It is natural to assume that your health insurance needs will be satisfied for life after you qualify for Medicare coverage. Unfortunately, there is a significant expense that most senior citizens will face that is not covered by the program. Medicare will not pay for a stay in a nursing home, and it doesn’t cover … [Read More]
Securing a Strong Retirement Act Clears First Hurdle
A post that we shared a number of weeks ago highlighted a piece of legislation that was introduced into the House of Representatives. It was being called SECURE Act 2.0 because it is an expansion of changes that have already been implemented via the SECURE Act. The first measure was enacted in December of 2019, … [Read More]
This Veterans Benefit Can Defray Long-Term Care Expenses
When you are planning ahead for your senior years, you should anticipate some significant expenses that are lurking over the horizon. According to the United States Department of Health and Human Services, 52 percent of seniors will need some type of paid long-term care. Over one third of them will reside in nursing homes, and … [Read More]
Three Tips to Jump-Start Your Estate Planning Efforts
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that … [Read More]
Elder Care: Evolved Thinking Can Preserve Your Legacy
When you look back on your life, you invariably recognize the fact that you would act differently in some ways if you could consult with your future self. Indeed, it is said that experience is something that you get right after you need it. How can you be prepared for a situation that you have … [Read More]
Four Tips to Help You Prevent Estate Challenges
You may look at estate planning as a one-way street. The decision-making is up to you, and you record your choices in a will or trust. This is certainly a large part of the equation, but the recipients are also part of the loop. If you leave a child out of your plan, or if … [Read More]
Do Your Children Really Want Your Stuff?
Estate planning is often thought of as an exercise in deciding who gets what, and when you make your decisions, you put them in writing. This is definitely part of the equation, but there are some additional considerations that involve the potential recipients. Cherished Collections There are many collectors out there, and if you are … [Read More]
QDOT: Estate Tax Efficiency for Noncitizen Spouses
One of the reasons why you should engage an estate planning attorney is because of the fact that there is an ideal way to address any situation, even those that are out of the ordinary. With this in mind, we will look at the legal device called the qualified domestic trust (QDOT) in this post. … [Read More]
Medicare Eligibility Age Reduction Is Possible
Elder law attorneys pay close attention when lawmakers talk about making changes that impact senior citizens. Medicare is an extremely important piece of the retirement planning puzzle, and any movement with regard to the guidelines is going to be big news. We are hearing a lot of chatter about a reduction in the Medicare eligibility … [Read More]
What Are the Special Needs Trust Spending Guidelines?
We are going to explain how the trustee can use the funds in a special needs trust in this post. But before we focus on this particular detail, we will provide a broader overview so you understand why these trusts are utilized. Preservation of Government Benefit Eligibility Let’s say that you have a person with … [Read More]
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