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One of The Most Valuable Benefits Available to Veterans Is Also One of The Least Utilized

On October 20, 2020   /   Blog  
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One of The Most Valuable Benefits Available to Veterans Is Also One of The Least Utilized

Millions of our nation’s greatest heroes—veterans and their families who sacrificed so much in defense of our country—are eligible for government benefits but do not receive them. One benefit in particular, the Aid and Attendance Pension Program, can dramatically improve the lives of eligible veterans and their families. The Aid and Attendance Pension Program allows an eligible veteran to receive more than $27,000 a year for medical expenses and long-term care. The eligible veteran’s widowed spouse can receive over $14,500 a year. This benefit can be used to pay anyone, including family members, for in-home care. It can also be used to pay for assisted living and nursing home care. The Aid and Attendance Pension Program allows an eligible veteran, or the veteran’s widowed spouse, to remain independent for as long as possible, receive the care he or she needs and protect family assets against the high cost of long-term

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Five Key Factors To Consider When Choosing A Nursing Home

On October 15, 2020   /   Blog  
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Five Key Factors To Consider When Choosing A Nursing Home

If you have made the difficult decision that nursing home care is the best option for your loved one, you must decide on the nursing home itself. Here are some of the issues to consider when choosing a nursing home. Location, location, location. This may seem obvious, but one of the most important aspects of an individual’s quality of life in a nursing home is receiving frequent visits from members of the family. When the nursing home is nearby, it’s easier for you and the rest of your family to visit. Similarly, if the nursing home is located relatively close to where your loved one lived previously, his or her former neighbors and friends will be more likely to visit. Special services. On the most basic level, if your loved has specific physical needs, the nursing home must be able to address them. And what about emotional or spiritual needs?

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Should All of Your Children Receive Equal Inheritances

On October 13, 2020   /   Blog  
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Should All of Your Children Receive Equal Inheritances

If you have more than one child, you’ve probably wondered if you should leave each of your children the same amount in your will or trust. While this seems like the best approach in most situations, there are some instances where it might not be the wisest strategy, or even the fairest. Factors you might want to consider include: One child earns considerably more than your other children One child has several children of his or her own, while another child does not One of your children serves as your caregiver, runs errands or helps you in other ways much more frequently than your other children Sadly, you may have to ask yourself another, more troubling question: Has one of my children disappointed me so often, or behaved so irresponsibly in the past, that I feel like I must disinherit him or her entirely? In cases where one of your

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The Financial Difficulties Faced By Widows

On October 8, 2020   /   Blog  
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The Financial Difficulties Faced By Widows

Losing one’s husband is difficult enough in and of itself. Unfortunately, many widows must also contend with the financial consequences of the loss of their husbands. According to government figures cited in a New York Times article, the household income for widows typically drops 37 percent after a spouse dies, far more than the 22 percent income decline experienced by men who lose their wives. The assets of widows also tend to fall substantially more than those of widowers. This is compounded by the fact that women typically live longer than men. Census figures indicate that one in four women from 65 to 74 are widows. By the age of 85, three out of four women are widows. To make matters worse, even couples with estate plans often fail to address the need for adequate income that will be faced by a surviving spouse. Talking about income, especially with regard

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The Benefits of Health Savings Accounts

On October 6, 2020   /   Blog  
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The Benefits of Health Savings Accounts

Health savings accounts are tax-advantaged medical savings accounts available to people enrolled in high-deductible health plans (plans with deductibles of at least $1,350 for individuals and $2,700 for families). To qualify for a health savings account, your plan also needs to meet an out-of-pocket maximum below specified thresholds. In 2019, the out-of-pocket maximum for an HSA-qualified health plan must be less than $6,750 for individual coverage or $13,500 for family coverage. Money contributed to a health savings account is not subject to federal income tax at the time it is deposited. For 2019, people with individual medical coverage can deposit up to $3,500 in a health savings account while people with family plans can deposit up to $7,000. If you are age 55 and older, you can contribute an additional $1,000 to your account. In addition to being an excellent way to cover out-of-pocket medical expenses, health savings accounts provide

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One Of The Most Important Conversations You Should Have With Your Family

