Penalty Period was Upheld for Transfers to Loved Ones

By Jill Roamer, JD, CIPP/US on Oct 25, 2022 12:41:00 PM

Penalty Period was Upheld for Transfers to Loved Ones

A.V. suffered from Alzheimer’s disease and was admitted to a nursing home in January 2021. Thereafter, she submitted a Medicaid application for benefits. On her application, she reported several transfers for less than fair market value during the look-back period. She transferred various amounts to her kids and grandkids for things like wedding gifts, help with a down payment on a home, and car purchases. A.V. had specific dates and amounts for each recipient and presented verification to the Medicaid office. All transfers totaled roughly $25,000.

In accordance with 42 U.S. Code § 1396p(c)(2)(C), a Medicaid applicant will not be ineligible for benefits due to transfers during the look-back period if the applicant demonstrates to the state that the transfers were made for a purpose other than to qualify for benefits.

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Statute of Limitations Bars Family Member’s Claim

By Jill Roamer, JD, CIPP/US on Oct 18, 2022 1:42:00 PM

Statute of Limitations

Ellan Orkin died in 2019 at the age of ninety-nine. During her life, she and her sister served as nurses during World War II. After their service, they married and settled down in Delaware. Neither had children and each was predeceased by her husband. Ellan and her sister had many friends and other family members around them. Tina was Ellan’s cousin and lived across the street from her; they visited often.

In 1998, Ellan met Kimberly, a former teacher at a local community college. Kimberly presented business opportunities to Ellan and her sister and helped them with various daily needs. Over a span of about 25 years, ending in 2017, Ellan executed various changes to her estate planning documents that increasingly gave Kimberly greater shares of her estate.

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Current Developments in Estate Planning and Business Law: October 2022

By WealthCounsel Staff on Oct 14, 2022 10:00:00 AM

monthly-recap (1)

From the announcement of the projected 2023 estate and gift tax exclusion amounts to newly issued final regulations implementing the Corporate Transparency Act, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practices.

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