The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home. The deductions include a $60-a-month personal needs allowance (this amount may be somewhat higher or lower in your state), a deduction for any uncovered medical costs (including medical insurance premiums), and,
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. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers
By Stanley Vasiliadis, Esq., Certified Elder Law Attorney Parents of a developmentally-disabled or otherwise incapacitated child bear a life-long burden of care. In fact, after their child turns 18, it gets harder. As an adult, the child is not permitted to continue participating in many programs that were available during school-age years. And adults with
Both workers and retirees may need to rethink some of their estate planning and IRA in light of the newest spending bill. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the massive bill, makes major changes to retirement plan rules, including inherited plans. Passed in December 2019, the SECURE Act changes
No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has given a gift or loaned money to one child and not others. However, a few key words in your estate plan can minimize the potential for conflict. If you give money to one
A durable power of attorney (POA) allows the person creating the POA, called the "principal," to name a trusted agent who can act on his behalf in almost any situation. But because of the risk of abuse, many banks will scrutinize a POA carefully before allowing the agent to act on the principal's behalf, and
President Trump has signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several ways:
You may be thinking about setting up a trust to protect your assets, save on estate taxes, or perhaps set aside money for a special needs family member. Before you commit to a plan, make sure you understand the differences between the two basic types of trusts: the revocable (also called “living”) trust and the
Asset protection planning is about protecting your assets from creditors -- and it is not just for the super-wealthy. Anyone can get sued. Lawsuits can stem from car crashes, credit card debt, bank foreclosures, or unhappy customers, among many other things. If someone wins a monetary judgment against you, your family could become bankrupt trying
Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan. One main difference between a will and a trust is that a will goes into effect only
