ABLE Act Passes – Special Needs Planning Has Options
The ABLE Act will change the tax code to allow for tax advantaged savings accounts for qualified individuals with disabilities to save for certain expenses, such as education and transportation.
Family Strife over Elder Care?
Some families can work out these issues on their own, but many cannot, and the disagreements or hurts either fester or break out into open conflict and, occasionally, litigation. Resolution through mediation can bring much better results.
Will You Lose Medicare or Medicaid If You Leave the Nursing Home to Visit Family?
Reunions, graduations, birthdays, and holidays: Whatever the occasion, nursing home residents don’t want to miss out on family gatherings, but may be afraid that they will lose Medicare or Medicaid coverage if they leave the nursing home. In most cases, Medicare recipients can leave for a day or two, although the nursing home may bill them in order to hold their beds. Medicaid recipients will need to check with their state.
6 Things to Ask Before Agreeing to Be a Trustee
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”
Parents’ Medical History May Make Long-Term Care Insurance More Expensive
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.
What Is the Difference Between a 401(k) and an IRA?
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!
End-of-Life Wishes – Time for “The Talk”
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.
Social Security Benefits to Inch Up 1.7 Percent in 2015
The nation’s elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2015.
It’s Medicare Open Enrollment Time
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.
Even Annual Exclusion Gifts Are Counted by Medicaid
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.