Episode 28. Understanding Property Ownership Types and DeedsJeff addresses listeners questions about property ownership and deeds. He explains different types of ownership arrangements, some of which are implied on the deed while others must be specifically listed. With this understanding, it becomes clear that your deed should explicitly name the type of ownership arrangement that best suits your needs.  Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masters degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.Don't forget to Follow, Like, and Subscribe for upcoming podcast episodes: Apple: https://podcasts.apple.com/us/podcast/understanding-property-ownership-types-and-deeds/id1634278675?i=1000597660690 YouTube: https://youtu.be/aUHrxgXKY_E Spotify: https://open.spotify.com/episode/5kVb2f3sida1Pff3WSO9pE?si=XJ0fGweMTm6dfozyqcmZAg

Episode Summary The start of the new year brings new numbers that affect financial decisions and health care. Jeff provides an update on the 2023 numbers you should know for tax planning and Medicaid qualification.Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masters degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.Key Takeaways 01:45 Tax PlanningThe annual exclusion gift amount is $17,000/person for 2023Most people will not be subject to federal estate tax due to the high dollar amount that triggers the taxPennsylvania (PA) does have an inheritance taxActions in one area of planning (e.g., taxes) can affect other areas of planning (e.g., estate planning)09:00 Medicaid PlanningCase workers use PAs Long-Term Care HandbookIf a persons income is more than $2,742/month, PA could recover assets if the person has more than $2,400 in assets in their name alone at time of deathIf a persons income is less than $2,742/month, PA could recover assets if the person has more than $8,000 in assets in their name alone at time of deathPA can pursue asset recovery from probate estate onlyNon-probate assets are jointly owned or tied to a beneficiarySound estate planning can avoid asset recovery by the state12:25 The Waiver ProgramA PA program that can be thought of as Medicaid in the homeThe income cap limit to qualify is $2,742/monthPA might allow a person to qualify even with an additional $500/month in income if the $500 is funneled to an Excess Income Trust 14:32 Married Couple Assets Different rules apply for institutionalized spouses and community spouse The community spouse can keep the house, the car, and their own retirement accountall remaining assets go into a pot When the pot is less than $29,724, the community spouse can keep the entire potWhen the pot is between $29,724 and $148,620, the community spouse can keep one half of the pot 17:21 Married Couple IncomeIf the community spouses monthly income is between $2,288.75 and $3,715.50, then they can keep itIf the community spouses monthly income is less than $2,288.75, then they can get a portion of the institutionalized spouses incomeThe minimum excess home equity limit for 2023 is $688,000Links and Resources MentionedPennsylvania Long-Term Care Handbookhttp://services.dpw.state.pa.us/oimpolicymanuals/ltc/Long-Term_Care_Handbook.htmBellomo & Associates workshops, including Medicaidhttps://bellomoassociates.com/workshops/For more information, call us at (717) 845-5390. Connect with Bellomo & Associates on Social MediaTwitter: https://twitter.com/bellomoassoc YouTube: https://www.youtube.com/user/BellomoAssociates Facebook: https://www.facebook.com/bellomoassociates Instagram: https://www.instagram.com/bellomoassociates/LinkedIn: https://www.linkedin.com/in/bellomoandassociates

23. Benefits of Putting Your House in a Trust A persons house is often their biggest asset and deserves protection, but in most cases transferring ownership is not enough. Putting your house in a trust is the best way to maintain control of the asset, get the step-up in basis for favorable tax implications, and protect the asset from others. But perhaps the most important benefit is the peace of mind that comes with knowing your home is safe. Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masters degree in taxation and a certificate in estate planning. He is skilled at explaining complex legal and financial topics in easy-to-understand language.