What You Can’t Do With a Will
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan.
How Your Estate Is Taxed, or Not
Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax.
What Are the House Ownership Options When Parents and Adult Children Live Together?
Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.
Long-Term Care Benefits for Veterans and Surviving Spouses
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.
Help Paying for Medicare
Medicare is not free; there are premiums and deductibles. If you don’t qualify for Medicaid and can’t afford a Medigap policy, you may be able to get help paying for the costs of Medicare.
What To Do With Your Stimulus Check if You Are in a Nursing Home
As the second round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the cash within a year if it puts them over Medicaid’s resource limit.
Using Estate Planning to Prepare for Medicaid
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations.
Moving to a New State? Be Sure to Update Your Estate Plan
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule
While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
Your Medical Directive
Any complete estate plan should include a medical directive, which can encompass a number of different documents.
Married Couples Need an Estate Plan
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members.
The Top Eight Mistakes People Make With Medicaid
Medicaid planning can be a difficult and confusing process. Getting assistance from a qualified attorney will help you avoid these common mistakes.
Congress Fixes Some, But Not All, Medicare Enrollment Problems
Tucked into the federal spending bill that passed at the end of December 2020 are some changes aimed at simplifying Medicare enrollment and addressing coverage gaps. But Congress chose not to deal with the biggest problem.
Annual Long-Term Care Survey Finds Steep Rise in Assisted Living Facility Costs Amid Pandemic
All Long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus pandemic.
The Attorney's Role in Medicaid Planning
Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.”
What Is Critical Illness Insurance and Is It Worth Buying?
Many employers offer critical illness insurance as part of their benefit package. What is this insurance and is it worth purchasing? Before paying for a plan, you should read the fine print and consider alternatives.
Can You Visit Nursing Home Residents After They are Vaccinated?
COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary.
Who Should Purchase Long-Term Care Insurance?
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options.
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents. Although these products are convenient, using them could create serious and expensive legal problems for heirs.
Using Life Insurance as Part of Your Estate Plan
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life.
Annuities and Medicaid Planning
Immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse.
What to Look for When Choosing a Medicare Advantage Plan
As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for.
Medicare Premiums to Increase Slightly in 2021
Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50.
Ability to Withdraw Money Early from Retirement Plan Without Penalty Expires at the End of the Year
If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon.
A Modest Social Security Increase for 2021
The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s.
Receiving an Inheritance While on Medicaid
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news
How to Fix a Required Minimum Distribution Mistake
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.
Husbands Usually Don’t Consider Their Wives’ Future When Deciding When to Take Social Security Benefits
Husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income.
The Ins and Outs of Guardianship and Conservatorship
Every adult is assumed to be capable of making his or her own decisions unless a court determines otherwise. If an adult becomes incapable of making responsible decisions, then the court will appoint a substitute decision maker.
Nursing Home Residents Face Even Greater Barriers to Voting Amid Coronavirus Pandemic
The coronavirus pandemic has forced nursing homes to place a number of restrictions on their residents. These constraints are having the unintended consequence of making it more difficult for nursing home residents to vote.
Medicare Beneficiaries May Be Eligible for an Extra 100 days of Skilled Nursing Coverage Due to Pandemic
Medicare beneficiaries who qualified for skilled nursing facility (SNF) coverage may be eligible for an additional 100 days of coverage. Whether beneficiaries can actually get the extended coverage is another question.
Medicare Open Enrollment Starts October 15: Is It Time to Change Plans?
Medicare’s Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Now is the time to start shopping around to see whether your current choices are still the best ones for you.
How Will the Coronavirus Pandemic Affect Social Security?
The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation.
Reverse Mortgages: A Way to Remain at Home Longer
Reverse mortgages make it possible for house-rich but cash-poor elders to use their housing equity to pay for home care while they remain in the home, or to use the money for anything else.
Can You Transfer Your Medicare and Medicaid Plans When You Move to Another State?
If you plan to move states, can you take your Medicare or Medicaid plans with you? The answer depends on whether you have original Medicare, Medicare Advantage, or Medicaid.
