Latest news with #ACOA
Yahoo
16-05-2025
- Business
- Yahoo
I've relied on Medicaid for years — but after inheriting $250K recently, I'm worried about losing my benefits
Imagine this scenario: Two decades ago, Kristin was driving home from a friend's house when she was struck by a drunk driver, who hit her car head-on. After surviving a coma and suffering a brain injury that made it impossible to work, she's been on Medicaid ever since. While she has enough money to get by — she has no debt and owns her house — she doesn't have much left over at the end of the month. That's why, when she found out she had inherited $250,000 from her best friend, she was incredibly grateful. But also a little worried. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) A large lump sum of cash would bump Kristin over the income eligibility limit for Medicaid, so she could lose her benefits. She's now worried about Medicaid's five-year Look-Back Rule, a period during which Medicaid can evaluate a recipient's financial history to ensure they're not artificially reducing their net worth. If so, a penalty period would apply. Not only is Kristin worried about losing her Medicaid coverage, she's also worried she might end up in violation of the Look-Back Rule and that a Medicaid lien would be placed on her property when she dies, so she wouldn't be able to pass on her remaining assets to her children. Are her concerns valid or are there ways to make the windfall work more in her favor? The Affordable Care Act determines income eligibility for Medicaid based on Modified Adjusted Gross Income (MAGI). To receive Medicaid, you can't exceed monthly income and asset limits, which differ by state. In most cases, a single senior applicant can't exceed $2,901 a month in income, according to the American Council on Aging (ACOA). 'In 2025, most states have an asset limit of $2,000 for an individual senior applicant and $3,000 for an elderly couple,' the ACOA writes. Some assets are exempt, such as the applicant's house, vehicle and personal belongings. Each state sets its own rules around how IRAs, 401(k)s and pensions are accounted for, too. An inheritance would count as income in the month it's received; in Kristin's case, it would push her way over the income limit for Medicaid benefits. The first thing Kristin should do is report the inheritance to her state Medicaid agency. 'Medicaid will view the inheritance either as income and/or assets, depending on when the inheritance was received and how long it has been since receipt,' the ACOA writes. But she should do it as soon as possible. 'While a Medicaid beneficiary generally has 10 calendar days to report the receipt of an inheritance, this timeframe could be shorter or longer, depending on the state,' the ACOA says. If you don't, and the inheritance disqualifies you from Medicaid, then you'd be responsible for reimbursing Medicaid for any benefits you received during that time. Each state has different rules, which can add to the confusion. A Medi-Cal recipient in California, for example, is allowed to gift an inheritance to a third party, so long as it's done in the same month it's received. The state also has no Look-Back Rule in place for assets transferred after Jan. 1, 2024. Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now It's possible to 'spend down' your inheritance, too — so long as it doesn't violate the Look-Back Rule. 'If the money is spent in its entirety during the month of receipt and without violating Medicaid's Look-Back Rule, one will be eligible for Medicaid again the following month,' according to the ACOA. That might mean paying off debt, paying for long-term care, making home modifications or renovations for accessibility purposes or buying assets that are exempt from the asset limit, such as clothing or home appliances. You could even pre-pay funeral expenses through an Irrevocable Funeral Trust. There are also strategies that may allow someone to benefit from an inheritance without losing Medicaid. These include: Pooled Special Needs Trusts (SNTs): To get around the Look-Back Rule, Kristin could transfer the inheritance into a Pooled Special Needs Trust (SNT), which is typically run by a charitable or philanthropic organization (there are several hundred to choose from in the U.S.). These transfers are exempt from the Look-Back Rule since they no longer count toward the recipient's income or assets, according to the Brain Injury Association of America, but ensures they still have resources for long-term care. Medicaid-Compliant Annuities (MCAs): Buying an MCA means you give an insurance company a lump sum of cash, which is then converted into a steady income stream. When properly structured, it allows you to lower your countable assets so you don't lose Medicaid benefits — but not all states treat annuities the same way. Medicaid Asset Protection Trusts (MAPTs): Sometimes called a Medicaid Planning Trust or Medicaid Trust, a MAPT protects a Medicaid recipient by putting their excess assets into a trust. The recipient names a trustee and beneficiary who will inherit those assets. Since the recipient who created the trust no longer owns those assets, it won't count toward Medicaid's asset limit. A MAPT can also be used to protect assets for a recipient's children or other family members. For example, it can help to protect assets from Medicaid's Estate Recovery, where the agency tries to reimburse the cost of the recipient's care from their estate after they pass away. Before Kristin makes a decision, she may want to consult with an attorney. It's worth looking for an attorney who is a member of the National Elder Law Foundation or the National Academy of Elder Law Attorneys and is familiar with the challenges that older adults can face. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
