Dear Ribbit, My wife and I are considering a reverse mortgage, since we have a lot of equity in our home and very little cash flow. She is in the early stages of dementia. Would the reverse mortgage affect Medicaid eligibility, and what happens if we are considering establishing a Living Trust Plus(TM) income only […]
Tax Advantages and Overlooked Deductions for Retirees
Q. April 15 is quickly approaching, and my husband and I are planning on doing our taxes soon. As retirees, I know that there must be some deductions that we may be overlooking. Of course, similar to most seniors on a fixed income, we want to deduct all we can. Are you aware of any tax advantages or overlooked deductions for retirees for 2016 taxes? A. Tax season is here and, as you mentioned, it’s important to be […]
Top 16 Articles of 2016
From the presidential candidates’ views on Social Security, Medicare, and Medicaid, to a new president being elected, we covered a lot of ground in 2016. It was a year that included the passing of the Special Needs Trust Fairness Act to help special needs individuals, overtime pay for caregivers being instated and subsequently shut down […]
Should I Get Long-Term Care Insurance?
Dear Baxter, My neighbor is an insurance agent who keeps bothering me about long-term care insurance. I try to avoid her, but lately it hasn’t been working. To help me make an educated decision, can you provide some reasons I can add to my pros and cons list? Thanks! Lee Vamealone —- Dear Lee, With […]
April 29 Marks the End of a Major Social Security Loophole
Q. I remember reading an article that you published last fall about The Bipartisan Budget Act of 2015, where you mentioned that the end of file-and-suspend would be happening in six months. I am concerned about the impending deadline. Can you explain exactly when it is and what it means for those who would still […]
Long-Term Care Insurance: Yes or No?
Q. Long-term care is a subject we’ve been avoiding for years, but as we are getting older and less able to do things for ourselves due to physical ailments, my wife and I finally sat down to talk about it. At first, long-term care insurance policies that help pay the costs of extended nursing care […]
Top 15 Articles of 2015
From the 50th birthday of Medicaid and Medicare and the 80th birthday of Social Security to the once-a-decade White House Conference on Aging, we covered a lot of ground in 2015. It was a year that included a new act being passed in Virginia to help special needs families, overtime pay for caregivers, and amazing new technological innovations to help seniors age-in-place. At the Farr Law Firm, […]
What Type of Baby Boomer are You?
Baby boomers, or those born between 1946 and 1964, make up nearly 30% of the U.S. population. With this group reaching retirement age, new concerns are emerging when it comes to planning for retirement and long-term care. Recently, 3,300 respondents participated in a landmark study, “Health and Retirement: Planning for the Great Unknown,” conducted by […]
Seniors Should Consider Cruise Ships Rather than Nursing Homes
About 2 years ago my wife and I were on a cruise through the western Mediterranean aboard a Princess liner. At dinner we noticed a senior lady sitting alone along the rail of the grand stairway in the main dining room. I also noticed that all the staff, ships officers, waiters, busboys, etc., all seemed […]
New Case Showing Why Domestic Asset Protection Trusts (DAPTs) Don’t Work!
Dr. Charles Dahl and his wife Kim were married for eighteen years. In 2002, Charles executed a trust entitled “The Dahl Family Irrevocable Trust” that named Charles as Settlor, his brother Robert as Investment Trustee, and Nevada State Bank as Qualified Person Trustee. The trust also named Nevada as the domicile (the state where the […]
Did I Read That Right? Rates for Long-Term Care Insurance Rose 9% This Year!
Q. My wife and I like to plan ahead. Unfortunately, both of her parents and three of her aunts died of Alzheimer’s, and we want to make sure we are prepared should one of us need long-term care in the future. We are aware of the astronomical costs of long-term care and are considering LTC […]
Before You Sign a Continuing Care Contract
Continuing Care Retirement Communities (CCRC), also known as Life Care Communities, offer older adults a spectrum of services and care facilities, typically starting with independent living arrangements, then advancing to assisted living, and then progressing ultimately to nursing home care. In CRCCs, the shelter and services are offered under a contract that lasts for a […]
Long-Term Care Insurance- The Good, the Bad, and the Ugly
November is Long-Term Care Awareness Month, a continuing effort to raise public awareness about long-term care insurance and planning. Statistics show that more than 70% of people age 65 or older will need long-term care sometime in their future. That statistic alone dictates that you need to have a plan in place. With long-term care […]
Listen to Evan H. Farr, CELA being interviewed on 1500 AM (Federal News Radio) on Sunday, October 5!
On Sunday, October 5 at 10:30 p.m, I will be the guest on “Of Consuming Interest” hosted by Shirley Rooker, radio host and President of Call For Action, Inc. On her show, Ms. Rooker typically interviews top government officials, CEOs, and experts in their respective fields about topics that are of interest to consumers. […]
Common Misconceptions about Revocable Trusts
Recently, CNBC posted an article on their Website about the benefits of trusts, entitled “Heir Tight: The Do’s and Don’ts of Creating Rock-Solid Trusts.” The article provides some very good information about why most people should have a trust; however, there are some misconceptions when it comes to Revocable Living Trusts and what they protect […]
“What if I can’t qualify for long-term care insurance?”
The Living Trust Plus™ is a revolutionary asset protection trust, designed to help the middle class protect assets from the devastating expenses of long-term care. If you’ve attended one of my seminars you are already familiar with it. To brush up your knowledge on what we refer to as “Medicaid Asset Protection,” please visit […]
Free Seminar: Who Will Pay for Your Long-Term Care?
Nursing homes are a common solution when it comes to long-term care, and a good elder law attorney should help you plan for how to make this possibility happen. It’s common for people to think that the government will simply pay for their needs or that a nursing home isn’t any more expensive than renting an apartment. Both ideas are usually untrue. For example, here in Northern Virginia a nursing home can cost around $10,000-$12,000 per month!