October 18, 2023 4:10 pm Published by admin Assisted living facilities and nursing homes are long-term housing and care options for older adults and persons with special needs. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct. Understanding the differences between assisted living and nursing homes is critical for those considering where to live as they age. [...]
October 18, 2023 4:06 pm Published by admin An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you pass away. Choosing an executor is a big decision when it comes to estate planning. So, what should I know [...]
May 12, 2021 8:15 am Published by admin Individuals receiving long-term care Medicaid assistance must keep their “savings (resources)” below $2,000.00 each month. This does not seem like it would be difficult however, it can be a daunting task when all of your needs are being met by your nursing home facility. When you add in stimulus money given to you by the [...]
April 26, 2021 8:00 am Published by admin For better or for worse, Medicaid is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics. Medicaid (sometimes called by other names, such as "Medi-Cal" in California, "MassHealth" in Massachusetts, and "TennCare" in Tennessee) (Medicaid in Kentucky) is [...]
April 19, 2021 8:00 am Published by admin Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more people each have an ownership interest [...]
April 12, 2021 8:00 am Published by admin While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, any mortgage, and other owners. But if you know you do not plan to keep the property, it is [...]
April 5, 2021 8:00 am Published by admin The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices means Social Security recipients will get only a slight boost in 2021. The 1.3 percent [...]
March 25, 2021 8:00 am Published by admin Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very expensive, especially around-the-clock nursing home care. Most people end up paying for nursing home care [...]
March 18, 2021 8:00 am Published by admin While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover. A will is just one part of a comprehensive estate plan. A will is a legally-binding statement directing who will receive your property at your death. It is also the way you appoint a [...]
March 11, 2021 8:00 am Published by admin As the second round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the cash within a year if it puts them over Medicaid’s resource limit. In December 2020, Congress approved $600 [...]
