The estate tax, even at a $1 million exemption amount, applies to only 2% of Americans at death. Medicaid estate recovery can apply to anyone over the age of 55. Jeffrey A. Marshall, CELA* at Marshall Elder & Estate Planning Blog has a great post today "Medicaid Estate Recovery - A Medicaid Death Tax" asking why there is so much noise and media coverage about the estate tax when Medicaid estate recovery rules essentially act as a death tax on the poorest of seniors.
His central arguments:
• Medicaid, not Medicare, is the biggest government source of payment for long term care.
• In a curious exercise of age discrimination, the [estate] recovery program only applies to people who are over age 55.
• Because most assets must be spent before a senior becomes eligible for Medicaid, recovery efforts focus on real estate – mainly the home or family farm.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Health Law Updates, Tax Law Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Fein, Such, Kahn & Shepard, P.C. | Attorney Advertising