The General Assembly is grappling with a $2.7 billion Medicaid funding gap in the as of yet unpublished "SMART" bill. One of the pieces in it may be a reversal of the Medicaid eligibility rules in the compromise last fall between the Department of Healthcare and Family Services' and the Joint Committee on Administrative Rules. An excellent and comprehensive summary of that compromise may be found here in the January 2012 Illinois Bar Journal (by Diana Law and William Siebers). Some of these changes may include the following: (1) A home held in a trust, even an individual’s personal revocable living trust, shall no longer be considered homestead property. (2) People over the age of 65 can no longer participate in a federally created OBRA Pooled Trust. (3) A healthy spouse still living at home will receive only the minimum resource allowance instead of the maximum allowance as previously approved by JCAR. Whatever action the General Assembly may take on this issue will occur in the next ten days, and we'll try to keep you informed to the extent we can.
Trusts and Estates
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May 18, 2012 |
Practice News
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April 25, 2012 |
Practice News
Three bills drafted in large part by members of the ISBA Trusts and Estates Section Council would amend Illinois trust laws to make them more responsive to modern practices and easier to comply with for everyone involved in the estate-planning process. Among other changes, the legislation would make nonjudicial trust modifications easier and limit the risk of liability for fiduciaries who handle specific trust-related tasks. Find out more in the May Illinois Bar Journal.