~You Can Sign Up for a Similar Course for Consumers~Last Thursday, Evan Farr conducted a national, attorney-only teleconference sponsored by the National Business Institute (NBI) on the topic of the Income Only Trust -- an asset … [Read more...]
Keeping Mom and Dad Safe at Home
Elderly parents generally prefer to remain living in their own homes as long as possible. However, remaining in their homes becomes a concern when children see their parents slowing down or starting to have trouble with handling … [Read more...]
Putting Home Care in Perspective
The Evolution of Home CareIn the first century of our country's history there was no such thing as nursing homes or assisted living. Society was mostly rural and people lived in their own homes. Families cared for their loved … [Read more...]
Planning for Long-Term Care (Part 3)
In Part 1 of this series I outlined the necessity to create a good Long Term Care Plan and in Part 2 I discussed the three most essential documents found in that plan.The first essential document is a General Power of Attorney … [Read more...]
Medicaid Asset Protection
What is Medicaid Asset Protection? Medicaid Asset Protection is the process of protecting assets from having to be completely spent to pay for the devastating expenses of long-term care, while helping to ensure that you (or your … [Read more...]
Life Estate Law Changing Soon
See update on this article here.In Virginia, a life estate in real estate has always been treated as an exempt asset for the purposes of Medicaid eligibility. Unfortunately, the Virginia General Assembly recently passed … [Read more...]
Reverse Mortgage Home Equity Loans
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a conventional home-equity loan. But a conventional loan really doesn't free up the equity because the money has … [Read more...]
New LTC Insurance Premium Deductibility Limits
The Internal Revenue Service has announced the 2007 limitations on the deductibility of long-term care insurance premiums from taxes. Premiums for "qualified" (see explanation below) long-term care policies are treated as an … [Read more...]
Average Nursing Home Room Tops $90,000 a Year
The average daily cost of a private room in a nursing home in Northern Virginia is $91,615 a year, or $251 a day, according to the 2006 MetLife Market Survey of Nursing Home and Home Care Costs.The average daily cost of a … [Read more...]