To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to "spend down" your extra assets to meet the $2,000 limit.
Year-End Tax Planning Tips for Seniors
With the holidays in full gear, it’s time to do some planning that can help reduce your tax bill this year. Recently, U.S. News & World Report published an article geared specifically to seniors. Always be mindful of both federal and state legislative changes when applying your traditional year-end tax planning techniques. It is not too late to take advantage of some tax-savings opportunities that may not be around next year and, as always, consult with your preferred professional tax advisor for advice tailored specifically to your situation.