When people think about retirement planning, they typically focus on the golden years that can be full of travel, leisure activities, and quality time with family members and friends. This is as it should be, and if all goes well, you can enjoy the fruits of your labor during this stage of your life. At the same time, it is important to address the twilight years that will inevitably follow. Most people will need help with their activities of daily living eventually, and 35 percent of seniors … [Read more...] about Genworth Releases 2020 Cost of Long-Term Care Survey
nursing home asset protection
Medicaid Spouse Allowances Will Rise in 2021
We closely monitor the Medicaid parameters because many seniors will rely on this program to preserve their legacies. Why is Medicaid relevant to people that will qualify for Medicare as a source of health insurance? Most seniors will need help with their activities of daily living, and more than one third of them will require nursing home care. You can expect to pay well over $100,000 for a year in a Burlington area nursing home, and Medicare does not cover the custodial care they … [Read more...] about Medicaid Spouse Allowances Will Rise in 2021
5 Key Facts About Long-Term Care
As elder law attorneys, we are focused on the concerns of senior citizens and their families, and long-term care is at the top of the list. In this post, we will look at five important facts that you should fully understand so you can take the necessary steps to prepare yourself. Most Seniors Will Need Living Assistance We all know that some elders reside in nursing homes, and there are those that receive the help that they need in their own places of residence. However, the probability … [Read more...] about 5 Key Facts About Long-Term Care
Legacy Planning Is an Expression of Gratitude
Thanksgiving symbolizes the feeling of gratitude, and aside from the traditional get-togethers, people use the occasion to show that they are grateful in various different ways. Gift giving is a profound expression of gratitude, and if you are going through life without an estate plan, you may want to use the holiday as motivation. Passing Along Your Legacy When you initiate the estate planning process, you should create an inheritance list and think about the best way to provide for each … [Read more...] about Legacy Planning Is an Expression of Gratitude
Estate Planning Demystified
Most people in the United States do not have estate plans in place, and the lack of preparedness is not confined to very young adults. Less than half of people that are in their 40s and 50s have estate plans, and there are different reasons for their inaction. One of them is the simple fact that they don’t know where to begin, even though they acknowledge the fact that estate planning is important. In this post, we will share the basics. Create a General Outline Before you start to dig into … [Read more...] about Estate Planning Demystified
Will Your Parents Need Long-Term Care?
The responsibilities that you assume as you go through life will often shift, but if you are committed to your family, they will come in a steady succession. By the time your children are grown, you may find yourself providing assistance for your aging parents. As time goes on, they will invariably require more and more help. At some point, the level of need may exceed your capabilities, and long-term care can be the only answer. Assisted Living Costs If you have never thought about the … [Read more...] about Will Your Parents Need Long-Term Care?
Address These Sources of Inheritance Erosion
When you plan your estate, you make decisions about the inheritances that you will be leaving to your loved ones. At the same time, you have some control over the size of the pie that will be sliced up after your passing. There are some looming threats that can impact your legacy, and we will take a look at some of them in this post. Elder Financial Abuse It is a very sad phenomenon to say the least, but unfortunately, elder financial abuse is widespread. This subject started to draw … [Read more...] about Address These Sources of Inheritance Erosion
Overview of Medicaid Spouse Allowances
As you go through life, you find that people that are in advantageous positions are the individuals that were able to see over the horizon. They take the right actions at the right times, and more often than not, they are rewarded when the future becomes the present. This is a dynamic that applies to long-term care and the costs that go along with it. Nobody wants to think about a time when they may not be able to handle their own day-to-day needs, but it happens to most of us. Seven out … [Read more...] about Overview of Medicaid Spouse Allowances
Understand the Limitations of Medicare
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
Effective Planning in Light of Dementia Threat
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
