In our past few blogs we have been focusing on Medicaid and qualifying for it. This month we wanted to talk about if a Medicaid recipient is in a nursing home and their spouse, not in a nursing home passes away. If one spouse has to go into the nursing home, some planning can be […]
When planning for the future, you need to think about gifting assets to family and when you should do it. You want to make sure that your gifted assets are done before five years of applying for Medicaid. If you end up gifting assets within five years of applying, you may be subject to a […]
Due to inflation, prices are rising and that is holding true to Medicare Premiums as well. They are set to rise sharply in 2022, which is going to cut into the large Social Security cost-of-living increase. Currently, the basic monthly premium is $148.50, and it’s set to jump 15.5% to $170.10 a month. Many individuals […]
Medicaid has recently made some changes to provide protection for certain individuals, should their spouse be admitted to a nursing home. This protection is provided for individuals whose significant others are the breadwinners of the household. While Medicaid does limit the assets that a spouse of a Medicaid applicant is allowed to retain, the income […]
It’s hard to believe it is already nearing the end of September. Just around the corner is Halloween, which starts the hustle and bustle of the holiday season. All of this also means that open enrollment for Medicare is almost here. The Medicare open enrollment period runs from October 15th through December 7th. During this […]
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
Elder law is an area of legal practice that specializes on issues that affect the aging population. The purpose of elder law planning is to prepare the elderly person for financial freedom and autonomy through proper financial planning and long-term care options. (Wikipedia) Elder law attorneys are advocates for the elderly and their loved ones. […]
Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans who need in-home care or are in a nursing home, help may be available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks. Even veterans […]
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty. If you have a tax-deferred retirement plan such as a traditional IRA or 401(k), you […]
