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 special needs encounter many challenges not faced as
“Long-term care” refers to those services and supports that help persons perform everyday tasks and personal care needs. According to the U.S. Department of Health and Human Services 70% of people who reach age 65 will need some form of long-term care during their lives. Everyday Tasks Everyday tasks, also referred to as “instrumental
A Power of Attorney, often referred to as a “POA”, is a document you sign that allows you to appoint an “Agent” with legal authority to act on your behalf. Your Agent can then step in if you become incapacitated, are away, or otherwise unavailable to take needed action. Don’t Confuse a POA with
Generally, when you sell an asset, its appreciation in value from its acquisition cost are it's “capital gains” that is subject to federal and state income taxation. Conversely, if the asset’s value at the time it is sold is less than what it cost to buy, the owner realizes a “capital loss” that often
Medicaid is the only public benefit program that pays for long-term nursing home care. Medicare and private health insurance don’t. But in order for Medicaid to pay you’ve got to be broke. Worse yet, if you’re married, your spouse, referred to as a “community spouse” must also be broke – almost. Spouses may keep a
An ABLE (Achieving a Better Life Experience) account is a must-have savings tool for persons with special needs. It supplements but does not replace needed public benefits while often providing greater flexibility than available under a supplemental needs trust. The maximum amount that can be contributed each year to an ABLE account for a person
IRA and other qualified retirement plans offer a unique opportunity for persons to amass, over their working lives, a retirement nest-egg that grows tax-deferred. But upon attaining age 72, an account holder must begin to annually take taxable required minimum distributions (RMDs). The required beginning date is April 1 of the year after the account
Presently, approximately 5.8 million people in the U.S. suffer from dementia, a term used to describe a group of symptoms affecting memory, thinking and social abilities severely enough to interfere with daily life. Various conditions associated with dementia include Alzheimer’s Disease, Vascular Dementia, Lewy Body Dementia, and Frontotemporal Dementia. Needless to say, receiving such a
Current hyper-inflation brings a silver lining in 2023. The annual gift tax exclusion and gift & estate tax lifetime exclusion are scheduled to increase next year. These are welcome changes for those who want to engage in wealth transfer planning. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase
Recent research by the Kaiser Family Foundation examined the differences between traditional Medicare and Medicare Advantage. While people in either program were similarly satisfied with their care and overall care coordination, some distinctions became apparent. Traditional Medicare’s Strengths Traditional Medicare is a federal health insurance program for adults 65 and older and individuals with disabilities.
