Social Security Beneficiaries Will Receive a 2 Percent Increase in 2018

In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums.

Cost of living increases are tied to the consumer price index, and an upturn in inflation rates and gas prices means recipients get a small boost in 2018, amounting to $27 a month for the typical retiree. The 2 percent increase is higher than last year’s .3 percent rise and the lack of any increase at all in 2016. The cost of living change also affects the maximum amount of earnings subject to the Social Security tax, which will grow from $127,200 to $128,700.

The increase in benefits will likely be consumed by higher Medicare premiums, however. Most elderly and disabled people have their Medicare Part B premiums deducted from their monthly Social Security checks. For these individuals, if Social Security benefits don't rise, Medicare premiums can't either. This “hold harmless” provision does not apply to about 30 percent of Medicare beneficiaries: those enrolled in Medicare but who are not yet receiving Social Security, new Medicare beneficiaries, seniors earning more than $85,000 a year, and “dual eligibles” who get both Medicare and Medicaid benefits. In the past few years, Medicare beneficiaries not subject to the hold harmless provision have been paying higher Medicare premiums while Medicare premiums for those in the hold harmless group remained more or less the same. Now that seniors will be getting an increase in Social Security payments, Medicare will likely hike premiums for the seniors in the hold harmless group. And that increase may eat up the entire raise, at least for some beneficiaries.

For 2018, the monthly federal Supplemental Security Income (SSI) payment standard will be $750 for an individual and $1,125 for a couple.

For more on the 2018 Social Security benefit levels, click here.

SEMINAR: MEDICAID ELIGIBILITY FOR NURSING HOME RESIDENTS: UPDATE ON 2016 CONVERSION & MILLER TRUSTS

Last August 1, 2016, The Ohio Medicaid program had major changes to all eligibility rules. We have had one year of experience with these changes. This presentation will review all the new rules, problems that have arisen and experience our office has had with their interpretation and implementation. There will also be a complete review of all topics listed below as well as other new developments this last year.

Wednesday, August 30, 2017 @ 8:45 AM – 12:00 PM

This seminar will focus on Medicaid eligibility from the point of view of the nursing facility. It will not focus on planning techniques to preserve assets and achieve Medicaid eligibility. The objective is to provide information, tips and relate the experience of Michael J. Millonig to assist nursing homes in avoiding problems with Medicaid applications.

Medicaid Eligibility For Nursing Home Residents

▸ Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
▸ Review all new resource eligibility rules
▸ Miller Trusts (aka Qualified Income Trusts)
▸ Retroactivity problems related to Miller Trusts
▸ Possible loss of eligibility for Medicaid recipients in Medicaid spend down group
▸ Miller Trusts for AL Waiver residents
▸ Changes to rules with Revocable Living Trusts
▸ Review of basic Medicaid Eligibility rules for nursing home vendor payments
▸ Common Problems causing ineligibility & how to avoid them
▸ Medicaid Transfer rule
▸ Explaining the Transfer rule to residents to avoid creating problems
▸ Undue hardship rule & provision for nursing homes to apply for resident
▸ Rule governing nursing home contract entrance fees
▸ Other important Medicaid rules: annuities, home equity, life estates
▸ Community Spouse Resource Allowance provisions and spend down rules
▸ Assisted Living rules for Medicaid
▸ Problems with income eligibility for AL Waiver residents; and solutions
▸ Retroactive eligibility
▸ Practical tips on processing applications and dealing with caseworkers
▸ Avoiding problems in the spend down process

This seminar has been approved for CE credit by:
1) the State of Ohio Counselor and Social Worker Board.
2) the Ohio Board of Nursing also recognizes Social Worker CEU’s if relevant to area of practice

Reservations must be made in advance with payment. Please contact Julie for more information: jacmmlaw@swohio.twcbc.com

Estate Planning Seminars

The most popular seminar that I present to community groups is “Protecting Your Estate From Nursing Home Costs.” However, I present other estate planning topics that are just as good if not better. Estate Planning & Elder Law: An Overview is a great presentation that covers all areas of estate planning. It is probably the best seminar in the sense that it covers a little bit of everything. My Trust seminar is also popular. People are always talking about trusts but I find that they really do not understand much about trusts. This seminar clears up a lot of misconceptions especially with the common Revocable Living Trust that is used to avoid probate. Estate Planning for Funerals & Burial is a new seminar that I have done for a few years. I cover not only the estate planning aspects but offer some practical ways to do a low cost funeral service and burial (or cremation). The Asset Protection & Offshore Trusts and Advanced Estate Tax Planning for Estates over Five Million Dollars seminars are for a more limited audience but are very interesting.

I have been doing these seminars for over 30 years and am always willing to present to any community groups or professionals for continuing education. Please contact my office if you want to schedule a seminar.

