Many of our small business owner clients enjoy having their children or other family members work with them in the business, and their “exit plan” relies heavily on transferring responsibility for running the business to those family members. Frequently, however, these plans are made with the best of intentions but not properly documented and memorialized, […]
Quite often when counseling clients we must stress the importance of documenting things in writing. One of the planning contexts where that is crucial is in the area of Medicaid eligibility. Specifically, while it usually fairly straightforward to present sufficient evidence that the amount of a claimant’s countable assets are low enough to qualify, it […]
When it comes to estate planning, everybody wants a Will. Many people believe that good estate planning begins and ends with having a Will and they think once they have a Will, all their estate planning problems have been solved. But unfortunately there is much more to the story than that. While we do not […]
As a long-time spouse, taking on the role of caregiver can be an extremely difficult process that many couples simply do not foresee. Journalist Tara Bahrampour highlighted the conversations held among families about future long-term care steps in her recent Washington Post article called “Promise you’ll never put me in a nursing home.” Having witnessed […]
When we are working with families who wish to engage in Medicaid planning or for whom a family member must file an application for benefits, there are some common misconceptions we observe. Families do not often appreciate that the Medicaid eligibility rules are extremely complicated and those rules are not always understood by the employees […]
February is National Caregivers Month. One task that can be daunting for family caregivers is identifying the assisted living community that best fits their loved one’s unique needs. It is important for caregivers to be able to identify the different assisted living options available. Sometimes a private home is no longer a safe environment. The […]
If you don’t pay your debts, creditors can get a court order to garnish your wages, but what if your income comes from Social Security? The answer is that it depends on the kind of debt. For most types of debt, including credit cards, medical bills, and personal loans, Social Security cannot be garnished to […]
As long-term care insurance premiums keep rising and fewer companies are offering policies, seniors are looking for other ways to help pay for long-term care. Annuity “nursing home doublers” have emerged as a new long-term care option. These doublers can be beneficial, but as with any annuity product, customers should use caution before purchasing. An […]
Medicare beneficiaries may now discuss options for care at the end of life with their health care providers. Beneficiaries of course were already free to talk about advance care planning with their doctors or other qualified health professionals, but the practitioners could be reimbursed for such discussions only during a patient’s “Welcome to Medicare” visit, […]
Millions of Americans rely on Social Security for some or all of their retirement income, and millions more are paying into the system in the expectation that it will be there for them when they retire. What changes should be made to the current Social Security system, if any, to keep it solvent and ensure […]