BarbriSFCourseDetails
  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Family Law
  • schedule 90 minutes

Medicaid Planning and Personal Services Contracts: Asset Spend-Down, Valuing Services, Avoiding Transfer Penalties

$197.00

This course is $0 with these passes:

CLE
ALL
  1. keyboard_arrow_leftBack
BarbriPdBannerMessage

Description

Qualifying for Medicaid often requires accelerating expenditures, or spending down, to reduce an applicant's countable resources to an eligible level. The use of a personal services contract is one technique for spending down assets. Under a properly drafted contract, the elder client will receive fair value for services provided, and the amount to be paid under the agreement is excluded when determining Medicaid eligibility.

Personal services contracts in this context raise unique considerations. Elders and their family members who enter such contracts may not realize that payments to the caregiver are taxable income. The form of payment the caregiver will receive depends upon the types of assets the elder has and how liquid or marketable those assets are. Further, elders may be concerned that the caregiver--often a family member--may not provide the services agreed to.

Counsel with elderly clients applying for Medicaid must ensure that the services provided by the caregiver are fairly and reasonably valued to avoid triggering a transfer penalty. In addition, counsel must understand the implications of various forms of payment, whether assets should be transferred to a third party under an escrow arrangement, and the tax implications of such decisions.

Listen as our expert panel discusses strategies for structuring family caregiver contracts, forms of payment for services, when to consider an escrow agreement, and other important considerations.

Presented By

Brandon Arkin

Mr. Arkin represents the elderly, the disabled and their caregivers in all facets of Elder Law including Estate Planning, Asset Protection Planning, Public Benefits, Incapacity Planning, Veteran Benefits, and Special Needs Planning. He gained a passion for helping the elderly after watching his own family struggle to afford the care his grandparents needed. Mr. Arkin witnessed how his family was harmed by misinformation regarding Public Benefits and the difficulties they had in navigating the governmental bureaucracy involved with obtaining Medicaid and Veterans Benefits.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Michael A. Lampert
Attorney
The Law Offices of Michael A. Lampert, PA

Mr. Lampert is a Florida Bar Board Certified tax lawyer in private practice in West Palm Beach, Florida where he concentrates his practice in the areas of taxation and business and estate planning and administration, with an emphasis on tax controversy matters.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Jason Neufeld
Founder, Managing Partner, and Principal Attorney
Elder Needs Law, PLLC

Mr. Nuefeld is the Managing Partner of the firm. Jason serves as Lead Attorney for Florida Medicaid Planning, Asset Protection Planning and Government Benefits Preservation Planning client matters. He is a sought out guest lecturer to both attorneys and the general public. Mr. Neufeld frequently publishes articles online and in Florida elder law publications. He is the author of the book: How to Get Medicaid to Pay for Some or All of Your Long-Term Care Expenses. Mr. Neufeld is committed to providing practical education to all Floridians through these publications and on his YouTube Channel. He is also proud to serve on the Board of Directors and Executive Committee of the Academy of Florida Elder Law Attorneys.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Wednesday, September 11, 2024

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Family caregiver contracts: overview
  2. Valuation of services provided
  3. Form of payment
    1. Installments vs. lump sum
    2. Escrow agreements
  4. Other considerations
    1. Tax implications
    2. Interplay with an existing estate plan
    3. Caregivers who are receiving needs-based government benefits

The panel will review these and other issues:

  • What are the key benefits to Medicaid applicants of using a personal services contract?
  • How can the parties determine a fair rate to pay on a personal services contract?
  • What restrictions and risks are associated with personal services contracts?
  • Can a caregiver who is receiving government benefits be paid as a caregiver on a personal services contract without jeopardizing the caregiver's benefits?