Certain eligibility requirements, such as a valid discharge, at least one day of service during a war time period, and 90 days of consecutive active duty are needed to qualify for a Veteran’s pension benefit. Benefits can be available for…
Many companies sell online forms, such as powers of attorney, wills, and trusts you can download and execute yourself. Creating these “fill-in-the-blank” forms online is only appropriate in limited circumstances. If you have assets or loved ones, online forms or…
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful planning can help ease the…
Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” The social worker at your mother’s nursing home assigned to assist in preparing a Medicaid…
In some circumstances, immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse. An immediate annuity, in its simplest form,…
Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is…
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news. Medicaid has strict income and resource limits, so an inheritance can make a Medicaid recipient…
Although people are willing to voluntarily care for a parent or loved one without any promise of compensation, caregiver contracts (also called personal service or personal care agreement) for a family member can have many benefits. It rewards the family member doing…
You may have a vision for your retirement, but does your spouse share that vision? Have you done any retirement planning? Spouses often disagree about many key retirement details. It is important to work together to come up with a…
A controversial policy that reduces the benefits of military spouses is on the way out. The so-called “widow’s tax” cuts assistance to surviving military spouses who qualify for benefits under two different military benefit programs. The two programs are: The…