The first of the 78 million baby boomers turned 65 on January 1, 2011, and some 10,000 boomers a day will reportedly reach that milestone between now and 2030. If you are about to turn 65, then it is time to think about Medicare. You become eligible for Medicare at age 65, and delaying your enrollment can result in penalties, so it is important to act right away. There are a number of different options to consider when signing up for Medicare. Medicare consists of four major programs: Part A covers hospital stays, Part B covers physician fees, Part C…
There are two main parts to Medicare, each with its own eligibility requirements. Medicare Part A which offers hospital and other institutional coverage, is available for anyone who is over age 65 or who is permanently disabled and who is eligible for Social Security or Railroad Retirement disability benefits. You are eligible for Medicare Part A if you: are a United States resident who has reached age 65 and are either a U.S. citizen or a legally admitted alien who has resided in the U.S. continuously for at least five years; are a disabled person of any age who has been entitled…
Medicare is the federal government’s principal health care insurance program for people 65 years of age and over. In addition, the program covers people of any age who are permanently disabled or who have end-stage renal disease (people with kidney ailments that require dialysis or a kidney transplant). The Medicare program insures around 62 million Americans and spends close to $800 billion a year on their care. Medicare is an entitlement program, meaning it is not based on financial need. Although Medicare was originally conceived as a program that would relieve older persons of the burden of paying for health care, Medicare beneficiaries…
Under federal Medicaid (Medical Assistance in Maryland) law, if you transfer certain assets within five years before applying for Medicaid, you will be ineligible for a period of time (called a transfer penalty), depending on how much money you transferred. Even small transfers can affect eligibility. While federal law allows individuals to gift up to $16,000 a year (in 2022) without having to pay a gift tax, Medicaid law still treats that gift as a transfer. Any transfer that you make, however innocent, will come under scrutiny. For example, Medicaid does have a very limited exception for gifts to charities….
For better and for worse, Medicaid (Medical Assistance in Maryland) is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics. Medicaid is a joint federal-state program that provides health insurance coverage to low-income children, seniors, and people with disabilities. In addition, it covers long-term care for those who qualify. This coverage is in a nursing home. Medicaid has become the default nursing home insurance of the middle class. Lacking access to alternatives such as paying privately or being covered by a long-term care insurance…
Any trust that involves the disposition of real estate must be witnessed and notarized, since only notarized instruments may be recorded in land records. Otherwise, there are no formal or statutory requirements concerning the wording or form of trusts. There are, however, certain key provisions that trust-creating documents should contain. The trust instrument should contain an express statement as to its irrevocability. An irrevocable trust is deemed to be unamendable. The trust should clearly identify all interested parties, including the grantor(s), the trustee(s), and any and all beneficiaries. This is particularly important when a trust has been created because of…
A version of this article appeared in print on July 22, 2017, Section B, Page 1 of the New York edition with the headline: The Ethics of Trying to Qualify for Medicaid. The numbers quoted, and some facts have changed since 2017. I am publishing this edited article because I have had a number of people / clients ask if Medicaid planning is legal. The answer is YES. However, you have a choice to pay privately or go on Medicaid. But what happens if you need dentures, hearing aids, even cable tv for your room and you have no money!…
A trustee is the person or institution appointed to manage a trust. A trust is a legal arrangement through which a trustee holds legal title to property for another person, called a “beneficiary.” The trust document will name the trustee. Being a trustee is a big responsibility. A Trustee(s) must act in the best interests of the trust beneficiaries at all times. A trustee’s duties include locating and protecting trust assets, investing assets prudently, distributing assets to beneficiaries, keeping track of income and expenditures, and filing taxes. A Brief Overview of a Trustee’s Duties If you have been appointed the…
When planning your estate it is important to understand the difference between probate and non-probate assets. Probate is the process through which the Register of Wills determines how to distribute your property after you die. Some assets are distributed to heirs by the Register of Wills (probate assets) and some assets bypass the process and go directly to your beneficiaries (non-probate assets). The probate process includes filing a will and appointing an executor or administrator, collecting assets, paying bills, filing taxes, distributing property to heirs, and filing a final account. This can be a costly and time-consuming process, which is…
A trust is a legal arrangement through which one person (s) (or an institution, such as a bank), called a “trustee,” holds legal title to property for another person, called a “beneficiary.” Trusts fall into two basic categories: testamentary and inter vivos. A testamentary trust is one created by your will, and it does not come into existence until you die. In contrast, an inter vivos trust, starts during your lifetime. You create it now and it exists during your life. There are two kinds of inter vivos trusts: revocable and irrevocable. Revocable Trusts Revocable Trusts are often referred to…
Frederick, MD 
301-663-9230
