The Internal Revenue Service recently announced 2025 dollar limits for qualified retirement plans (including 401(k) plans), deferred compensation plans, and health and welfare plans. Adjustments to certain limits are based on...more
On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year....more
A recent spate of mail thefts has left the IRS holding the bag when taxpayer refunds have failed to reach those taxpayers. Congress has begun looking into these thefts. Some have occurred from USPS employee theft, but others...more
The U.S. Social Security Administration is simplifying the disability evaluation it uses for its Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) programs. The agency will now review...more
One of the biggest misconceptions related to Community (Home Care) Medicaid is the idea that one thinks they and/or their loved one is not eligible for services because “they make too much money.” In New York State, for one...more
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are two federal disability benefits programs that provide monetary assistance for people with disabilities. Both programs allow recipients who...more
On June 10, 2024, the U.S. Supreme Court granted certiorari in Advocate Christ Medical Center v. Becerra for the October 2024 – 2025 term to review a D.C. Circuit Court of Appeals ruling potentially affecting up to $4 billion...more
What is SSI? SSI is a government program that provides monthly payments to adults and children who have income and resources below specific financial limits and who meet one of the following criteria: They are 65 or older...more
Have you heard the terms “special” needs trust and “supplemental” needs trust and wondered what the difference is? The simple answer is that there’s no difference. Whether supplemental or special, these trusts serve the...more
In the world of estate planning, high net worth individuals and families increasingly recognize the importance of advanced planning, including the use of supplemental needs trusts (SNTs), as a powerful tool for ensuring the...more
The Elder Law Practice Group at Falcon Rappaport & Berkman would like to share some important Elder Law legal updates with our clients and professional partners that will impact Medicaid eligibility for applicants/recipients...more
On February 21, 2024, CMS published a transmittal on its website with instructions for Medicare Administrative Contractors (MACs) to implement CMS’s final rule, issued June 9, 2023, concerning the treatment of the Part C days...more
Choosing the right person to serve as trustee of a special needs trust (SNT) is a key task when creating such a trust. It may also prove to be one of the most challenging. Trustees are responsible for the following: ...more
On September 1, 2023, the D.C. Circuit affirmed the D.C. District Court’s decision in Pomona Valley Hosp. Med. Ctr. v. Azar, 2020 WL 5816486, at *1 (D.D.C. Sept. 30, 2020) requiring CMS to produce affirmative evidence as to...more
For individuals with disabilities, an inheritance or settlement can jeopardize a their government benefits, such as Medicaid and Supplemental Security Income (SSI). A special needs trust (SNT) can help the individual remain...more
I saw a recent article by Matthew Breunig, suggesting that instead of cutting Social Security, we should end the tax breaks for 401(k) plans. He claims that the tax advantage of IRAs and defined contribution plans is $371...more
Funds held in a properly drafted special needs trust (SNT) will not affect a Supplemental Security Income (SSI) or Medicaid recipient’s benefits. However, funds disbursed in a manner that violates SSI or Medicaid rules can...more
On February 24, 2023, CMS issued a proposed rule updating its Medicaid Disproportionate Share Hospital (DSH) program regulations as a result of legislative changes made by the Consolidated Appropriations Act (CAA) of 2021....more
To qualify for Supplemental Security Income (SSI), a federal program that provides people with disabilities a monthly stipend, individuals must conform to very strict income and asset limits. Often, SSI beneficiaries who...more
For disabled persons receiving financially-based government benefits, supplemental needs trusts (“SNTs”) can safeguard benefits and serve as an effective estate planning tool. SNTs allow individuals with disabilities to...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
On January 19, 2022, the Office of Inspector General for the Department of Health and Human Services (OIG) issued a favorable Advisory Opinion regarding an online retailer’s proposal to make its discount programs available to...more
It seems every year there are changes to the Internal Revenue Code (IRC). It is a challenge, even for tax pros, to keep up with the ever-changing tax code. Massachusetts taxpayers also have an added challenge in keeping up...more
Pandemic-related financial assistance will no longer affect an individual’s eligibility for Supplemental Security Income (SSI) or the benefit amount, the Social Security Administration (SSA) has announced. The assistance...more
Any parent of a child with a disability has likely heard of a “special needs trust.” As information has become more easily available online, a simple Google search for “special needs trust” is likely to garner hundreds of...more