Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands. But being a trustee is also a great responsibility. You need to go into it with your eyes wide open. Here are six questions to ask before saying “yes”
The Affordable Care Act prohibits medical insurers from denying coverage to applicants due to pre-existing conditions, but the same rules do not apply to long-term care insurance. Your parents’ health could be one of the many factors that long-term care insurance providers take into account when deciding how much to charge you. Be sure to do your research while shopping for long term care insurance. Strohschein Law Group is here to help you plan out your long term care options for you to make to most affordable decisions and protect what matters.
The main distinction is that a 401(k) — named for the section of the tax code that discusses it — is an employer-based plan, while an IRA is an individual plan, but there are other differences as well. Strohschein Law Group will help you develop an estate plan with all of these considerations and more. Let us help you do the homework!
It’s the most serious of responsibilities to be bestowed upon you: the power to make medical decisions for your loved one in case he or she can’t. It’s called being a health care proxy, and it means you can make decisions and take actions that your loved one would if he or she were able.
The nation’s elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2015.
It’s that time of year again — time to reassess whether your Medicare plan is working for you and to jump ship if it isn’t. Medicare’s open enrollment period runs from October 15 to December 7.
This IRS rule has nothing to do with Medicaid’s asset transfer rules. While the $14,000 that you gave to your grandchild this year will be exempt from any gift tax, Medicaid will still count it as a transfer that could make you ineligible for nursing home benefits for a certain amount of time should you apply for them within the next five years.
Illinois is not a state with filial responsibility laws, however 28 states currently have filial responsibility laws. These laws usually make adult children responsible for their parents’ care if their parents can’t afford to take care of themselves, but some of the laws also make parents responsible for their childrens’ care. Where do your parents live?
Medicare has increased the amount of mental health coverage beneficiaries are entitled to. After years of unequal treatment, Medicare now covers mental health care the same way it covers physical illnesses.
Although their names are confusingly alike, Medicaid and Medicare are quite different programs. Both programs provide health coverage, but Medicare is an “entitlement” program, meaning that everyone who reaches age 65 and is entitled to receive Social Security benefits also receives Medicare.