THE EVERETT ADVOCATE – FRIDAY, DECEMBER 31, 2021 Page 25 REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 BUYER2 Rocco, Dean J SELLER1 Brennan, James T SELLER2 ADDRESS “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO INCOME FIRST RULE M assHealth follows federal Medicaid regulations and therefore must provide a spouse who continues to live home, while his or her spouse resides in a nursing home and receives MassHealth benefi ts, with what is called the minimum monthly maintenance needs allowance (MMMNA). The current MMMNA is $2,177.50. Assume a husband is going into a nursing home and his combined monthly pension and social security income is $3,000. Ordinarily, his patient pay amount (PPA), the amount of his monthly income that would have to be paid to the nursing home each month, would be $2,727.20, which results from subtracting the personal needs allowance that MassHealth allows him to keep each month of $72.80 and his monthly health insurance premiums of $200 from $3,000.00. If his wife only has social security income of $750 per month, MassHealth will reallocate $1,427.50 of his monthly income to her to bring her up to the MMMNA fi gure of $2,177.50. Therefore, the actual amount the husband will pay to the nursing home each month will instead be $1,299.70. In addition to the MMMNA designed to provide a minimum amount of income to the spouse who stays at home and still needs to pay the house bills, food shopping bills, etc., Medicaid law also provides for a certain amount of otherwise countable assets to be kept in his or her name. That amount is currently set at $130,380. The spouse in the nursing home can only have $2,000 of countable assets in his or her name. Any excess assets must be spent on nursing home care unless steps are taking to protect those assets for the spouse at home to avoid his or her being impoverished. CATALDO | FROM PAGE 3 anyone,” he said. Councillor-at-Large John Hanlon said DiFlorio is “truly a jewel of Everett.” “She knows what she wants; she knows what she’s after,” he said. Hanlon also lauded DiFlorio’s professional achievements. “She’s a boss at the Registry of Motor Vehicles,” he said, adding that she has only been with the What are some of the steps that can be taken? Certainly, funds should be set aside towards irrevocable funeral contracts, cemetery plot and other expenses associated with your funeral arrangements. A separate “burial” account in the amount of $1,500 can be established at your bank for each spouse. Although this is not a large amount of money, it would still serve to fund a collation for the family after the funeral service for each of the spouses. A Medicaid annuity can be purchased in the name of the spouse who remains at home thereby providing him or her with additional monthly income to help pay for monthly bills. The annuity contract must be irrevocable, non-assignable and non-commutable. This strategy essentially converts countable assets that would otherwise be required to be spent down on Registry for six years. Councillor-at-Large Michael Marchese spoke about serving with Capone. “There are superstars up here who come to meetings prepared; Councillor Capone is that person,” he said. “We’ll have a big void without Councillor Capone; I’m going to miss him. I hope he’s not done with politics. Everett needs him.” City Council President Wayne Matewsky was surprised that CITY DATE Brennan, James M 135 Mount Washington St Everett 09.12.2021 PRICE $350 000,00 nursing home care into a lifetime income stream for the spouse who stays at home. Furthermore, there is no fi ve-year look back period concern as transfers between spouses are not disqualifying transfers. It is always a good idea to plan ahead. However, there are last minute planning opportunities available depending upon the unique circumstances applicable to a particular family. four of his colleagues are leaving the council. “I haven’t seen a turnover of four people in quite a long time,” he said. Matewsky said he has enjoyed his years as a public offi cial. “I like to help people if I can,” he said. “Nothing is worse than when you call someone and the fi rst giveaway is ‘I’ll see what I can do,’” he said. “That’s not in my vocabulary. I actually will do something.” Cash Pay Guaranteed! "If it snows, you'll be working!" FRANK’S Housepainting (781) 289-0698 • Exterior • Ceiling Dr. • Power Wash • Paper Removal • Carpentry FREE ESTIMATES — Fully Insured “Proper prep makes all the difference” – F. Ferrera • Interior
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