Special needs trusts and ABLE accounts both allow people with disabilities to save money while protecting their eligibility for public benefits. Each has its merits, and it’s possible to maintain both account types. Special needs trust (SNT) There are various…
There are astronomical costs associated with nursing home care if you become seriously ill or injured. You might also know that Medicare would cover only a minimal amount of those costs. Private insurance doesn’t seem like a good bet if…
Your estate planning documents should be reviewed periodically, particularly after big life changes such as marriages, births, divorces, and moving to a new state. Children grow up, marriages dissolve, property gets sold, and residences change. That’s why we recommend that…
It’s unpleasant to think that a traumatic event or a chronic illness might incapacitate you. People are unfortunately affected by this every day. With this knowledge, many people like to prepare in advance for the kind of treatment they want…
As banking and bill-paying become more challenging as one ages, incapacitation by accident or sudden disease can occur to anyone at any age, creating the same difficulties. Incapacity is not just about mental cognition, accident, or illness. You may have…
Though probate has a negative reputation, thoughtful estate planning can often prevent or minimize the need for it. In reality, most heirs will have to navigate the probate process to some degree after losing a loved one. Understanding what probate…
You need to take practical and legal steps to plan for your child’s transition to adulthood as they turn eighteen. Begin well before their birthday to ease the transition and ensure they continue receiving their government benefits as an adult.…
Medicaid savings protections were created by Congress 30 years ago. These protections prevent husbands and wives from bankrupting themselves trying to fund care for their loved ones. They originally required states to allow spouses of nursing home residents to maintain…
The elderly population of the U.S. frequently uses multiple prescription medications concurrently, known as polypharmacy. The more medications a person takes, the higher the risk of dangerous drug-drug interactions and the increased possibility of inappropriate prescribing, adverse drug reactions, hospitalization,…
Insolvency risks threaten Medicare and Social Security, according to a government report. Social Security will have to start spending down, potentially including massive cuts in payments to recipients by 2035. Likewise, Medicare will be forced to leave patients on the…
