There is a very unique demographic phenomenon unfolding in the United States right now, and it will persist into the foreseeable future. During the postwar years between 1946 and 1964, an inordinate number of babies were born. This phenomenon has been dubbed the “baby boom,” and if you do the math, you can see that these people are attaining senior citizen status. This has created a very large pool of senior citizens. People are having their first children at later ages than they did a … [Read more...] about Are You a Member of the Sandwich Generation?
When you pay FICA or self-employment taxes, it can seem like the money is going into a black hole, but you are actually paying into Medicare and Social Security. Each year, you can earn as many as four retirement credits, and in 2020, you get one credit for every $1410 that you earn. After you have a total of 40 credits to your name, you will qualify for Medicare when you reach the age of 65. And even if you never worked, if your spouse has accumulated the 40 credits, you would qualify for … [Read more...] about Understand the Limitations of Medicare
When you are looking ahead toward your retirement years, you probably envision the good times that lie in wait. If you take the right steps along the way, you will have the resources to relax, enjoy leisure activities, and cross things off your bucket list. Without question, your golden years can be quite fruitful. A lot of people that understand the importance of retirement planning do not look over the horizon. The twilight years will inevitably follow these golden years, and there is an … [Read more...] about Living Assistance and the Medicaid Waiver
As elder law attorneys, we focus on the legal needs of the senior community. We help clients understand some of the eventualities that they may face during the latter stages of their lives. It is important to address some inconvenient truths that can be difficult to accept. Life Expectancy When you think about your senior years, you probably envision the period that will immediately follow your working career. At that point, you can travel, engage in leisure activities, and enjoy your spare … [Read more...] about Effective Planning in Light of Dementia Threat
Before we share an important detail of the CARES Act that you should understand if someone that you love is in a nursing home, we have to share some cold hard facts. You may think that it is unlikely that you will ever require nursing home care, but the statistics tell a different tale. Aging and Long-Term Care The United States Department of Health and Human Services maintains a very informative website called LongTermCare.gov. According to the site, 70 percent of seniors will someday need … [Read more...] about Nursing Home Residents Can Keep Stimulus Checks
Elder law attorneys focus on the legal needs of senior citizens, and unfortunately, the most pressing issues are quite challenging. It is best to confront them head on so that you are fully prepared for whatever comes your way in the future. With this in mind, let’s take a look at two inconvenient truths that everyone should fully understand. Elder Financial Abuse Senior citizens that are vulnerable are often victimized by elder financial abusers and fraudsters. This is a problem that has … [Read more...] about Elder Law Attorneys Confront Inconvenient Truths
Before we get into the question that this blog post is built around, we will set the stage with some background information. Medicaid is important from an elder law perspective even if you have never been financially needy throughout your life. This is because Medicare will not pay for the custodial care that you would receive in a nursing home. These facilities are extremely expensive, carrying an average price tag of well over $100,000 a year in Vermont. The average length of stay is one … [Read more...] about Does Medicaid Seize Your Assets?
If you have never looked into the subject of long-term care and the costs that go along with it, you are about to obtain some very important information. In this blog post, we will explain why Medicaid planning is something that should definitely be on your radar. Limitations of Medicare If you work and pay taxes for at least 10 years, or if your spouse has done this, you will qualify for Medicare when you reach the age of 65 under currently existing laws. This health insurance program for … [Read more...] about Recognize the Importance of Medicaid Planning
Everyone is aware of the need for retirement planning, and you can enjoy your golden years to the fullest if you take the right steps to build a sufficient financial underpinning. You can spend quality time with your family and friends, travel, enjoy leisure activities, and simply cross things off your bucket list. This can be one of the best periods of your life, but you should also consider the twilight years that will follow. When you reach the age of 67, your life expectancy is at … [Read more...] about Nursing Home Costs Can Erase Your Legacy
As elder law attorneys, we speak with a lot of people that are interested in learning about the eventualities of aging from a legal and financial standpoint. This gives us a unique perspective, because we know exactly what most folks are thinking about. With this in mind, we will share a hypothetical conversation between one of our attorneys and an inquisitive client. What specific matters do elder law attorneys address? Elder financial abuse is one of the issues that you should consider when … [Read more...] about A Conversation With an Elder Law Attorney