Rack & Olansen

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• Assets Transferred Before Medicaid Recipient Died Cannot be Recovered by State

  Author: Jennifer L. Moccia, Esq.

  An Idaho district court ruled that the state cannot recover assets from the estate of a Medicaid recipient’s spouse since those assets were transferred by the Medicaid recipient to her husband prior to her death. ...

• Medicaid Eligibility: Federal v. State Court Authority on the Effect of Lifetime Transfers to a Community Spouse

  Author: Jennifer L. Moccia, Esq.

  After settling the federal claims in a Medicaid case, a U.S. district court remanded the remaining issues back to the state court in Indiana since the case involved significant issues concerning the transfer of property to the community spouse that would ...

• Court Rejects Claim That Transfer Reserving Life Estate Simply Corrected Earlier Deed

  Author: Jennifer L. Moccia, Esq.

  A Medicaid applicant was determined to have made an uncompensated transfer, thereby resulting in an imposed penalty period, after he recorded a deed transferring his residence to his children and reserving a life estate for himself. ...

• Changes to the Estate and Gift Tax Rules in the Proposed 2013 Federal Budget

  Author: Nathan R. Olansen, Esq.

  On February 13, the President released his federal budget proposals for the 2013 fiscal year.  The proposed budget includes over 130 large and small proposed tax changes for businesses and individuals, including new incentives to “insource” jobs, h...

• IRS Extends Deadline for Estates to File Estate Tax Return to Make Portability Election Benefiting Surviving Spouses

  Author: Nathan R. Olansen, Esq.

  The Internal Revenue Service today issued guidance that allows certain estates of married individuals who died during the first six months of 2011 an extension of the deadline to make the portability election. ...

• An Overview of Battley v. Mortensen: The End of Domestic Asset Protection Trusts?

  Author: Jennifer L. Moccia, Esq.

  In early 2011, a landmark federal bankruptcy case shed doubt on the asset protection powers of the previously lauded domestic asset protection trust (DAPT), alarming many attorneys and distressing certain of those trust-wielding clients.  In a decision f...

• Mortgage Debt Forgiveness: 10 Key Facts

  Author: Nathan R. Olansen, Esq.

  Canceled debt is normally taxable to you, but there are exceptions.  One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. ...

• Account Held on Behalf of Disabled Family Member Not a Countable Asset for Medicaid

  Author: Jennirfer L. Moccia, Esq.

  An appeals court in New Jersey ruled that a bank account held by a Medicaid recipient would not be considered a countable resource because the funds were being held on behalf of the applicant’s disabled grandson and not for the recipient’s personal ...

• The Importance of Beneficiary Designation Planning

  Author: Nathan R. Olansen, Esq.

  Most people spend a lifetime accumulating retirement assets in qualified plans, IRAs and other tax deferred retirement accounts.  Often times, these accounts constitute a significant portion of a person’s wealth.  While most of the time the account ...

• Keeping the Vacation Home in the Family Using LLCs, QPRTs and Dynasty Trusts

  Author: rackolansen

  Kelly Green, The Wall Street Journal, Who Gets the Vacation Home?: Is there a way to hand off a vacation home to the next generation so that everyone still wants to spend time together there?  Tensions often mount when a family figures out what to do wi...