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 legislation that instructs … [Continue reading]
Care Management for Your Child With Special Needs
When establishing a special needs trust (SNT) for your child, it's important to consider how much care the child may need in the future and who will oversee any arrangements related to that care. In many cases, either a family member or the SNT … [Continue reading]
Don’t Use An Off-the-Shelf Power of Attorney
A durable Power of Attorney is one of the most important estate planning documents you can have, because it allows you to appoint someone to act for you (your "Agent" or "Attorney-in-fact") if you become incapacitated. Without a valid Power of … [Continue reading]
Choosing a Guardian for Your Special Needs Child
One of the most important decisions parents must make when preparing their estate plan is the choice of a guardian for their child should they be the ones to die first. The choice of guardian can be especially difficult for the parents of a child … [Continue reading]
Federal Nursing Home Site Now Notes Troubled Facilities
The federal Centers for Medicare & Medicaid Services (CMS) announced recently that its Web site comparing nursing homes will now identify listed facilities that have a history of poor performance.From now on, the CMS Nursing Home Compare site … [Continue reading]
Withdrawing Your Early Social Security Benefit
Did you elect to take Social Security benefits before your full retirement age? If you did and are now looking for extra income, there may be an answer. Once you reach full retirement age, you can pay back the money you have received and reapply for … [Continue reading]
Veterans Aid & Attendance Planning
If you are a veteran or spouse of a veteran and you need assistance in your home, or are living in or considering moving into an Assisted Living Facility or Continuing Care Retirement Community, you should contact a qualified elder law attorney to … [Continue reading]
New Capital Gains Tax Break Helps Surviving Spouses
Widows and widowers who don't want to sell their house right away will get a tax break under a new law. The Mortgage Forgiveness Debt Relief Act of 2007 signed into law Dec. 20, 2007, gives surviving spouses two years to sell their house and receive … [Continue reading]
Seniors Need to File Tax Return
Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans' widows will receive $300 payments if they earned $3,000 in Social Security or … [Continue reading]
How to Avoid Estate Tax
Federal tax law allows an unlimited transfer of property to a surviving spouse without imposing any estate tax. This is a result of the "unlimited marital deduction." In addition to the unlimited marital deduction, Federal tax law allows every … [Continue reading]
Temporary Capital Gains Tax Break Can Help Seniors
Over the next two years, seniors can take advantage of a significant capital gains tax break. From 2008 to 2010, taxpayers in the 10 and 15 percent tax brackets will pay zero percent in capital gains taxes. This means individuals in those tax … [Continue reading]
Understanding a Caregiver’s Stress
A 2003 study of caregivers has proven that the off-repeated adage "stress can kill you" is true. The focus of the investigation was the effect the stress of caregiving had on caregivers. A team of researchers at Ohio State University Medical Center … [Continue reading]
What Expenses Can’t a Special Needs Trust Pay For?
Special needs trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medicaid and Supplemental Security Income (SSI). Special needs trusts pay for comforts and luxuries — "special needs" — that … [Continue reading]
Long-Term Care Premium Deductibility Limits
2026 Tax-Deductibility Limits for Long-Term Care Insurance Premiums The Internal Revenue Service has announced the 2026 limits on the amount of qualified long-term care insurance premiums that may be treated as medical expenses for federal income … [Continue reading]
A New Year’s Resolution
It is customary to begin the New Year by tackling first those tasks that have been put off. As the holiday season winds down, why not begin the New Year by getting your estate in order? A revocable living trust might be the estate planning tool that … [Continue reading]
Law Brightens the Employment Picture for Those with Special Needs
The National Collaborative on Workforce and Disability has found that only 26 percent of working-age adults with disabilities are employed either in a job or their own businesses. While a combination of federal initiatives, private endeavors and … [Continue reading]
Buffett backs Estate Tax
Billionaire Warren Buffett urged Congress to preserve the estate tax, saying that plans to repeal it would benefit a handful of the richest American families and turn the country into a "plutocracy." Buffett, the chairman of Berkshire Hathaway and … [Continue reading]
Connectedness: a Key Factor in Wanting to Remain Home
One of the common myths is that a majority of the 60+ population pack up their belongings and moves to warmer climates as they age. According to AARP’s 2006 report, "Aging, Migration, and Local Communities: The Views of 60+ Residents and Community … [Continue reading]
Medicare’s Web Site and Rx Drug Plan Finder Improved
Last year, many people enrolling in Medicare Part D (Prescription Drug Coverage) found Medicare's Website difficult to use. Medicare recently updated its Web site, allowing greater comparisons of cost, coverage and participating pharmacies. The site … [Continue reading]
When is the Best Time to Purchase Long Term Care Insurance?
If you decide that long-term care insurance is the right decision to protect your assets and your family's financial future, the best time to buy it is now, because the older you get, the more expensive the policy becomes in the long run. By buying … [Continue reading]