For most people, the durable power of attorney is the most important estate planning instrument available -- even more useful than a will. A power of attorney allows a person you appoint -- your "attorney-in-fact" or “agent” -- to act in place of you – the “principal” -- for financial purposes when and if
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. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks. Even
Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, 64 million Americans, or 20 percent of the population, live in households containing two adult generations. These multi-generational living arrangements present legal and financial challenges around home ownership. Multi-generational households may include "boomerang" children who
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. In 2017, Republicans in Congress and President Trump doubled the federal estate tax exemption and indexed it for inflation.
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided. Most long-term care involves assisting with basic personal needs rather than providing medical care. You are usually determined to
Tucked in 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. Currently, Medicare enrollment begins three months before the month of your 65th birthday and continues for three months after your birthday month (for
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. In the past year, assisted living facility rates grew 6.15 percent for a median
Medicaid planning can be a difficult and confusing process. The following are some common mistakes people make when planning to apply for Medicaid. Thinking it's too late to plan. It's almost never too late to take planning steps, even after a senior has moved to a nursing home. Giving away assets too early. First,
Do you need an attorney for even "simple" Medicaid planning? This depends on your situation, but in most cases, for Medicaid planning assistance the prudent answer would be "yes." The social worker at your mother's nursing home assigned to assist in preparing a Medicaid application for your mother knows a lot about the program,
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. Long-term care – care in a nursing home or at home -- may be paid for in four main ways: Out-of-pocket. If you have
