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!!!SPECIAL NEEDS TRUST!

Effective December 31, 2016, there has been a significant change in the federal law regarding the establishment of Special Needs Trusts. The “21st Century Cures Act” was signed into law on December 13, 2016. Previously, the law only allowed a parent, grandparent, legal guardian or a court to establish a Special Needs Trust, but Section 1917 (d)(4) (A) which was revised will now allow a disabled individual to establish his or her own Special Needs Trust. This will significantly reduce the time, money and effort in having to obtain court approval to establish a Special Needs Trust.

!!!VETERAN’S ADMINISTRATION ALERT!!!

The Veterans Administration (VA) has published a proposal that will significantly change eligibility rules for veterans’ and or their spouses. The VA now anticipates that the final rule changes will be published after April 2017. Therefore, it is important that all veterans and their spouses, who anticipate that they will be applying for VA Benefits now or in the future, should consult with an accredited VA Attorney as soon as possible.

These rules include:

  • Establishing a clear net worth limit
  • Defining and clarifying deductible medical expenses
  • Three year (36 month) look back period

!!!DISASTER ALERT!!!

Any assistance received due to a catastrophe or major disaster having been declared by the President of the United States, is permanently excluded as a resource for Medicaid. Funds must be identifiable as disaster funds.

The FEMA Program’s money due to the flood victims is considered disaster assistance, and any interest earned is excluded as an income resource.

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  • Special Needs Trust
    by Losavio&DeJean on January 21, 2017 at 12:39 am

    Great News!   It is now easier to establish a self-settled Special Needs Trust for your clients. Effective date as of December 31, 2016, Section 1917 (d)(4) (A) was revised to allow an individual with a disability as defined by the … Continue reading &rarr […]

  • !!!DISASTER ALERT!!!
    by Losavio&DeJean on October 14, 2016 at 4:22 pm

    Any assistance received due to a declared major disaster or catastrophe by the President of the United States of America, is permanently excluded as a resource for Medicaid. The funds provided should be identifiable as disaster funds. The FEMA program … Continue reading &rarr […]

  • The Social Security Strategy
    by Losavio&DeJean on February 17, 2016 at 9:02 pm

    There is a limited window of opportunity to take benefit of a Social Security strategy that could increase your Social Security monthly benefits. If you were born April 30th 1950 or earlier you can file for benefits at full retirement … Continue reading &rarr […]

  • Don’t Go Broke in a Nursing Home
    by Losavio&DeJean on December 30, 2015 at 2:17 pm

    Mr. Losavio is giving a workshop at Amber Terrace Assisted Living Tuesday January 12, 2016 at 4:00pm and 6:30pm and Thursday January 14,2016 at 4:00pm an 6:30pm.  Amber Terrace Assisted Living is located at 8585 Summa Ave., Baton Rouge, LA … Continue reading &rarr […]

  • Medicaid Eligibility & Spousal Retirement...
    by Losavio&DeJean on December 23, 2015 at 2:20 pm

        Currently there are 31 states* where Medicaid treats a community spouse’s IRA account as a countable resource. Thus, before an institutionalized spouse can qualify for Medicaid benefits, the community spouse’s IRA account must be either protected or spent-down. … […]

  • IRS TAX TIPS FOR DEDUCTING GIFTS TO CHARITY
    by Losavio&DeJean on November 25, 2015 at 9:37 pm

    The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must … Continue reading &rarr […]

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