The Affordable Care Act Benefits the LGBTQ Community

      HOW THE AFFORDABLE CARE ACT BENEFITS THE LGBTQ COMMUNITY

 During his two terms in office President Obama has supported the LGBTQ community in a myriad of ways including: the Patient Visitation Act, repealing Don't Ask Don't Tell in the military, and supporting the repeal of DOMA.  The Affordable Care Act (ACA) click here which debuts January 1, 2014, provides several benefits and protections to the LGBTQ community.  Not only will the ACA benefits promote equality but hopefully it will encourage LGBTQ individuals to seek preventive medical services. Here are a few examples of how the ACA will provide equal access to healthcare for LGBTQ individuals:

1. Health insurance plans purchased through the marketplace cannot discriminate based on sexual orientation or gender identity
2. An LGBTQ consumer cannot be charged a higher premium due to his/her sexual orientation
3. An LGBTQ consumer cannot be denied coverage due to a pre-existing condition such as HIV/AIDS or a mental health diagnosis
4. Legally married same-sex couples are treated equally as heterosexual couples for financial assistance regardless of where they reside (living in a non-recognition state such as Florida is not an impediment)
5. There are no financial lifetime limits on coverage for a chronic illnesses such as HIV/AIDS.
   
   
   

   Meet with a qualified elder law attorney to learn more and create a plan that will make the aging process easier for you and provide for the comfort and care of your loved ones.  Our firm is here to guide you. We want to be your trusted planning advisor through life.sm 

Key Tax & Financial Figures for Estate Planning in 2014

                         Important Figures to Know As You Plan for 2014

Beginning January 1, 2014, several federal agencies will be providing cost of living increases to select government programs and tax related laws.  Be sure you have current information before you take steps to qualify for Medicaid or, make gifts and certainly discuss it with your accountant.  Here are a few of the most important changes:

1. Federal Gift Tax Exclusion: This sum will remain at $14,000.00  per person to an unlimited number of individuals. Married couples can use split-gifting and gift up to $28,000.00 per person.
2. Federal Estate Tax Exclusion: Up to $5.34 million dollars will be excluded at the death of an individual. Any sum over this amount will be taxed. Consult with your estate planning attorney and accountant on the options to reduce your estate tax.
3. Medicaid Home Equity Limit: A home is exempt in Florida up to the equity value of $543,000.00. That means the value of the home does not prevent a person from receiving Medicaid benefits.
4. Medicaid Income Limit: Florida is one of fourteen states that imposes an income limit for a Medicaid applicant. It will be set at $2,163.00 per month; this is gross before deductions.
5. Medicaid Community Spouse Resource Allowance:  When a member of a married couple becomes ill and applies for Medicaid the healthy spouse can keep up to $117,240.00 of countable resources (i.e. bank accounts, investments).  There are assets that are exempt (whose value does not count) which can be kept in addition to the countable resources.

The Medicaid rules and tax laws have many nuances so it is important to have all your advisors working together to explore the options and the consequences.  Medicaid now has  a 5 year look-back period - if you have made gifts during this period it will delay your ability to qualify for Medicaid - don't dabble, seek qualified advice.

Meet with a qualified elder law attorney and create a plan that will make the aging process easier for you and provide for the comfort and care of your loved ones.  Our firm is here to guide you. We want to be your trusted planning advisor through life.sm