upon your death, MassHealth will seek to recover its costs of paying for your care.

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

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