As of January 1, 2019, California is now the 29th state to adopt a Trust Decanting statute, now codified in Probate Code §’s 19501 et. seq. and referred to as the Uniform Decanting Act (SB 909). The Act generally prescribes the scope of decanting, based in large part upon whether the trust fiduciary has “limited”, Read Full Article
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Practice Note for Elder Law Attorneys: By Gene L. Osofsky, Esq .[i] For purposes of determining the countable assets available to the individual applying for Medi-Cal, an asset which is “unavailable” enjoys – for the time that it remains unavailable – the same status as an asset which is “exempt”. We often think that an Read Full Article
The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the first overhaul of the tax code in more than 30 Read Full Article
[This article originally appeared in the Legal Network News published by California Advocates For Nursing Home Reform, Fall 207, Vol 28, No.3. It was designed for a readership of California Elder Law and Special Needs Attorneys] We are all familiar with the use of Special Needs Trusts to protect receipt of inheritances and injury settlements Read Full Article
On January 23, 2015, the Department Of Veterans Affairs issued proposed regulations which would make significant changes to the determination of Net Worth, the treatment of pre-application Asset Transfers, and the deductibility of medical expenses in determining countable income. [1] To the extent these become final, they will dramatically impact planning strategies that advocates have Read Full Article
On November 16, 2012, the folks at ElderLawAnswers.com reported that the Center for Medicare and Medicaid Services just announced the “2013 SSI and Spousal Impoverishment Standards”, effective January 01, 2013. If things are the same as last year, it will probably be a few weeks before CMS posts this on its website or in a location that is “citable”. Likewise, it will likely be a Read Full Article
By Gene L. Osofsky, Esq. * An Earlier draft of this article was first published in the Legal Network News of the California Advocates For Nursing Home Reform, Volume 23 No. 2, Summer 2012. It was designed for Elder Law attorneys practicing in California. ———— Bypass Trusts Pose Special Problems for Medi-Cal Planning By Gene L. Read Full Article
Practice Note: By Gene L. Osofsky, Esq., CFLS Published in the Legal Network News, Fall 2010, California Advocates for Nursing Home Reform For purposes of determining the countable assets available to the individual applying for Medi-Cal, an asset which is unavailable enjoys for the time that it remains unavailable the same status as an Read Full Article
The end of the estate tax during 2010 might only be a temporary reprieve. As the law now stands, for persons dying in 2011 estates valued above $1,000,000 will be subject to estate tax at very hefty rates rising as high as 55%. This circumstance suddenly creates the real possibility that estates valued at greater Read Full Article
By, Gene L. Osofsky, Esq., CFLS, Hayward, CA. Published By California Advocates For Nursing Home Reform, “Legal Network News” , Volume 20, No. 3, Fall, 2009, (Reprinted Here With Permission) When planning to avoid Medi-Cal recovery against marital assets where one spouse is in a Skilled Nursing Facility and receiving a Medi-Cal subsidy, a common technique Read Full Article