Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep in
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children. Social Security benefits stop at death. If a loved one who was receiving Social Security dies, you
Depending on which statistics you believe, between 40 and 50 percent of first marriages will end in divorce or permanent separation, and second marriages fare even worse. While there is no such thing as a "typical" divorce, a divorcing couple that has a child with special needs faces an even more complicated series of
Medicare and health insurance don’t pay for long-term nursing home care. Medicaid, does, but impoverishment is the price of admission to the Medicaid program. Proper planning enables one to qualify for Medicaid benefits while protecting substantial assets for spouse and family. In order to qualify, applicants must prove that they have limited income and assets.
Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion? If you don’t have a health care power of attorney or guardian in place, state law chooses who can make those decisions. In an emergency, medical providers
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate. The current federal estate tax exemption is $11.7 million for individuals and $23.4
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost increases on November 12, 2021. The steep hike is
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must meet medical eligibility criteria. This required level of care is referred to as “nursing facility clinically eligible” (NFCE). Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you
The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge
Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency. Hiring directly When you hire a caregiver