PROTECTING YOUR ESTATE FROM NURSING HOME COSTS

Washington-Centerville Public Library
Saturday, May 13, 2017
10:30 a.m. to 12:00 p.m.

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The Ohio Medicaid program has just enacted major changes; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status under federal law and has converted to an SSI/1634 State. This means that all eligibility rules will be different along with the Medicaid application process. The effective date of this change was August 1, 2016.
A seminar presentation by Michael J. Millonig, Attorney At Law. Michael J. Millonig practices law at 7929 Washington Woods Dr. in the Washington Township/Centerville area and is :
▸ Certified as an Elder Law Attorney by the National Elder Law Foundation since 1998
▸ Ohio State Bar Association Board Certified Estate Planning, Trust and Probate Specialist
▸ CPA inactive status

Topics Covered

▸ Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
▸ New Medicaid income eligibility rule
▸ Possible loss of eligibility for persons currently on Medicaid
▸ Effect of these changes on estate plans & trusts
▸ Medicaid eligibility
▸ Asset preservation strategies
▸ Use of Trusts to protect estates
▸ Medicaid Annuities
▸ Risks of gifting to children
▸ Understanding Medicaid’s Gift Transfer rule
▸ Insurance for nursing home care

The Washington-Centerville Public Library is located at 111 West Spring Valley Road, Centerville, Ohio 45458. Please call for reservations: (937) 433-8091.

PROTECTING YOUR ESTATE FROM NURSING HOME COSTS

Vandalia Senior Citizens Center
Tuesday, May 2, 2017
1:00p.m. to 2:30p.m.

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The Ohio Medicaid program has just enacted major changes; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status under federal law and has converted to an SSI/1634 State. This means that all eligibility rules will be different along with the Medicaid application process. The effective date of this change was August 1, 2016.
A seminar presentation by Michael J. Millonig, Attorney At Law. Michael J. Millonig practices law at 7929 Washington Woods Dr. in the Washington Township/Centerville area and is :
▸ Certified as an Elder Law Attorney by the National Elder Law Foundation since 1998
▸ Ohio State Bar Association Board Certified Estate Planning, Trust and Probate Specialist
▸ CPA inactive status

Topics Covered

▸ Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
▸ New Medicaid income eligibility rule
▸ Possible loss of eligibility for persons currently on Medicaid
▸ Effect of these changes on estate plans & trusts
▸ Medicaid eligibility
▸ Asset preservation strategies
▸ Use of Trusts to protect estates
▸ Medicaid Annuities
▸ Risks of gifting to children
▸ Understanding Medicaid’s Gift Transfer rule
▸ Insurance for nursing home care
The Vandalia Senior Citizens Center is located at 21 Tionda Drive South, Vandalia, Ohio 45377. Please call for reservations: (937) 898-1232.

PROTECTING YOUR ESTATE FROM NURSING HOME COSTS

Rec West Enrichment Center

Wednesday, March 29, 2017
1:00p.m. to 2:30p.m.

 

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The Ohio Medicaid program has just enacted major changes; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status under federal law and has converted to an SSI/1634 State. This means that all eligibility rules will be different along with the Medicaid application process. The effective date of this change was August 1, 2016.

Please call for reservations:  (937) 432-2839.

A seminar presentation by Michael J. Millonig, Attorney At Law. Michael J. Millonig practices law at 7929 Washington Woods Dr. in the Washington Township/Centerville area and is

  • Certified as an Elder Law Attorney by the National Elder Law Foundation since 1998
  • Ohio State Bar Association Board Certified Estate Planning, Trust and Probate Specialist
  • CPA inactive status

Topics Covered

  • Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
  • New Medicaid income eligibility rule
  • Possible loss of eligibility for persons currently on Medicaid
  • Effect of these changes on estate plans & trusts
  • Medicaid eligibility
  • Asset preservation strategies
  • Use of Trusts to protect estates
  • Medicaid Annuities
  • Risks of gifting to children
  • Understanding Medicaid’s Gift Transfer rule
  • Insurance for nursing home care

The West Rec Enrichment Center can be found at 965 Miamisburg-Centerville Road, Dayton, Ohio 45459.

Dynasty Trusts and Cryonics at International Business Week, Barbados

Michael J. Millonig was a speaker at the International Business Week Conference in Barbados on October 21, 2016 presenting the topic of Dynasty Trusts & Cryonics. This conference was attended by professionals in accounting, law and trust administration from around the world.  Barbados is one of the many offshore financial centers known for trust management of asset protection trusts. Some other OFC’s known for asset protection are Cayman Islands, Cook Islands and Switzerland. These types of trusts protect a person’s estate from lawsuits, bankruptcy and many other types of legal claims.

