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Changes to Federal
Medicaid Law Enacted
On February 8, 2006, President Bush signed the Deficit Reduction Act of 2005. These changes have potentially huge impact on seniors.
President Signs DRA 2005
Major Medicaid Changes
On Feburary 8, 2006, President Bush signed the Deficit Reduction Act of 2005. This means that for federal law purposes, the new changes in Medicaid Divestment Law are effective for transfers of assets (gifts) on or after February 8, 2005. As discussed in our prior article, these changes mean that any gifts that are made on or after that date can have serious consequences for Medicaid eligibility. Thus, you are encouraged to seek out competent professional advice before making any substantial gifts.
Changes to Medicaid Significant changes to Medicaid are in the offing. The 2005 Budget Reconciliation Act contains provisions which, if enacted, will significantly alter the Medicaid planning landscape for future years. If you are considering asset transfers, you should act as soon as possible.
Be Aware of Medicare Prescription Drug Program Scams
The new Medicare Prescription Drug Program, beginning on January 1, 2006, creates an opportunity for dishonest individuals to take advantage of Medicare beneficiaries. Two current scams have already been identified. Don’t be one of their victims. There are steps you can take to protect yourself and your loved ones. More Information
Financial Scams to Avoid
The elderly are often the targets and victims of financial and investment scams. On March 24, 2005, the Department of Financial Institutions issued a press release listing and describing the 10 most common financial scams in Wisconsin. that list can be found at http://www.wdfi.org/newsroom/press/2005/WisconsinNamesTop10Threats
ToInvestors.htm. If you or a friend or loved one has been the victim of such activities, our office may be able to assist you.
Consider Wisconsin's SeniorCare prescription drug program
Many Wisconsin Seniors are already eligible for Wisconsin’s SeniorCare prescription drug program. For more information, go to http://dhfs.wisconsin.gov/seniorCare/index.htm.
Our attorneys can help you evaluate which of these programs would be better for you.
New on-line guide for Special Needs Adoption in Wisconsin
Adoption Resources of Wisconsin (Adoption Resources), formerly Special Needs Adoption Network, and the Wisconsin Department of Health and Family Services, Division of Children and Family Services now offer a Guide to Special Needs Adoption in Wisconsin. More Information
Part D Open Season:
Nov.15 to Dec. 31, 2006
Between these two dates you may change your selection of a Medicare Part D drug plan. You have a number of options.
New Guardianship Laws
Take Effect Decembers 1, 2006
The Wisconsin Legislature has passed major changes to the Wisconsin guardianship laws.
IRA Charitable Rollovers Available in 2006 and 2007
The recent Pension Protection Act includes provisions that may be helpful if you're thinking about a large charitable gift in the next couple of years.
Other Legal News of Interest:
Changes to Medicaid
Many seniors eligible for Wisconsin’s SeniorCare prescription drug program
President Signs DRA 2005
Major Medicaid Changes
Power of Attorney for Incompetent Young Adults
Advance Health Care Directives--
Now more important than ever!
Be Aware of Medicare Prescription Drug Program Scams
New on-line guide for Special Needs Adoption in Wisconsin
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