Q. I am on Medicaid, is the Stimulus Check considered income? Should I give it to the facility? A. No, it is not income and should not be paid to the facility as part of your Patient Monthly Liability. Q. Since it is not considered income for Medicaid purposes, is it a resource because it […]
You have taken the time to meet with an Elder Law Attorney, discussed your wishes, and created a Trust. In your Trust, you have carefully outlined how you want your assets to be distributed upon your death. That is only the beginning! Many people fail to fund their trusts. Without proper funding, a trust is […]
DIY is everywhere! It is practically a buzzword that has infiltrated our everyday vocabulary. Doing it yourself can be fun and fulfilling, however, not all things should be done on your own. Some things are too important to leave to an unskilled person. Estate Planning is one of those things that should not be attempted […]
If you use email or telephones you most likely have been the target of scammers. Those who are in their late 70’s or older and/or own real estate are targeted the most. Scammers are becoming more sophisticated and believable, so it is important that we protect our Senior loved ones, as well as ourselves. If […]
Many Veterans, surviving spouses, and dependents have received a letter from the Department of the VA stating, “We propose to reduce or terminate your VA Pension benefit payments effective January 1, 2020.” The 1.6% cost of living increase Social Security recipients receive could reduce your VA benefits. For your VA benefit to be unaffected, your […]
There is a 1.6% cost of living increase for Social Security recipients starting in 2020. Long Term Care Medicaid recipients will be receiving a notice from their county’s Department of Social Services stating, “You received a Social Security and/or VA Benefits Cost of Living Increase.” It should also state the new Patient Monthly Liability (PML: […]
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
Why do we buy insurance? There’s Homeowners insurance, health insurance, car insurance, and more. Buying insurance is a way to shift the risk of loss. We want to avoid the financial burden that insurance companies will pay for when calamity strikes. One type of insurance that most people don’t think about is Long Term Care […]
Behavioral Economics is the study of the psychology behind the economic decisions a person makes. Economists want to know why we make the financial decisions we make. Why do we go to the grocery store and spend $150 on food for the week then go out to eat that night? Why do we travel further […]
In 2005 Congress passed the REAL ID Act to set minimum security standards for state-issued Driver’s License and Identification Cards. The REAL ID law was passed to increase security requirements to visit military bases, nuclear sites, federal facilities, and to fly. You can still drive and vote without the REAL ID, but your access to particular sites and transportation will be limited or eliminated.
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