Debunking 4 Common Myths About Long-Term Care Medicaid Misinformation about long-term care Medicaid can lead families to make poor financial decisions when they are most vulnerable. It is a complex system, but understanding the truth behind the common myths is the first step toward effective planning. Let’s debunk four of the biggest misconceptions we encounter. […]
What is an Aging Life Care Professional? As our loved ones age, navigating the complexities of their health, housing, and financial needs can become a significant challenge for families. An Aging Life Care Professional, formerly known as a Geriatric Care Manager, is a health and human services specialist who acts as a guide and advocate […]
The Most Common Mistake in Estate Planning: An Unfunded Trust You’ve met with an attorney, carefully considered your wishes, and signed your new Revocable Living Trust. It’s a comprehensive document, a “magic book” designed to protect your family, avoid probate, and ensure your legacy is handled privately and efficiently. Unfortunately, for many people, the process […]
The Dangers of DIY Estate Planning From home renovations to crafting, the “do-it-yourself” spirit is everywhere. While tackling a project on your own can be empowering and cost-effective, some things are simply too important to leave to chance. Your estate plan—the legal strategy that protects your family and your life’s work—is one of them. Online […]
How the Annual Social Security COLA Can Affect Your VA Pension Each year, the Social Security Administration announces a Cost-of-Living Adjustment (COLA) to account for inflation. While this increase in your monthly Social Security check is welcome, it can have an unintended consequence for those receiving a VA Pension with Aid & Attendance: it can […]
How the Social Security COLA Affects Your Long-Term Care Medicaid Every year, Social Security benefits typically increase with a Cost-of-Living Adjustment (COLA). For those receiving Long-Term Care Medicaid in a nursing facility, this extra income directly impacts the amount they are required to pay the facility each month. This payment is known as the Patient […]
Retirement accounts are important assets. Currently, Roth IRAs (Individual Retirement Account) have the following rules:
-Only those singles with income below $137,000 or couples below $203,000 can contribute
-Annual contributions are limited to $6,000 or $7,000 if you are 50 or older.
-The account grows income tax free and is distributed after 59½ free of income tax.
-There is no Required Minimum Distribution (RMD) even after you are 70½.
-You can’t withdraw within 5 years of your contribution without a penalty
Is Long-Term Care Insurance Part of Your Financial Plan? We buy insurance to shift the risk of a catastrophic financial loss. We have it for our homes, our cars, and our health. But one of the most significant financial risks many families will face—the cost of long-term care—is often overlooked. Long-Term Care (LTC) Insurance is […]
What Does It Mean to Be a Fiduciary? If you have been named as an agent under a Power of Attorney or a trustee of a trust as part of a loved one’s estate plan, you have been given a significant responsibility. In the eyes of the law, you are now a “fiduciary.” But what […]
Is Trust-Based Planning Right for You? While every adult should have foundational estate planning documents like a will and powers of attorney, some families require a more robust and customized strategy. For many of our clients, trust-based planning is the key to achieving their specific goals for asset protection, privacy, and control. What is a […]
If you own a corporation or LLC, Google “Corporate Transparency Act” and file your report before the end of the year. Don’t be fined $500.00 per day for failing to file.