Woods’s Wednesday Wisdom is officially 50 blogs old!
In celebration of this milestone, we have selected our Top 5 Articles from the past year. Check them out below!
1. The State of Medicaid Work Requirements
The Secretary of Health and Human Services (HHS) has the authority to alter certain Medicaid requirements for states that submit a section 1115 demonstration waiver that is subsequently approved. The pertinent statute that authorizes these waivers, 42 U.S.C. 1315 §1115, has been around since Medicaid’s beginnings in 1965.
2. 5 Things to Take Care of Before Your Kids Go to College
May is graduation month. This is a time when many of you may be celebrating your children’s academic achievements, and even getting ready to send them off to college. During this hectic and emotionally tumultuous time, you may be all-consumed with helping prepare your soon-to-be college student for the next phase, causing you to overlook important estate planning matters.
3. The Forgotten Family Member: Advocating for Pet Trusts
Whether as a friendly companion or a fully-fledged family member, pets have become an intrinsic component to many households. According to the American Pet Products Association, 67% of American families own a pet today. Not only is pet ownership up from 56% in 1988, but Americans are also spending significantly more on their pets.
4. The Child Caretaker Exception
Most states have a child caretaker exception to their Medicaid transfer rules. An elderly parent can transfer their home to an adult child who lived in the home with their parent for the two years prior to that parent entering into a nursing home. Such transfer of the home would not violate Medicaid look-back rules.
5. Charitable Giving – Shifting Focus From Estate Tax to Income Tax
Good news for the world of philanthropy: charitable giving is not dead. With the recent changes to the tax code, it’s an appropriate time for estate planning professionals to revisit charitable giving with a view toward identifying these new opportunities and assessing how a charitable giving plan works within the broader estate planning strategy.