Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in institutions but want to live at home.
However, it is not a permanent program and is due to expire in September 2023. Advocates are...
A recent study found that loneliness can not only decrease a person’s quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a...
Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.
As the individual who made...
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
After this time ends, the CLAT’s remaining assets are distributed to non-charitable beneficiaries, usually a grantor’s...
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations.
At the end of their life, a decedent has some legal duties that must be fulfilled through a representative. For example, decedents remain obligated to satisfy certain debts incurred during their life...
In November 2022, the Centers for Medicare and Medicaid Services (CMS) announced that Medicare coverage will be expanded to include medically necessary dental services.
This change in Medicare rules will allow people with life-threatening conditions to receive dental care and operations related to conditions approved by CMS. The provisions...
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
What Is a Testamentary Trust?A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their property after the...
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.
The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023.
Increases to Contribution Limits for...Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72).
Although Medicaid and Medicare are both public health insurance programs, they have essential differences.
Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes.
History of Medicaid and Medicare
