Categories



Medicaid Recipients Have a Little More Time to Spend Down Their Stimulus Money

Lavelle & Finn


The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time.  In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized $1,200 stimulus checks to most Americans, including Medicaid recipients. Another round of $600 checks […]

IRS Announces That Face Masks and Related Purchases Are Tax Deductible

Lavelle & Finn


The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.  If you have significant medical expenses, you may be able to deduct them from your taxes. Many types of medical expenses are deductible, from long-term care to […]

Can an IRA Affect Medicaid Eligibility?

Lavelle & Finn


For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets. If you do not plan properly, IRAs can count as an available asset and affect Medicaid eligibility. Medicaid applicants can have only a small amount of assets in order to be eligible to receive benefits ($2,000 in most states). Certain assets […]

Finding the Right Hospital Bed Rental

Lavelle & Finn


If you are caring for a loved one at home, you may need to rent a hospital bed. Here are the ins and outs of hospital bed rentals.  The benefit of a hospital bed is that it adjusts to allow people with limited mobility to more easily get in and out of the bed. The […]

The Durable Power of Attorney: Your Most Important Estate Planning Document

Lavelle & Finn


For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will. A power of attorney allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you – the “principal” — for financial purposes when and if you […]

You Can Stretch the Gift Tax Limit by Paying for Education or Health Care

Lavelle & Finn


If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax.  The annual gift tax exclusion for 2020 and 2021 is $15,000. This means that any person who gave […]

How to Make Changes to Your Will

Lavelle & Finn


As life circumstances change (births, marriages, divorces, and deaths), it may become necessary to make changes to your will.  If an estate plan is not kept up-to-date, it can become useless. The best way to make changes is either through a codicil — an amendment to the will — or by creating a new will. […]

9 (Potential) Problems with Your Trust

Lavelle & Finn


All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Following is a checklist of trust features you can review yourself. But be aware that these only refer to revocable “living” trusts, not to irrevocable trusts. Do you have the right successor […]

How the $1.9 Trillion COVID-19 Relief Bill Aids Seniors

Lavelle & Finn


President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways.  The $1.9 trillion American Rescue Plan Act (ARPA) delivers a broad swath of relief, covering families, employers, health care, education, and housing. […]

Biden Administration Eases Recommended Restrictions on Nursing Home Visits

Lavelle & Finn


The Centers for Medicare and Medicaid Services (CMS) has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident has not been vaccinated.  The coronavirus pandemic has hit long-term care facilities particularly hard, with more than 170,000 residents and employees dying of COVID-19. Most nursing […]