Planning for Life

What Would the House Tax Bill Mean for Seniors?

Posted by Harry S. Margolis on November 7, 2017

By Harry S. Margolis

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Perhaps we shouldn't be concerned with the House Republicans' proposed tax bill. With no Democratic support, a slim Republican majority in both houses, and a somewhat more moderate Republican majority in the Senate, it is unlikely to become law in its current form, if at all. On the other hand, the Republicans need a victory and will do everything they can to pass the law in something close to its current form.

So, what does it mean for seniors and people with disabilities? The two largest impacts would probably result from the projected loss of tax revenue and the elimination of the medical expense deduction.

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Topics: income taxes, seniors, Medicaid, Medicare

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.

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

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Topics: Medicaid, Affordable Care Act

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 

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Topics: Medicaid, MassHealth, long-term care planning

The Trump-Ryan Plan for Medicaid Moves Towards Block Grants

Posted by Anthony Bushu on March 22, 2017

By Harry S. Margolis

10-donald-trump-paul-ryan.w710.h473.jpgWith the release of the House GOP plan for repealing and replacing the Affordable Care Act, the American Health Care Act, we can now begin moving from conjecture to reality, though much still remains uncertain. This article will focus on the proposed changes to Medicaid and how they could affect seniors and people with disabilities.

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Topics: Medicaid, MassHealth, long-term care planning

Announcing the Creation of the Trump Policy Analysis Group Focusing on Older Americans and Individuals with Special Needs

Posted by Harry S. Margolis on December 7, 2016

Five leading elder law attorneys have created theTrump Policy Analysis Group (TPAG)[1] to consider probable changes in law that will affect older Americans and those with special needs.  Initially TPAG will focus on entitlements, public benefits, tax, special needs planning, and veterans’ benefits.

TPAG Members and Experience

Michael Gilfix of Palo Alto, California, A. Frank Johns of Greensboro, North Carolina, Harry S. Margolis of Boston, Tim Nay of Portland, Oregon, and Vincent J. Russo of Long Beach, New York, together have over 160 years experience advising individuals and families and Social Security, Medicare, Medicaid, tax, long-term care, veterans’ benefits, and special needs planning.  They are established authors, speakers, and experts and include founders and leaders of national organizations, including the National Academy of Elder Law Attorneys, addressing the needs of aging and vulnerable populations.

Following is their initial analysis.

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Topics: Medicaid, Medicare, social security, estate taxes, income taxes, capital gains taxes

What Does a Trump Presidency Mean to Estate and Long-Term Care Planning?

Posted by Harry S. Margolis on November 22, 2016

By Harry S. Margolis

The election of Donald Trump along with Republican control of both houses of Congress undoubtedly will impact tax and benefit laws that affect citizens in their personal lives and in their estate and long-term care planning. The question is how? We can't answer for certain since during his campaign the president-elect stayed away from specific policy proposals. But there's still a lot we can glean both from what he has said and from Republican policies, especially those of Speaker of the House Paul Ryan. On the domestic front, Ryan appears much more radical than Trump in many ways.

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Topics: Medicare, Medicaid, MassHealth, estate taxes, capital gains, capital gains taxes, social security

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