Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Even if you have never needed to rely on Medicaid before to help with your health care costs, the odds are good you will need to as a senior. Why? The answer can be found in the high cost of long-term care (LTC). At an average yearly cost of over $80,000 nationwide, and an average length of stay of 2.5 years, it should come as no surprise that over half of all seniors in need of LTC rely on Medicaid to … [Read more...] about Medicaid Asset Transfer Rules – When Gifting Can Cost You

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Are you curious what Jacqueline Kennedy Onassis, universally regarded as one of the world’s most private women, did with her fortune? What about Anna Nicole Smith, Paul Newman, or even Elvis Presley – are you interested in knowing how they distributed their fortunes? Surprisingly, it is relatively easy to find out their dispositive plans for their estates because each one used a Last Will and Testament … [Read more...] about What’s the Big Deal about Probate Avoidance?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys If you have worked hard to acquire a decent asset portfolio, shouldn’t you work equally as hard to protect those assets from potential threats? Of course, the answer to that question is “yes.” The problem is that most people do not realize the numerous and varied ways in which their assets might be at risk. Now is the time to learn more about those threats and about the asset protection strategies that … [Read more...] about What You Need to Know about Asset Protection

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years, there is a good chance you will need the type of medical care that only a long-term care (LTC) facility can provide. The cost of that care may cause you to turn to the Medicaid program for assistance. If you fail to plan ahead by including Medicaid planning in your comprehensive estate plan, you may find it challenging to qualify given the extremely low asset … [Read more...] about How Will Life Insurance Policies Impact Medicaid Eligibility?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The longer you live, the better the odds are you will one day need long-term care (LTC). For the average person, the cost of that care can be prohibitive. Moreover, you cannot count on Medicare nor your basic health insurance to cover costs associated with LTC. Instead, you may find yourself turning to Medicaid for help. If you manage to qualify for Medicaid without losing your hard-earned assets, you … [Read more...] about Medicaid Estate Recovery – Are Your Assets Safe?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country. Military Compensation As a member of the military, your compensation is more … [Read more...] about Combat Pay, Taxes, and Retirement – What Veterans Need to Know

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The Baby Boomer generation – the largest generation in American history to date – is heading into retirement, but are they prepared? More importantly for their children and grandchildren – and possibly the economy as a whole – will there be anything left to bequeath when they pass away? It appears some Baby Boomers have planned for their retirement, however, estate planning is not a priority for many. As … [Read more...] about Will Baby Boomers Have Anything Left to Pass Down?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys For roughly half of all seniors living in nursing homes, or other long-term care (LTC) facilities, Medicaid is their only hope for assistance with the high cost of that care. Qualifying for Medicaid can be problematic for an applicant who failed to plan ahead. Once an applicant is approved for Medicaid they no longer have to worry about paying for their long-term care, right? Not exactly. Many Medicaid … [Read more...] about Medicaid Patient Share of Cost for Long-Term Care

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Are you prepared to cover the expenses of long-term health care (LTC) if you need nursing home, assisted living or regular at home care down the road? If you are like many seniors, you will turn to Medicaid for help with your LTC costs. While Medicaid will cover LTC expenses, getting approved can be challenging. The old adage is that “if you fail to plan, you may as well plan to fail.” Your failure to … [Read more...] about Medicaid Planning – Planning to Get Approved

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Previously, retirement planning focused on an employer sponsored pension and Social Security retirement benefits. The concept of lifetime employment, however, is largely a thing of the past, which also makes pensions a thing of the past. Moreover, the fate of the Social Security retirement program is uncertain. Also, monthly Social Security benefits do not go as far as they once did. As a result, … [Read more...] about Traditional or Roth – Which Type of IRA Is Right for You?