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Medicaid Estate Recovery: Will the State Take my House?

Byadmin

There is a lot of misinformation and confusion surrounding estate recovery and the Maine Medicaid (MaineCare) long-term care benefit. One of the biggest fears we hear from aging Mainers is, “I don’t want the State to take my house.” That only happens in the context of a process called estate recovery. Estate recovery can only…

Avoid Capital Gains Tax by Rethinking the Credit Shelter Trust

Byadmin

Estate planning attorneys have traditionally employed a number of strategies designed to minimize or eliminate estate tax liability for their clients. While many of these strategies increased capital gains tax liability by forfeiting a basis step-up, with federal estate tax rates of up to 40%, capital gains tax was the preferable tax to pay. Changes…

Estate Planning and Elder Law: Tax Planning in 2018

Byadmin

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act. The changes to the Internal Revenue Code impact virtually every individual and business and are generally effective in 2018. Estate and Gift Tax The federal gift, estate, and generation-skipping tax credits will shelter gifts and estates up to $11.2 million…

Expanded Access to SSI: What Maine Residents Need to Know
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Expanded Access to SSI: What Maine Residents Need to Know

Bymjohnson

The Social Security Administration (SSA) recently announced a significant update to the Supplemental Security Income (SSI) program that will benefit many individuals in Maine. This update, effective September 30, 2024, broadens the definition of a public assistance household, making it easier for more people to qualify for SSI and potentially increase the payments for current…