Taxpayers with long-term care insurance policies can deduct some of their premiums from their income. Whether you can use the deduction requires comparing your medical expenses to your income in a complicated formula. Premiums for qualified…
Our friends at The Naperville Senior Center shared this month’s article with us. If you haven’t learned about their Adult Day Care services, check out their website at http://www.napervilleseniorcenter.com/. It’s no secret: the technology industry is a young person’s…
In recent years, nursing homes have increasingly asked — or forced — patients and their families to sign arbitration agreements prior to admission. By signing these agreements, patients or family members give up their right to sue if they…
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in…
Recent changes to the Social Security retirement program will eliminate two claiming strategies that can possibly increase your rate of return. These changes will take effect for people who have not used them before April 29th. If you have not yet applied for Social Security benefits and could benefit from one of these strategies, you should get help from a qualified elder law attorney, such as Linda Strohschein and her team at Strohschein Law Group.
A lesson learned in Pennsylvania declares immediate annuities must still meet a number of stringent requirements to be accepted as legitimate by Medicaid authorities. Families considering them should get help from a qualified elder law attorney, such as Linda Strohschein and her team at Strohschein Law Group. This is an FYI for you to think about what long term care planning can put in place for you before you transfer assets to afford it. Call us today (630) 377-3241
In general, it is better to wait as long as possible before taking Social Security benefits, but sometimes it is necessary to start taking benefits early. However, if you are able to continue working while receiving benefits, you may be able to increase your overall benefit. For more information on how work affects Social Security call Strohschein Law Group. We help clients everyday plan for the future. (630) 377-3241
Just as making a will without the help of a qualified attorney can be dangerous, trying to change an existing will on your own can fail as well. A recent court decision in Minnesota serves as a cautionary reminder to anyone thinking of altering their estate plan on their own. Strohschein Law Group is here to protect what matters and just a phone call away to save you money and potential heart ache.
Many parents or grandparents with sizable amounts of money to pass on to their heirs are apprehensive about the effect it may have on their children or grandchildren. In some instances, they fear that the recipients will misspend the funds on drugs, fancy cars or failing businesses. In other cases, the fear is simply that their children will lose their drive to achieve and overcome barriers that may present themselves if there’s no financial necessity to do so. But some parents set up what are known as “incentive trusts,” which get very specific in their instructions to trustees to ensure that the trust funds support what the trust’s creators view as positive behavior and discourage unproductive activities. Read more…
As you get ready to turn 65, you may be inundated with information about Medicare. All this information is confusing, but it is important to do your research before choosing your plan. If you aren’t fully informed, you could end up making mistakes that will cost you down the road, particularly when it comes to how “Medicare Advantage” and “Medigap” plans interact.