Liquidating your marrital assessts
FACT: MEDICARE DOES NOT ALWAYS PAY FOR THE FIRST 100 DAYS OF NURSING HOME CARE Medicare will pay up to the initial 100 days of nursing home care if certain conditions are met.
Some facilities are owned and operated by the different counties.
Facts about the new law that will significantly affect how a nursing home gets paid.
On February 8, 2006 President Bush signed the Deficit Reduction Act which made significant changes to the law that controls how a nursing home gets paid when a resident runs out of assets.
FACT: GIFTING PENALTY PERIOD STARTS LATER UNDER NEW LAW For transfers, or as many would call it, gifts, the law requires that any gifts within the look-back be reviewed to see if any transfer was for less than fair market value.
Essentially this means has there been any gifts made within the look-back.
Starting in 2006 the IRS allows an annual $12,000 exclusion for Federal Estate and Gift Tax purposes, the law which governs payment of long term nursing home care gives no such exclusion.