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 […]
Although depression was initially given as the cause of actor Robin Williams’ suicide in 2014, his widow says autopsy results lay the blame on Lewy body dementia, a fairly common but hard-to-diagnose form of dementia. Susan Schneider Williams said that starting in 2013, her husband suffered from a confusing parade of mysterious symptoms, ranging from […]
If you transfer assets within five years of applying for Medicaid, you will likely be subject to a period of ineligibility. There is an exception, however, if enforcing the penalty period would cause the applicant an “undue hardship.” This exception is difficult to prove and rarely granted, but it may be possible in certain circumstances. […]
Annuities can be valuable retirement and longevity planning tools, but they are complex financial products that can be misused. There are two kinds of annuities: variable and immediate. Variable annuities have gotten a bad reputation in recent years because they are often sold to people, especially seniors, for whom they are inappropriate. Immediate annuities, on […]
Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your children. With rules about inherited IRAs potentially in flux, this may be an attractive estate planning […]
Witnessing the struggles of a loved one living with dementia is tremendously difficult. Emotions run high when experiencing the changes in a loved one as they move through the progressive stages of the disease. These are very relatable experiences among a growing community of caregivers. Another very relatable experience that most humans share is being […]
A recent court decision from the Nebraska Supreme Court shows the perils of not planning for long term care before there is a problem. For example: a now divorced 94-year-old must pay so much alimony that it brings his income below the poverty level and the only purpose of the alimony is to pay his […]