Assignment 1: Financial Case Study

Words: 991
Pages: 4
Open Document
Is your real property safe from the Medicaid “spend-down” requirements? If you are not sure, now is the time to find out because waiting until the last minute could result in losing your property.
Almost half of all seniors eventually turn to Medicaid for help covering the high cost of long-term care. If you are one of those who needs to qualify for Medicaid at some point, will you be able to keep your real estate? Understandably, it’s a question that worries every senior facing the need to qualify for Medicaid benefits. The answer may surprise you. While you may already know that your primary residence is likely exempt from the Medicaid “spend-down” requirements, you may not know that there are other types of real property Medicaid may also …show more content…
The “countable resource” limit is very low, typically just $2,000 for an individual applicant and $3,000 for a couple. If the value of an applicant’s countable resources exceeds the program limit, the applicant must “spend-down” those resources during a waiting period before Medicaid will start providing benefits. The length of an applicant’s waiting period is determined by a formula that takes into account the value of the applicant’s assets and the average cost of LTC in the state. During the waiting period the applicant is expected to rely on his/her assets to cover LTC …show more content…
Medicaid’s five-year look-back rule prohibits asset transfers during the five-year period prior to applying for benefits. Therefore, if you transferred the property within that time frame the value of your life estate might not be exempt.
• Jointly held property – if your name is on the title to real property, Medicaid will likely consider it your property. This most frequently creates a problem if you have co-signed for a mortgage and put your name on the title to property as a way to help out children or grandchildren. As far as Medicaid is concerned, even if someone else has made all of the mortgage payments, if your name is on the title or deed to the property it will be counted as a “countable
Show More

Related Documents: Assignment 1: Financial Case Study

Acc 562 Week 7 Discussion Acc562 Week 7 Discussion Essay

com/q/acc-562-complete-course-week-1-to-week-11/8378 http://workbank247.com/q/acc-562-complete-course-week-1-to-week-11/8378 ACC 562 Week 1 Discussion "Unbiased Reporting" Please respond to the following: • Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your response. • Analyze the audit opinion formulation process and suggest at least one (1) improvement to the process…

Words 2470 - Pages 10

Real Estate Decision Making

course content (including readings, cases and assignments) will be Canadian (although it is recognized that real estate investment is increasingly a global endeavor). This is primarily a combination seminar and case study course. It is designed around a cornerstone of five carefully chosen guest speakers, who will each address their specific area of expertise within commercial real estate investment. Course readings, case studies, exercises and assignments complement the guest lectures. With…

Words 2314 - Pages 10

Accounting: Personal Financial Planning Essay

SCHOOL OF BUSINESS ACTG 5: Personal Financial Planning Instructor: Wendy M. Donohoe, CPA Phone: 408-554-4318 (Drahmann appt) Office: Lucas 216UU Office Hours: Mon & Wed. 10:30-11:30am Kenna 101 (Drahmann Ctr) E-Mail: wdonohoe@scu.edu Course Description People do not plan to fail in life, but often they do fail to plan. This course will examine the elements of how to plan your financial future. We will examine many elements…

Words 1073 - Pages 5

Essay about Investment and Case Study Class

2:00-3:00 pm) Objective: To become a successful investor, an individual must command a considerable amount of financial market knowledge as well as a wide variety of qualitative and quantitative skills. This course is designed to provide students with a solid conceptual and analytical basis for making investment decisions. In addition to establishing a background for evaluating and managing financial risk and return dynamics, as well as how global capital markets are organized and function, the focus of…

Words 5860 - Pages 24

Syllabus: Marketing and Financial Management Essay

Course: BUSI 710: Principles of Financial Management and Marketing Credits: 5 credit hours Description: This course develops students' ability to read, understand and use financial statements. Emphasis is placed on financial accounting data use and on the reconstruction and interpretation of economic events from published accounting reports. In addition, the course addresses the role of marketing in creating value for customers, which in turn leads to value for other stakeholders. Department:…

Words 2898 - Pages 12

Goal Of The Masters Of Science In Accounting

take and pass the Uniform CPA Examination (or other appropriate professional examination). Students who complete the MSA degree will build on their undergraduate business and accounting coursework to obtain a comprehensive understanding of complex financial accounting and reporting, taxation, and regulatory issues. Students will gain the ability to understand constraints, identify alternatives, develop conclusions, and cite the professional accounting literature in support of these decisions. They…

Words 2363 - Pages 10

ACC 349 Week 1 Assignment Assignments from the Text Essay

ACC 349 Week 1 Assignment Assignments from the Text has the overview of the following exercises : E1-7. Ending Inventory BYP1-7 E2-6 E2-9. YELLOW KNIFE MANUFACTURING COMPANY. Cost of Goods Manufactured Schedule YELLOW KNIFE MANUFACTURING COMPANY. Income Statement E3-5. HAN FURNITURE COMPANY. Sanding Department. Production Cost Report E3-9. Ending Inventory Business - Accounting ACC 492 Week 5 ACC 492 Week 5 Individual Assignment Assignments From the Text…

Words 572 - Pages 3

Explain The Objectives Of Financial Reporting

help you grasp the fundamental principles of financial reporting and acquire the skills of applying these principles to solve real-world financial reporting problems. Our central topics are the measurement and reporting of a firm’s investing and financing activities. We will study the existing standards, evaluate the resulting disclosures and explore the challenges faced in those reporting areas. We will also discuss the influencing factors of financial reporting quality, including legislation, standard…

Words 4235 - Pages 17

Accidental Investment Banker Essays

of Business and Enterprise Higher Education Division Unit of Study Outline HBC242N Financial Planning and Investment Semester 1, 2013 Table of Contents Table of Contents 2 Unit of Study Outline 3 Teaching Staff 3 Aims 3 Learning Objectives 3 Content: 4 Key Generic Skills for this Unit of Study 4 Learning and Teaching Structure 4 Resources and Reference…

Words 3262 - Pages 14

Greek: Marketing and Case Study Components Essay

coursesmart.com. Readings Packet--to be provided to students by Professor. PREREQUISITE: Principles of Marketing (660.250). COURSE OBJECTIVES: 1. To provide students with hands-on experience formulating, implementing and controlling a strategic marketing program for a given product-market entry through case analysis. 2. To expose students to a broad range of cases involving business and consumer product firms, for profits and non-profit organizations and domestic and foreign companies. 3. To develop an…

Words 4266 - Pages 18