A Dynasty Trust  provides benefits to children, grandchildren and their descendants leaving a legacy that can last for generations. This trust provides many benefits not possible with use of a typical trust such as: avoiding estate tax for each generation, protection of the estate in the event a beneficiary gets divorced, files bankruptcy, gets sued or has other financial problems and protection from lawsuits. The trust can also be designed to encourage education or other chosen values that you desire to foster in your descendants. For example, the trust could provide for a special distribution amount as a reward when someone obtains a college degree, works for a charitable cause, gets married, enters a particular profession or achieves some other desirable goal.  These types of incentive provisions can foster the goals of the grantor and enhance the lives of the beneficiaries.

A Dynasty Trust is more frequently used for the reasons described above. However, a Cryonics Dynasty Trust is also  used by persons who choose cryopreservation after their legal death.  For more information, see my website page on Cryonics and the websites of Alcor and the Cryonics Institute.

 

 

CE SEMINARS FALL 2016

We are pleased to announce three new continuing education courses for Fall 2016. The seminars have been approved for CE credit by Ohio Department of Insurance. There is no exam required to obtain CE credit. Michael Millonig LLC is registered with the Accountancy Board of Ohio as a Continuing Education Sponsor. The Asset Protection Planning for Nursing Home Costs and The Ohio Trust Code (“The Complete Trust Course”) are each approved for 3 CE Credits.

Asset Protection Planning for Nursing Home Costs — Friday, October 14, 2016 @ 8:30 AM – 11:45 AM
Ohio Trust Code (Also approved as ‘The Complete Trust Course”) — Friday, October 14, 2016 @ 1:15 PM – 4:30 PM

Ohio Long-Term Care Partnership Training (Monday, October 17, 2016 @ 1:00 PM – 5:15 PM)

REFUND POLICY: Cancellations received by 5:00 PM two business days prior to the seminar will be refunded less a $15 office fee. Those not attending will receive the course materials in full consideration of tuition paid.

TUITION: Tuition is $60 per seminar if pre-registered and paid two business days prior to the day of the seminar. Registration on the day before or the day of the seminar is $70.00. There is a discount if you pre-register for two courses.

Reservations must be made in advance with payment. Please download and complete this application  and remit payment to Michael Millonig LLC, Attn: CE Seminars, 7929 Washington Woods Drive, Dayton, Ohio 45459-4026. Reserved seating is limited. Seminars to be held at the Yankee Trace Golf Club, 10000 Yankee St., Centerville OH 45458 (937) 438-4653 (get directions). Seminar materials will be provided. Call 438-3977 if you have any questions.

Asset Protection Planning for Nursing Home Costs

Friday, October 14, 2016 @ 8:30 AM – 11:45 AM

The Ohio Medicaid program has just had a major change; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status and converted to an SSI/1634 State. This means that all the eligibility rules are now different along with the Medicaid application process. These changes went into effect on August 1, 2016.

  • Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
  • Review all new resource eligibility rules
  • NEW Miller Trusts (aka Qualified Income Trusts)
  • Possible loss of eligibility for current Medicaid recipients
  • Miller Trusts for AL Waiver residents
  • New rule for Residence exemption
  • NEW Medicaid treatment of pension plans & IRA’s
  • Medicaid Transfer rule; more changes!
  • Resource exemptions for the community spouse (spouse at home)
  • Restrictions on Medicaid annuities but new opportunities!
  • Annuities used for planning & related malpractice of agents
  • Medicaid Transfer rule; not just 5 years but an ineligibility period beginning after spend down!
  • Office procedures to avoid malpractice
  • Long Term Care Insurance for nursing home costs
  • Additional Medicaid exemptions for persons with Partnership Plan Policies
  • Assisted Living rules for Medicaid
  • Planning options to protect the estate and qualify for Medicaid
  • Why your clients should not be giving their assets to their children
  • Special Needs Trusts under Medicaid law

Reservations must be made in advance with payment. Please download and complete this application and remit payment to Michael Millonig LLC, Attn: CE Seminars, 7929 Washington Woods Drive, Dayton, Ohio 45459-4026. Reserved seating is limited. Seminars to be held at the Yankee Trace Golf Club, 10000 Yankee St., Centerville OH 45458 (937) 438-4653 (get directions). Seminar materials will be provided. Call 438-3977 if you have any questions.

Ohio Trust Code
(also approved as “The Complete Trust Course”)

Friday, October 14, 2016 @ 1:15 PM – 4:30 PM

The State of Ohio enacted a comprehensive trust statute in 2007 that replaces prior Ohio trust law. This presentation will review relevant provisions and how they affect estate planning with trusts.

