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© Copyright 2008 Aronberg Goldgehn Davis & Garmisa The Attorney Alliance Planning for Your Clients, Their Parents and Yours Too Genworth Financial National Convention Genworth Financial National Convention May 4-6, 2008 Blooma Stark (312)
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Estate Planning Documents Will Living Trust – Is it funded? Power of Attorney for Health Care Power of Attorney for Property Bank signature cards The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Special Needs Trust Consider Special Needs Trust for a spouse who is or may become eligible for Medicaid Special Needs Trust must be created under community spouse’s Will Special Needs Trust limits distributions to those things that are not covered by Medicaid or other government programs No distributions can be made directly to disabled person The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Practical Considerations Name of Accountant Name of Financial Advisor Name of Attorney Name of Insurance Agent Where is Safe Deposit Box Key Kept Where are Tax Returns Kept Where are Estate Planning Documents Kept Long Term Care Insurance The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa MEDICARE Medicare will pay for up to 100 days of care in a Skilled Nursing Facility The first 20 days are free There is a co-payment of $ per day for the next 80 days Medicare will pay for nursing home care if such care is needed within 30 days of a hospitalization of at least 3 days The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa MEDICAID Medicaid is a joint federal and state program which pays for the nursing home care of the poor. It is administered by the State. ELIGIBILITY In determining an individual’s eligibility for Medicaid, the following assets are treated as “Exempt Assets” and are not counted: $2,000 of value in any assets Household goods A car (value may be limited by the state) Burial merchandise of any value A burial fund of up to $1,500 The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Medicaid Community Services v. Nursing Home Most rules are the same for the Aged except that for community services there is no look back period on transfers Illinois has no income limit for nursing home services Income limit for community services is $892 per month for one person (SSI is not counted) The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Joint Assets Jointly held non-real estate assets are deemed to be owned entirely by the nursing home applicant unless the other joint tenant can prove that the assets are actually his/hers. Jointly held real estate is treated as being owned partly by the nursing home applicant, depending on the number of joint tenants. If there are three joint tenants, the nursing home applicant is deemed to own 1/3 of the real estate. The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Residence A residence may or may not be an exempt asset depending on its value and who is living in the residence. An individual with equity in his home of more than $500,000 would be disqualified from Medicaid. The states have the option of raising the limit up to $750,000. The residence will be exempt if a spouse lives there The residence will be exempt if a disabled or minor child lives there The residence will be exempt if a child lives there and has provided care to the disabled person for at least two years The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Residence (continued) The residence will be exempt if a sibling has an equity interest in the residence and has lived there for 1 year prior to application Transfer of residence to any of the above would be limited to $500,000/$750,000 equity The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Married Applicants Can Make the Following Transfers to the Spouse: The community spouse may have assets of $104, 400 in Illinois. This is known as the “Community Spouse Asset Allowance”. Each state can determine the amount of the Community Spouse Asset Allowance. The nursing home spouse can make exempt transfers to the community spouse to bring the community spouse’s assets up to the limit set by the state’s Community Spouse Asset Allowance. Car valued at $4,500 Household goods The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Married Applicants Can Make the Following Transfers to the Spouse (continued): The community spouse’s income is not considered to be available to the nursing home spouse. However, if the Community Spouse has monthly income that is less than the “Community Spouse Monthly Income Allowance,” the nursing home spouse can contribute to the community spouse’s income in order to bring the community spouse’s monthly income up to the level of the Community Spouse Monthly Income Allowance. The Community Spouse Monthly Income Allowance is $2,610 per month in Illinois, but may be less in other states. Residence (with limitation on equity) The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Transfer Penalties Transfer penalties will render the applicant ineligible for Medicaid if a non- exempt transfer is made within 60 months of application for Medicaid The period of ineligibility begins on the later of the date of application for Medicaid or when the applicant would otherwise be eligible for Medicaid benefits The number of months of ineligibility is determined by dividing the amount transferred by the monthly private pay rate During the period of ineligibility Medicaid will not pay for nursing home costs The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Example of Period of Ineligibility On June 1, 2006 person transferred $210,000 of assets to a child On April 1, 2007 person enters a nursing home with a private pay rate of $7,000 per month On April 1, 2008, person runs out of funds and applies for Medicaid Medicaid will not pay for the person’s nursing home bills for 30 months (210,000/7000) beginning on April 1, 2008 and ending on October 1, 2010 The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Imminent Placement If nursing home placement is imminent, the following steps can be taken in an effort to preserve assets: Convert non-exempt to exempt assets Transfer all Exempt Assets Create a Life Estate in real estate Limit Penalty To Look-Back Period Transfer to an Irrevocable Income Only Trust Create an OBRA ‘93 (d)(4)(C) Pooled Trust Purchase an Annuity The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Review Current Estate Planning Documents Wills and trusts of the community spouse should not leave assets outright to the nursing home spouse Each person should have Powers of Attorney for property with a full gifting power Consider The Purchase Of Long Term Care Insurance. The Attorney Alliance
© Copyright 2008 Aronberg Goldgehn Davis & Garmisa Aronberg Goldgehn Davis & Garmisa 330 North Wabash Avenue Suite 1700 Chicago, IL Blooma Stark (312) The Attorney Alliance
The Attorney Alliance Strategies for Keeping What You Have Gary Altman 301/ Howard L. Sosnik.
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