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Christenson and Allex, LLC is built on extensive experience in Estate Planning, Nonprofit Law, and Small Business Planning. Your opinions and ideas are important to us. Our mission includes providing accessible services in a professional comfortable environment. We are flexible and take the time to communicate about your plans. |
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The Wisconsin Nonprofits Association
2008 Summit |
03.01.2007 |"MEDICAID PLANNING: |
| What Works and What Doesn't Work" |
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Tuesday, June 10th, 2008
9:00am - 4:30pm
Sheraton Hotel in Madison |
Attorney Iris M. Christenson
© January 5, 2007 |
Additional Details: Attorney Johanna Allex will be presenting a workshop regarding Legal and Fiduciary Issues for Nonprofits both at 10:30 and 2:30.
Please visit www.wisconsinnonprofits.org for more information. Visiting this website will also allow you to register online. Registering by May 10th will assure you a reduced registration fee! |
On February 8, 2006, the world of Medicaid Planning changed dramatically. Under the Deficit Reduction Act of 2005 (DRA-2005) Congress made significant changes to the asset transfer rules underwhich people in need of long-term care will be denied Medicaid coverage on the basis of gifts they may have made in the five (5) years before their application for Medicaid. Wisconsin's enabling law will likely apply to any gifts made after February 8, 2006. Extreme caution should be exercised when doing any gifting from that date forward.
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| FREE Annual Credit Report: https://www.annualcreditreport.com |
Foreclosure Prevention Hotline:
888-995-HOPE
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Question: My adult child takes care of me so I can stay in my own home. Should we have a Contract?
Answer:
It is wise to have a Contract called a "Caregiver Agreement" for several reasons. If you have an Agreement,the payments to your child for services shouldn’t be considered a gift, if you ever have to apply for Medicaid. Without the Agreement, your application for Medicaid may be delayed for months because the funds you paid your child will be considered gifts. A penalty period must be served if any gifts are given within 5 years of applying for Medicaid. An Agreement can also prevent a dispute between your children if the Agreement clearly explains the types of services you are receiving and the payment is reasonable. You should be able to prove that the payments are reasonable by comparing the cost of hiring someone else from a private agency to the amount you are paying your child. The Agreement should be drafted by an elder law attorney who is very familiar with the recent changes in Medicaid law and recent rulings on Caregiver Agreements.
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