The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years
Many people with disability income owe student loans. Although deferring repayment or working out a repayment plan based on the individual’s income are possible options, there’s also a process for discharging student loans completely – and it’s cost-free. It’s called a total and permanent disability (TPD) discharge. This U.S. Department of Education website explains the
Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the "kiddie tax" could make doing this less beneficial. An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the distributions are based on
The beneficiary of a special needs trust can never control or access trust funds – that is the job of the trustee. A common fear among beneficiaries or their families is that the trustee may not do what’s in the beneficiary’s best interests and that, if this happens, the beneficiary may not be able to
No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid
Have you or a loved one been denied Medicare-covered services because you’re "not improving"? Many health care providers are still not aware that Medicare is required to cover skilled nursing and home care even if a patient is not showing improvement. If you are denied coverage based on this outdated standard, you have the right
If your child has reached the teenage years, you may already feel as though you are losing control of her life. This is legally true once your child reaches the age of 18 because then the state considers your child to be an adult with the legal right to govern his or her own life. Up
By Stanley M. Vasiliadis On July 21, I had the opportunity to present a program at the 20 th Annual Elder Law Institute in Harrisburg. This event is sponsored by the Pennsylvania Bar Institute and is an educational workshop for attorneys. The presentation illustrated how financial products such as life insurance, annuities, and long-term care
If you are the main person managing the care of the beneficiary of a special needs trust, have you planned yet for a time when you may no longer be able to perform this crucial role? It is important to plan appropriately to ensure that the beneficiary will have an advocate and someone closely managing
By Paul Caron Wall Street Journal Tax Report, Why More States Are Killing Estate Taxes: Want proof taxes can actually go down? In the past three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions. And more reductions are coming. Minnesota lawmakers recently raised the state’s estate-tax exemption to $2.1 million