Which Nursing Home Rating System Should You Trust?
Choosing a nursing home for a loved one is a difficult decision and it can only be made more confusing by the various rating systems. A recent study found that using both Medicare’s Nursing Home Compare site and user reviews can help with the decision making.
Caregiver Contracts: How to Pay a Family Member for Care
Although many people are willing to voluntarily care for a parent or loved one without any promise of compensation, entering into a caregiver contract with a family member can have many benefits.
Long-Reviled Military ‘Widow’s Tax’ Is Finally Being Phased Out
A controversial policy that reduces the benefits of military spouses is on the way out. The so-called “widow’s tax” cuts assistance to surviving military spouses who qualify for benefits under two different military benefit programs.
A Modest Raise for Nursing Home Workers Could Save 15,000 Lives a Year: Study
Raising the minimum wage by as little as 10 percent would significantly improve the safety and health of nursing home residents, according to new research.
Will Medicare Cover a Coronavirus Vaccine?
With the coronavirus pandemic disrupting life across the United States, the only way for the country to return to normal is an effective vaccine. When a vaccine is available, Medicare will cover the cost.
Nursing Homes Are Evicting Residents to Make Room for Coronavirus Patients
Illegal evictions of Medicaid nursing home residents are nothing new, but the coronavirus pandemic is exacerbating the problem, according to an investigation by the New York Times.
Transferring Assets to Qualify for Medicaid
Transferring assets to qualify for Medicaid can make you ineligible for benefits for a period of time. Before making any transfers, you need to be aware of the consequences.
When Buying a Medigap Policy, It Really Pays to Shop Around
Medigap policies that supplement Medicare’s basic coverage can cost vastly different amounts, depending on the company selling the policy, according to a new study. The findings highlight the importance of shopping around before purchasing a policy.
Four Ways the Coronavirus Pandemic May Affect Long-Term Care Insurance
The coronavirus pandemic has had a devastating impact on those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and provision of long-term care insurance.
Seniors and Adults with Special Needs Who Are Claimed as Dependents Will Not Get Coronavirus Relief Payment
Not everyone will get the relief payment the federal government is sending to help Americans through the economic hard times triggered by the coronavirus pandemic. Among those left out are seniors and adults with special needs who are claimed as dependents.
Is It a Good Idea to Bring Your Parent Home from the Nursing Home During the Coronavirus Pandemic?
With the coronavirus pandemic hitting nursing homes and assisted living facilities especially hard, families are wondering whether they should bring their parents or other loved ones home.
How Your Stimulus Check Affects Medicaid Eligibility
The coronavirus relief bill includes a direct payment to most Americans. How will this sudden cash infusion affect the eligibility of those receiving Medicaid long-term care services?
How Low Nursing Home Wages Are Contributing to COVID-19's Spread
Staff members working in more than one facility has been identified as a main contributor to nursing homes’ vulnerability to COVID-19. But working at more than one facility is often a necessity for nurse aides who earn “near-poverty wages.”
Should Seniors Who Lose Their Job During the Coronavirus Pandemic Claim Social Security Benefits Early?
In the wake of the coronavirus pandemic, unemployment is skyrocketing. Seniors who lose their jobs may be tempted to claim Social Security benefits early, but should they, given the resulting reduction in future benefits?
Staying Connected to Family Members in a Nursing Home When Visits are Banned
The spread of the coronavirus to nursing home residents has caused the federal government to direct nursing homes to restrict visitor access. Families are having to find new ways to stay in touch.
Social Security Shutters 'Petri Dish' Offices in Response to Coronavirus Outbreak
To protect its workers and the public during the coronavirus pandemic, the Social Security Administration (SSA) has suspended face-to-face service at its field offices and hearings offices nationwide.
Medicare is Expanding Telehealth Services During Coronavirus Pandemic
As part of its response to the coronavirus pandemic, the federal government is broadly expanding coverage of Medicare telehealth services to beneficiaries and relaxing HIPAA enforcement. This will give doctors the ability to provide more services to patients remotely.