16-05-2025
- Business
- Yahoo
I've relied on Medicaid for years — but after inheriting $250K recently, I'm worried about losing my benefits
Imagine this scenario: Two decades ago, Kristin was driving home from a friend's house when she was struck by a drunk driver, who hit her car head-on. After surviving a coma and suffering a brain injury that made it impossible to work, she's been on Medicaid ever since. While she has enough money to get by — she has no debt and owns her house — she doesn't have much left over at the end of the month. That's why, when she found out she had inherited $250,000 from her best friend, she was incredibly grateful. But also a little worried. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) A large lump sum of cash would bump Kristin over the income eligibility limit for Medicaid, so she could lose her benefits. She's now worried about Medicaid's five-year Look-Back Rule, a period during which Medicaid can evaluate a recipient's financial history to ensure they're not artificially reducing their net worth. If so, a penalty period would apply. Not only is Kristin worried about losing her Medicaid coverage, she's also worried she might end up in violation of the Look-Back Rule and that a Medicaid lien would be placed on her property when she dies, so she wouldn't be able to pass on her remaining assets to her children. Are her concerns valid or are there ways to make the windfall work more in her favor? The Affordable Care Act determines income eligibility for Medicaid based on Modified Adjusted Gross Income (MAGI). To receive Medicaid, you can't exceed monthly income and asset limits, which differ by state. In most cases, a single senior applicant can't exceed $2,901 a month in income, according to the American Council on Aging (ACOA). 'In 2025, most states have an asset limit of $2,000 for an individual senior applicant and $3,000 for an elderly couple,' the ACOA writes. Some assets are exempt, such as the applicant's house, vehicle and personal belongings. Each state sets its own rules around how IRAs, 401(k)s and pensions are accounted for, too. An inheritance would count as income in the month it's received; in Kristin's case, it would push her way over the income limit for Medicaid benefits. The first thing Kristin should do is report the inheritance to her state Medicaid agency. 'Medicaid will view the inheritance either as income and/or assets, depending on when the inheritance was received and how long it has been since receipt,' the ACOA writes. But she should do it as soon as possible. 'While a Medicaid beneficiary generally has 10 calendar days to report the receipt of an inheritance, this timeframe could be shorter or longer, depending on the state,' the ACOA says. If you don't, and the inheritance disqualifies you from Medicaid, then you'd be responsible for reimbursing Medicaid for any benefits you received during that time. Each state has different rules, which can add to the confusion. A Medi-Cal recipient in California, for example, is allowed to gift an inheritance to a third party, so long as it's done in the same month it's received. The state also has no Look-Back Rule in place for assets transferred after Jan. 1, 2024. Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now It's possible to 'spend down' your inheritance, too — so long as it doesn't violate the Look-Back Rule. 'If the money is spent in its entirety during the month of receipt and without violating Medicaid's Look-Back Rule, one will be eligible for Medicaid again the following month,' according to the ACOA. That might mean paying off debt, paying for long-term care, making home modifications or renovations for accessibility purposes or buying assets that are exempt from the asset limit, such as clothing or home appliances. You could even pre-pay funeral expenses through an Irrevocable Funeral Trust. There are also strategies that may allow someone to benefit from an inheritance without losing Medicaid. These include: Pooled Special Needs Trusts (SNTs): To get around the Look-Back Rule, Kristin could transfer the inheritance into a Pooled Special Needs Trust (SNT), which is typically run by a charitable or philanthropic organization (there are several hundred to choose from in the U.S.). These transfers are exempt from the Look-Back Rule since they no longer count toward the recipient's income or assets, according to the Brain Injury Association of America, but ensures they still have resources for long-term care. Medicaid-Compliant Annuities (MCAs): Buying an MCA means you give an insurance company a lump sum of cash, which is then converted into a steady income stream. When properly structured, it allows you to lower your countable assets so you don't lose Medicaid benefits — but not all states treat annuities the same way. Medicaid Asset Protection Trusts (MAPTs): Sometimes called a Medicaid Planning Trust or Medicaid Trust, a MAPT protects a Medicaid recipient by putting their excess assets into a trust. The recipient names a trustee and beneficiary who will inherit those assets. Since the recipient who created the trust no longer owns those assets, it won't count toward Medicaid's asset limit. A MAPT can also be used to protect assets for a recipient's children or other family members. For example, it can help to protect assets from Medicaid's Estate Recovery, where the agency tries to reimburse the cost of the recipient's care from their estate after they pass away. Before Kristin makes a decision, she may want to consult with an attorney. It's worth looking for an attorney who is a member of the National Elder Law Foundation or the National Academy of Elder Law Attorneys and is familiar with the challenges that older adults can face. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