  • All existing trusts are also affected by this law.
  • New rights for beneficiaries that apply even if contrary to the trust.
  • Comprehensive Review of a Trust Document
  • Explaining Trusts to Clients; Trust Terminology
  • A-B Trusts, Life Insurance Trusts, Dynasty Trusts, Revocable Living Trusts
  • Gun Trusts and many other different types of trusts will be covered
  • Estate tax planning under the higher exclusion amount ($5,450,000 for 2016)
  • A-B Trusts and the new portability of the estate tax exclusion
  • Asset Protection Trusts to protect clients from lawsuits
  • Ohio Legacy Trust Act: an asset protection trust under Ohio law
  • Foreign Asset Protection Trusts under laws of other countries

Do your clients use Trusts in their estate planning? If so, you need to be have a good understanding of trusts to you can intelligently discuss them with your clients.

Reservations must be made in advance with payment. Please download and complete this application and remit payment to Michael Millonig LLC, Attn: CE Seminars, 7929 Washington Woods Drive, Dayton, Ohio 45459-4026. Reserved seating is limited. Seminars to be held at the Yankee Trace Golf Club, 10000 Yankee St., Centerville OH 45458 (937) 438-4653 (get directions). Seminar materials will be provided. Call 438-3977 if you have any questions.

Ohio Long-Term Care Partnership Training

Monday, October 17, 2016 @ 1:00 PM – 5:15 PM

  • Long Term Care Four Hour Partnership Training (Course # 49509) Presented by Attorney Michael J. Millonig and Randy Gallas, Owner of the Long Term Care Insurance Agency in Kettering, Ohio.
  • This Mandatory Ohio 4 Hour Renewal Course is required in order to sell Long Term Care Insurance.
  • Attendance at this course will satisfy your two (2) year mandatory Ohio Partnership Training requirement.

Reservations must be made in advance with payment. Please download and complete this application and remit payment to Michael Millonig LLC, Attn: CE Seminars, 7929 Washington Woods Drive, Dayton, Ohio 45459-4026. Reserved seating is limited. Seminars to be held at the Yankee Trace Golf Club, 10000 Yankee St., Centerville OH 45458 (937) 438-4653 (get directions). Seminar materials will be provided. Call 438-3977 if you have any questions.

PROTECTING YOUR ESTATE FROM NURSING HOME COSTS

Partners in Prime

Tuesday, October 11, 2016
6:30p.m. to 8:00p.m.

26446772443_7467261236_oThe Ohio Medicaid program has just enacted major changes; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status under federal law and has converted to an SSI/1634 State. This means that all eligibility rules will be different along with the Medicaid application process. The effective date of this change was August 1, 2016.

Please call for reservations: Julie McCarthy @ (513) 867-1998. Space is limited.
Partners in Prime is located at 140 Ross Avenue, Hamilton, Ohio, 45013

A seminar presentation by Michael J. Millonig, AttorneyAt Law. Michael J. Millonig practices law at 7929 Washington Woods Dr. in the Washington Township/Centerville area and is

 

  • Certified as an Elder Law Attorney by the National Elder Law Foundation since 1998
  • Ohio State Bar Association Board Certified Estate Planning, Trust and Probate Specialist
  • CPA inactive status

Topics Covered

  • Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
  • New Medicaid income eligibility rule
  • Possible loss of eligibility for persons currently on Medicaid
  • Effect of these changes on estate plans & trusts
  • Medicaid eligibility
  • Asset preservation strategies
  • Use of Trusts to protect estates
  • Medicaid Annuities
  • Risks of gifting to children
  • Understanding Medicaid’s Gift Transfer rule
  • Insurance for nursing home care

PROTECTING YOUR ESTATE FROM NURSING HOME COSTS

Germantown Senior Center

Wednesday, September 7, 2016
10:00a.m. to 11:30a.m.

27017379556_f5c23237c5_oThe Ohio Medicaid program has just enacted major changes; the most dramatic since its inception in 1972. Ohio has terminated its 209(b) status under federal law and has converted to an SSI/1634 State. This means that all eligibility rules will be different along with the Medicaid application process. The effective date of this change was August 1, 2016.

Please call for reservations: Chenoa Erisman @ (937) 855-4191. Space is limited.
Lunch will be provided by the Germantown Senior Center after the seminar.

A seminar presentation by Michael J. Millonig, Attorney At Law. Michael J. Millonig practices law at 7929 Washington Woods Dr. in the Washington Township/Centerville area and is

  • Certified as an Elder Law Attorney by the National Elder Law Foundation since 1998
  • Ohio State Bar Association Board Certified Estate Planning, Trust and Probate Specialist
  • CPA inactive status

Topics Covered

  • Review of all new changes resulting from Ohio’s conversion to an SSI/1634 State
  • New Medicaid income eligibility rule
  • Possible loss of eligibility for persons currently on Medicaid
  • Effect of these changes on estate plans & trusts
  • Medicaid eligibility
  • Asset preservation strategies
  • Use of Trusts to protect estates
  • Medicaid Annuities
  • Risks of gifting to children
  • Understanding Medicaid’s Gift Transfer rule
  • Insurance for nursing home care