January 1st of each year brings changes to several key Medicaid figures, which are adjusted for inflation. Below are the Connecticut Medicaid (also known as Title XIX and Husky) figures that apply as of January 1, 2020:
UPDATED CONNECTICUT MEDICAID FIGURES FOR 2020
On July 12, 2019, Governor Ned Lamont signed
House Bill 7104, An Act Concerning the Adoption of the Connecticut Uniform Trust Code. It became Public Act 19-137 (CUTC). It will be effective January 1, 2020.
At Cipparone & Zaccaro, we regularly receive a call from a child who wants to assist his or her parent with an estate plan. Often, the child schedules an appointment for us to meet with the parent or the child brings the parent to our law office.
Parents often come to us asking how they can protect an inheritance they want to give to a child who has a shaky marriage. A trust can provide protection if it is properly crafted and implemented. It all hinges on whether the child has the ability compel a distribution from the trust.
If you want legal and financial protection from a greedy or meddling relative, a voluntary conservatorship can put the court between that relative and your property. To get the protection in Connecticut, you file a Petition for Voluntary Representation in the Probate Court where you live. The Court will hold a hearing and if appropriate, appoint a person you designate as conservator. The Court will appoint the conservator without ever finding that you lack capacity. The conservator will have to account to the Court for all of the financial transactions they make.
A diagnosis of Alzheimer’s Disease can send you and your caregivers reeling. Not only are there many things to learn about the disease and the many services you may need but you will have financial concerns to address. As soon as you can, focus on gathering information and weighing your options. Here is a list of the top 11 things to do financially after you receive a diagnosis of Alzheimer’s Disease:
I know it sounds like a delicious dish, but a hotchpot is actually an estate planning tool used in many Trusts and Wills. While it is also used in other contexts, as an estate planning doctrine, it dates back as early as the 12th century.
Life is a constantly evolving journey. Laws change. People change. Relationships change. Finances change. Children come along, attend college, become adults, have their own children, and grow into their golden years. Unfortunately, the language in a Will stays the same and may fail to accomplish your goals if not updated to parallel the evolutions of your life.
On May 10, 2016, the Connecticut Supreme Court issued a ruling that provides a blueprint on how to use a trust to protect assets for children who may need long-term care in the future. In this case, the Court ruled that the Department of Social Services improperly denied a Medicaid application because they counted assets in a testamentary trust (a trust created in a will) that should have been considered exempt for Medicaid purposes. Pikula v. Department of Social Services, 2016 WL 1749666 (2016).
Happy New Year! Some of you might be wondering how much you can give this year without having to file a gift tax return and whether you need to do some estate tax planning. Here are the key figures to keep in mind for 2016.