On October 1, 2020   /   Blog  
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One Of The Most Important Conversations You Should Have With Your Family

As an estate planning and elder law firm, we strive to provide all of our clients with the tools and strategies they need to prepare for whatever comes along, including wills, trusts, advanced directives, and more. While it is vitally important for you to have these documents, it is equally important to talk to your family about them. It is entirely possible that your children and other loved ones would like to know, for example, how you want to be cared for in the event of incapacity or an end of life situation. But do your loved ones know that you have made your wishes clear through advanced directives and the thinking behind the choices you made? Do they know that you have created a power of attorney that allows a person of your choosing to make medical and/or financial decisions on your behalf? Even if they understand that you

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Planning For High-Risk Professionals

On September 29, 2020   /   Blog  
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Planning For High-Risk Professionals

Every individual and family can benefit from estate planning. For some people, however, effective planning requires a higher level of asset protection. Certain professionals, such as physicians, attorneys, business owners and financial advisors, are far more likely to be sued than people working in other occupations. For example, just because a physician has medical malpractice insurance does not mean his or her personal assets are safe from a lawsuit. Many personal injury lawyers consider the entire value of the physician’s malpractice insurance to be the starting point in negotiations over damages, not the ultimate prize. If you work in a high-risk profession, contact us today to discuss your options. We can use a wide range of proven tools and strategies to protect your assets from lawsuits and other threats.

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What You Need To Know About Financial Elder Abuse

On September 24, 2020   /   Blog  
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What You Need To Know About Financial Elder Abuse

Let’s start with a definition. Financial elder abuse, also known as material exploitation, is the illegal or improper use of an elderly person’s funds, property, or assets. Examples of this type of abuse include, but are not limited to:   Cashing an elderly person’s checks without authorization or permission Forging an older person’s signature Misuse or theft of an older person’s money or possessions Deceiving or coercing an older person into signing any document, such as a contract, will, title, etc. Telemarketing scams. This can involve making exaggerated claims about investment returns, scare tactics and other fraudulent acts to get seniors to send the perpetrator money or credit card information The improper use of conservatorship or power of attorney   It is estimated that every year some five million seniors fall victim to financial elder abuse. The number of victims may well be considerably higher. Many seniors are unaware that

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Aggressive Moves You Can Make In Your Forties To Reach Long-Term Financial Goals, Continued.

On September 22, 2020   /   Blog  
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Aggressive Moves You Can Make In Your Forties To Reach Long-Term Financial Goals, Continued.

Here are three additional ways people in their forties can maximize their retirement savings. Don’t skimp on your retirement savings to pay for your children’s college education. Why? Simple. You or your children can borrow money to pay for college, but you cannot borrow money to pay for retirement. In addition, when investing for retirement, time is indeed money. The more you can invest early on, the greater the likelihood that you’ll have more money when you retire. Also, working longer, say well into your sixties, may not be an option. Corporate downsizing and/or health problems could limit how long you can work. The fact is, saving more than you need for retirement will allow you to help pay off your children’s student loans when you do retire. Make the most of what your employer is offering. Your employer may well be offering more than a paycheck. For example, some

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Should Seniors Enroll In A Medicare Advantage Plan Or Stick With Traditional Medicare?

On September 17, 2020   /   Blog  
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Should Seniors Enroll In A Medicare Advantage Plan Or Stick With Traditional Medicare?

An article by Wendell Potter on medicareresources.org discusses the advantages and disadvantages of Medicare Advantage plans versus traditional Medicare in providing adequate care to seniors. For some people, particularly those without serious illnesses, Medicare Advantage may be the best choice. This is because some Medicare Advantage plans offer benefits not provided by original Medicare, such as dental coverage, vision coverage, hearing aids, gym memberships and more. However, elderly Americans with serious ailments might be better off sticking with Medicare. Similarly, people who are already enrolled in a Medicare Advantage plan and develop a serious ailment might want to drop the Medicare Advantage plan and return to traditional Medicare. Why? Medicare provides what the article refers to as “unfettered access” to treatments and physicians. That is, people on Medicare have greater access to doctors and facilities of their own choosing. Another potential problem with Medicare Advantage plans is they empower Utilization

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