Medicare and Medicaid Will Cover Coronavirus Testing
With coronavirus dominating news coverage and creating alarm, it is important to know that Medicare and Medicaid will cover tests for the virus.
The Trump Administration Allows States to Choose Medicaid Block Grants
The Trump administration will allow states the option to cap Medicaid spending using block grants. While this change does not directly affect nursing home residents on Medicaid, it could result in significant service cuts to other beneficiaries.
Make Sure You Are Counted in the 2020 Census
The 2020 census is starting soon, and seniors need to be counted. This may be more of a challenge this year because for the first time, the census will be completed largely online.
How Secure Is Social Security?
For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035.
How Does Medicaid Treat Income?
The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home.
Medicaid Protections for the Healthy Spouse
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community.
Free Tax Preparation Help Is Available to Seniors
Most low- and middle-income Americans qualify for free online tax preparation software, but do not take advantage of it. And anyone over age 60 can use the IRS’s Tax Counseling for the Elderly program.
Caregivers Are Getting Younger, Making Planning for Long-Term Care Even More Important
As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.
Medicare Now Covers Outpatient Treatment for Opioid Addiction
Recognizing the huge problems caused by opioid addiction in the United States, Medicare is adding a new outpatient opioid treatment benefit, paying for methadone and related treatment in certain facilities under Part B.
Movement Grows to Add Dental Coverage to Medicare
Medicare does not offer much in the way of dental benefits, but advocates for Medicare beneficiaries are arguing for that to change.
Feds Release 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants
The federal government has released the 2020 federal guidelines for how much money the spouses of Medicaid recipients may keep, as well as related Medicaid figures.
New Law Makes Big Changes to Retirement Plans
A spending bill signed into law by the President contains major changes to retirement plans. The bipartisan legislation is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning.
Medicare Premiums to Increase By Almost $10 a Month in 2020
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60.
IRS Issues Long-Term Care Premium Deductibility Limits for 2020
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.
Home Care Costs Rise Sharply in Annual Long-Term Care Cost Survey
When it comes to long-term care costs, the charges for home care are now rising faster than those for nursing home care, according to Genworth’s 2019 Cost of Care survey.
Don't Let Medicare Open Enrollment Go By Without Reassessing Your Options
Medicare’s Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Don’t let this period slip by without shopping around to see whether your current choices are the best ones for you.
What to Do If You Are Appointed Guardian of an Older Adult
Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one’s well-being and you have a duty to act in his or her best interest.
Medicaid's Power to Recoup Benefits Paid: Estate Recovery and Liens
Under Medicaid law, following the death of the Medicaid recipient a state must attempt to recover from his or her estate whatever benefits it paid for the recipient’s care.
Tips for Preventing, Detecting, and Reporting Financial Abuse of the Elderly
Reports of elder financial abuse continue to increase, and the elderly are particularly vulnerable to scams or to financial abuse by family members in need of money.
Most Are Taking Social Security at the Wrong Time
A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on an average of more than $100,000 per household in the process.
What to Look for When Buying an Annuity
An annuity can be a useful tool for long-term care planning, but annuities are also complex financial products that are hard to understand. If purchasing an annuity, you need to consider your options carefully.
How to Use a Trust in Medicaid Planning
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit.
Medicaid's Asset Transfer Rules
In order to be eligible for Medicaid, you cannot have transferred assets recently. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday.
Will My Advance Directive Work in Another State?
If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent.
Grandparents Raising Grandchildren May Qualify for the Earned Income Tax Credit
Raising a grandchild can be tough financially, but grandparents in this situation should be aware that there is a tax credit available that could help them.
Protecting Your House After You Move Into a Nursing Home
While you generally do not have to sell your home in order to qualify for Medicaid coverage of nursing home care, it is possible the state can file a claim against your house after you die, so you may want to take steps to protect your house.
A Final Retirement Account Distribution Must Still Be Made After Death
Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount
from your non-Roth individual retirement account (IRA) or 401(k) accounts. But what if you die after age 70 1/2 and before all the account funds have been distributed?
Tips on Creating an Estate Plan that Benefits a Child with Special Needs
Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky.
