Seniors got some encouraging news about the Social Security cost of living adjustment recently, but the Medicare costs that you have to pay out-of-pocket are going to rise in 2022. Part A Deductible You do not have to pay a monthly premium for Medicare Part A, which is the hospitalization coverage. If you are in the hospital for less than 60 days, you are not required to make coinsurance payments. For longer stays that exceed 60 days, the coinsurance in 2022 will be $389 a day. For days 61 … [Read more...] about An Overview of 2022 Medicare Out of Pocket Costs
There are many different ways to facilitate asset transfers, and the various methods serve certain purposes. We endeavor to provide explanations here to help you understand your options, and to this end, we will look at the life estate in this post. But first, we will provide some background information that you need to fully grasp why life estates are utilized. Probate Process If you create a will to express your final wishes with regard to the way that your assets will be distributed, it … [Read more...] about Why Would Someone Use a Life Estate?
We are all aware of the existence of Alzheimer’s disease, but most people really do not have a thorough understanding of the extent of the impact. About 6 million people are currently living with Alzheimer’s disease according to the Alzheimer’s Association, and this is an eye-catching figure. The disease strikes just under 13 percent of all seniors, and 32 percent of elders that are 85 and older have contracted Alzheimer’s. Your life expectancy is 87 years if you are a 67-year-old woman, … [Read more...] about Understand the Potential Impact of Alzheimer’s Disease
Probate is a legal process that is sometimes necessary when assets are being distributed after someone dies. There are those that try to avoid probate when they understand some things about it, and we will explore the subject in this post. Court Supervised Proceeding Most people assume that a will is the asset transfer vehicle to use unless you are a multimillionaire. If you accept this premise and utilize a will, you would name an executor to act as the administrator after your death. The … [Read more...] about Why Would You Want to Avoid Probate?
A lot of people do not have estate plans in place because they simply do not know where to start or what to do. With this in mind, we are going to share some steps that you can follow to create a framework. Inventory Your Assets The first order of business will be an asset inventory because you have to identify what you expect to be able to pass along to your loved ones. This would include family heirlooms and other personal possessions that are meaningful to you. Another element that you … [Read more...] about These Steps Will Lead to the Ideal Estate Plan
Elder law attorneys provide assistance to clients that are preparing for the eventualities of aging. Long-term care is one of them, and you should absorb some facts about the subject so you can approach it realistically. You will probably need long-term care. Most people would naturally assume that they will never need paid living assistance. Yes, they may get a little help here and there from family members and friends, but that should be sufficient. In fact, the statistics tell a … [Read more...] about Seven Eye-Opening Facts About Long-Term Care
A contested estate can create a nightmarish scenario for your family, so you should take the appropriate steps to prevent problems before they happen. With this in mind, let’s look at some tips that should help you facilitate a smooth estate administration process. Take Action to Put a Plan in Place When it comes to the difficulty level of the administration phase, the worst thing you can do is nothing at all. If you die intestate or without an estate plan, the probate court would be forced to … [Read more...] about Four Tips to Help You Prevent Estate Challenges
You board a plane for a cross-country trip, and you settle into your seat. A woman sits down next you, and you exchange pleasantries. After you have been in the air for a while, you start to have a conversation. It turns out that she is an estate planning lawyer, and she is willing to talk about her job. For the next few hours, you have the ability to ask her questions. In this post, we will share a hypothetical exchange of this nature to give you some insight into the estate planning … [Read more...] about On a Plane With an Estate Planning Lawyer
When you pay income taxes, you earn retirement credits that lead to future Medicare and Social Security eligibility. You can get as many as four credits each year, and in 2021, one credit is awarded for every $1470 that you earn. This figure is adjusted to account for inflation, but it has always been very modest, so the vast majority of workers get the four credits on an annual basis. After you have 40 credits, you will qualify for these programs when you cross the eligibility … [Read more...] about Does Medicare Cover Nursing Home Care?
A lot of people procrastinate before they put initial estate plans in place. Once they finally take action, they store the documents safely and assume that the responsibility has been taken care of once and for all. In reality, this is a shortsighted approach that can yield negative consequences. Estate planning should be viewed as an ongoing process because circumstances will invariably change over the years. Children and Changes in Marital Status If you have an estate plan in place and … [Read more...] about Is Your Estate Plan Up-to-Date?