13-03-2025
- Business
- CBC
Atlantic Canada fish farmers group gets $473K for 2-year project
The aquaculture industry in the Atlantic region is getting a financial boost from Ottawa to support a two-year project to "expand markets, strengthen sustainability and improve innovation" within the industry, ACOA announced Thursday in Saint John. The Atlantic Canada Opportunities Agency said in a news release that it's spending $473,000 from its Regional Economic Growth through Innovation program. Wayne Long, MP for Saint John–Rothesay, said the initiative will allow the Atlantic Canada Fish Farmers Association to attract new investments and strengthen global competitiveness. "The aquaculture industry absolutely checks every box that our government should be focused on, blue economy, sustainability, growing protein, employing people in coastal communities," he said. Long said the project will involve organizing innovation forums and hosting workshops. It also involves sending 60 industry members to Trondheim, Norway, for the Aqua Nor global aquaculture exhibition later this year. Another 55 industry members will go to Boston for the 2025 Seafood Expo North America this weekend. "Events like that will give Atlantic Canadian fish and seafood companies the opportunity to showcase their products, connect with global buyers and expand into new lucrative markets," said Long. David Seeley, interim chair of the Atlantic Canada Fish Farmers Association, is heading to the Seafood Expo for his 13th year in a row. "There's truly nothing like it," said Seeley. "It's exciting and exhausting." The association represents 81 members, including finfish farmers, feed producers and industry partners in Atlantic Canada. The project has a total cost of $800,000, with just over 40 per cent funded by industry partners, the association said.
Associated Press
05-02-2025
- Business
- Associated Press
Atlas Salt Secures $1,000,000 in ACOA Funding for Low Emission Mine Design & Optimization Initiative for Great Atlantic Salt Project
ST JOHN'S, NL / ACCESS Newswire / February 5, 2025 / Atlas Salt Inc. ('Atlas Salt' or the 'Company') (TSXV:SALT)(OTCQB:REMRF) is pleased to announce that it has secured a C$1,000,000 conditionally repayable loan from the Atlantic Canada Opportunities Agency (ACOA) under the Regional Economic Growth through Innovation (REGI) program. The funding will support the Company's innovative Mine Design and Optimization Initiative, which focuses on reducing greenhouse gas (GHG) emissions and implementing sustainable mining technologies at the Great Atlantic Salt Project. ACOA Funding for Low GHG Mine Design Program In a further step towards the development of the Great Atlantic Salt Project, the Company has secured a C$1,000,000 conditionally repayable loan from the Atlantic Canada Opportunities Agency (ACOA) under the Regional Economic Growth through Innovation (REGI) program. This funding will advance the low GHG Mine Design and Optimization Program, focusing on battery electric vehicles, mine optimization and conducting geotechnical and hydrological studies to support future construction. The initiative is a key part of the Great Atlantic Salt Project, an underground salt mine being developed on the west coast of Newfoundland and Labrador. Once operational, it will be the first major salt producer to launch in Eastern North America in decades and is expected to create up to 300 full-time construction jobs and 170 permanent positions during operations. Key details of the ACOA loan include: This funding from ACOA aligns with Canada's commitment to fostering sustainable economic growth and resource development in Atlantic Canada. By advancing next-generation mining solutions, Atlas Salt is contributing to the region's long-term prosperity and environmental leadership. Richard LaBelle, CEO of Atlas Salt, commented: 'This initiative is not just about innovation, it's about building a stronger, more sustainable future for Newfoundland and Labrador. By integrating advanced automation and low-emission mining technologies, we are creating new economic opportunities while minimizing environmental impact. Thanks to ACOA's support, the Great Atlantic Salt Project is moving one step closer to becoming a world-class operation that will benefit our province for generations.' The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, said: 'This investment from your federal government is about helping Atlas Salt find new ways to boost our economy here in Newfoundland and Labrador. Mining has been part of our history for generations; embracing new technologies, we are setting the stage for an even brighter future right here at home.' For further information and ongoing updates, please visit About Atlas Salt Inc. Atlas Salt Inc. is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement. For information, please contact: Richard LaBelle, CEO (709) 739-9545 We seek safe harbor. Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Forward-looking statements in this press release relate to, among other things: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