Six Things to Consider Before Making Gifts to Grandchildren
Here are some issues grandparents should consider before making gifts to grandchildren or other family members.
A Tax Break to Help Working Caregivers Pay for Day Care
Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability, but there is a tax credit available to help working caregivers defray the costs of day care.
Feds Release 2019 Guidelines Used to Protect the Spouses of Medicaid Applicants
The federal government has released the 2019 federal guidelines for how much money the spouses of Medicaid recipients may keep, as well as related Medicaid figures..
Have Private Insurance and Are Turning 65? You Need Sign Up for Medicare Part B
If you are paying for your own insurance, you may think you do not need to sign up for Medicare when you turn 65. However, not signing up for Medicare Part B right away can cost you down the road.
Learn About Social Security's Online Tools
With the aging population becoming increasingly tech savvy, the Social Security Administration (SSA) has moved a lot of services online. From applying for Social Security benefits to replacing a card, the SSA has online tools to help.
IRS Issues Long-Term Care Premium Deductibility Limits for 2019
The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance.
Don't Make the Mistake of Not Signing up for Medicare Supplemental Coverage
You are turning 65 and enrolling in Medicare, but as a healthy senior do you really need to also sign up for Medicare's supplemental coverage? Not signing up initially can be very costly down the road.
Can You Put a Surveillance Camera in a Nursing Home Room?
Technological advances have made it easier to stay connected with loved ones all the time. This has included the ability to install cameras in a loved one's nursing home room. These so-called “granny cams” have legal and privacy implications.
Medicare's Different Treatment of the Two Main Post-Hospital Care Options
Hospital patients who need additional care after being discharged from the hospital are usually sent to either an inpatient rehabilitation facility or a skilled nursing facility. Although these facilities may look similar from the outside, Medicare offers very different coverage for each.
For First Time, Median Cost of Private Nursing Home Room Hits Six Figures in Annual Survey
The median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth's annual Cost of Care survey.
It’s Open Enrollment Season: Is Your Medicare Plan Still Working For You?
Do you have the right Medicare plan? It is fall, which means it is time to think about whether your current plan is still giving you the best coverage or whether a new plan could save you money or offer better coverage.
Trusts and SSI
Trusts designed to aid a person with special needs are commonly known as “special needs trusts.” There are three main types of special needs trusts: the first-party trust, the third-party trust, and the pooled trust.
How to Handle Sibling Disputes Over a Power of Attorney
When one sibling is named in a power of attorney, there is the potential for disputes with other siblings. No matter which side you are on, it is important to know your rights and limitations.
It’s Now Harder for Veterans to Qualify for Long-Term Care Benefits
The Department of Veterans Affairs has finalized new rules that make it more difficult to qualify for long-term care benefits. The rules establish an asset limit and asset transfer penalties for claimants applying for VA pension benefits.
It's Important to Shop Around for Your Medigap Policy
Medigap premiums can vary widely depending on the insurance company, according to a new study, so be sure to shop around before choosing a policy.
Aretha Franklin’s Lack of a Will Could Cause Huge Problems
According to court documents, legendary singer Aretha Franklin did not have a will when she died, opening up her estate to public scrutiny and unnecessary costs and uncertainty.
How Long Will You Live? Four Life Expectancy Calculators
How much you need for retirement depends a great deal on how long you expect to live. There are now many Web-based calculators that can give you an idea of your life expectancy.
Don't Wait Too Long to Purchase Long-Term Care Insurance
The older you get, the harder it is to qualify for long-term care insurance. If you are interested in buying this insurance, it is better to act sooner rather than later.
Fear of Losing Home to Medicaid Contributed to Elder Abuse Case
A family's fear of losing their home to Medicaid may have contributed to a severe case of elder abuse. If they had consulted with an attorney, they could have gotten their mother care while also protecting the house.
Proposed New Medicare Payment System May Affect Beneficiaries
Medicare is proposing a new flat rate reimbursement system for doctors who treat Medicare patients. Some worry that the plan may cause fewer doctors to accept Medicare.
