April Update From Gudorf Law Group

One of the greatest gifts you can leave your children, grandchildren, and other beneficiaries is the gift of your wisdom. Sharing the stories, struggles, and journey of success that brought you to where you are, along with the money wisdom you’ve gained, is as important as leaving a financial legacy in your will or trust.

Money alone can become just as much a burden as it is a gift if it doesn’t go hand in hand with practical guidance. Let your beneficiaries know that they can help build a legacy of wealth that supports them throughout their lives and for generations to come.

If you are contemplating the need for long-term care, you know how expensive it can be to pay for. Medicare does not pay for long-term care, but Medicaid may be available to help with these expenses. Unfortunately, to become eligible for Medicaid assistance, you must have assets and income below certain levels.

What is an Ohio resident to do if their income exceeds the amount allowable by Medicaid? Fortunately, as of August 2016, a tool known as a Qualified Income Trust (QIT) may be the answer.

On January 11, the Centers for Medicare and Medicaid Services (CMS) issued a State Medicaid Director Letter providing new guidance for Section 1115 waiver proposals that would impose work requirements in Medicaid as a condition of eligibility.

As of press time, CMS has approved work requirement waivers for Kentucky, Indiana and Arkansas. As many as 13 other states have pending waiver requests and/or have stated they plan to apply. These include Alabama, Alaska, Arizona, Kansas, Louisiana, Maine, Mississippi, New Hampshire, North Carolina, South Carolina, South Dakota, Utah and Wisconsin.

In this article, we will look at the goals and concerns of this new guidance, as well as some of the work requirements that will soon be implemented.