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Mar 1, 2006 12:00 PM
Throw Mama From the Train
It just got harder to be old and anything short of wealthy. Chapter 2 of the new Deficit Reduction Act of 2005 (DRA) focuses exclusively on “long-term care under Medicaid” and seeks to make it much harder for elders to protect any assets if they are to receive assistance from the federal Medicaid program while in skilled nursing facilities.
Adopted in the U.S. Senate by a margin of 51-50 (because Vice President Dick Cheney cast a deciding vote), and adopted in the House by the minuscule margin of 216 to 214, the legislation is fiercely partisan: Not a single member of the Democratic Party voted for it in the House. President Bush signed the DRA into law on Feb. 8.
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| 2010 Tax Act News | Industry Trends Surveys |
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