Those who read our newsletter or follow our blog know that we covered a lot of ground in 2019. This past year, the Federal Tax Act increased the federal estate and gift tax exemption from $11.18 million dollars per person to $11.4 million dollars per person ($22.8 million dollars per couple). On the gift tax […]
Retirement Expenses You May Not Think About
Dear Angel, My husband and I are planning for retirement and trying to figure out our expenses. We have considered fun expenses, such as travel and hobbies and many not-so-fun expenses, including health care, day-to-day bills, mortgage, and many other things. Are there any common expenses that seniors sometimes don’t think about when planning for […]
Is Care Getting More Expensive or Has it Hit its Peak?
Q. My mother has lived alone for the past three years since my father passed away. She is starting to get lonely and needs more help these days. I recently started looking into in-home care as an option. I knew it would be expensive, but decided it was time to spend the money and get […]
Open Enrollment is Now Much Easier
Nancy had been counting down the days to her retirement for a couple of years now. As the day got closer, she turned in her retirement paperwork to human resources, enjoyed the party her co-workers threw for her, and envisioned all of the lovely things she was going to do now that she no […]
The Long-Term Care Crisis: What you Need to Know
Geri and Dale are both 70 years old and in average health. They both have a history of dementia in their families and they are aware that the need for long-term care for one or both of them one day could be a real possibility. Many people worry about not having enough money in retirement […]
Can I Have a Do-Over When it Comes to Social Security?
Q. I claimed Social Security benefits at 62, and I’m realizing that it’s too early. I am concerned that since I made the decision, I’m going to have to live with it. Will I be stuck with a reduced benefit for life, or can I change my mind? If I can change my mind about […]
Are VA Nursing Homes Free for Veterans?
Q. My father is a Vietnam Veteran who will almost certainly need nursing home care in the future. Will the Department of Veterans Affairs (VA) nursing home system take care of him for free? Are VA nursing homes as good as private ones? Are there many VA nursing homes in the DC Metro area? And […]
The State of Long-Term Care
Susan and Joe never thought that they would need long-term care. They were both healthy eaters, marathon runners, and world travelers. To their surprise, when Joe was 67 years old, he developed Parkinson’s. At first, it wasn’t too bad, and he continued enjoying his hobbies with his wife. But as his condition worsened, his motor […]
What to Do When Long-Term Care Insurance Premiums are Skyrocketing
Q. Last week my friend, Patty, received notice of a substantial increase in her long-term care insurance premiums. She was so upset that she fired off an email to the Virginia Insurance Commissioner, Scott White, exclaiming how appalled she is that he gave his okay to such an egregious increase. Patty and her husband, Frank, […]
The Cost of Long-Term Care is On the Rise
Stanley and June Blum have been married for more than 75 years and are approaching the second century of life. Stanley is 97 and June is 96. Stanley is a retired shoe-industry executive who paints and writes poetry, while June is a psychologist who still works part-time. They own a home in the city and […]
Will You be a Financial Burden to Your Adult Children?
Lois has a long history of money mismanagement, but she’s gotten much better about saving money as she’s gotten older. When her mother died, Lois inherited a modest sum, and was quite disciplined with the money. She didn’t buy the shoes she wanted or take the trip she desired. She wasn’t going to do those […]
2019 Key Elder Law Dollar Amounts
Every year we release the key dollar amounts that are frequently used in elder law, including Medicaid figures, long-term care insurance deductibility limits, Medicare premiums, Social Security Disability, and Supplemental Security Income. Since most of these figures have been released, we are happy to provide details on what has changed for the coming year. Be […]
Things You May Not Know About Long-term Care
With nearly 10,000 baby boomers turning 65 every day from now until 2030, long-term care is a top concern of current and soon-to-be retirees, or at least it should be. You never know what sort of health issues life might throw at you, and even if you’re relatively wealthy […]
Hospitals Must Tell Medicare Patients if Care Is ‘Observation’ Only
Q. My father was in the hospital last month due to a fall in the stairwell at my parents’ split-level home. My mother wasn’t able to lift him herself, so the ambulance came to assist her. They thought he seemed weak and out of sorts, so they insisted on bringing him to the hospital to […]
How to Find the Best Nursing Home for Your Loved One
Q. We are looking for the right nursing home for my mother, but I’m having trouble knowing whether to trust the ratings I see online on the federal government’s Nursing Home Compare website. For instance, there’s a nursing home close to my house that would be convenient, but the ratings are perplexing. Nine reviewers have […]
Red Flags When Choosing a Nursing Home
Dear Ribbit, We are currently looking for a nursing home for my father and we narrowed it down to two. I have made several visits and interviewed staff and residents using your Nursing Home Evaluation Tool. There were certain things I think would make both a perfect fit, and a few things that I am […]
New Resource Will Help Consumers Connect With LTC Insurers
Since 1990, nearly 10 million Americans have purchased a long-term care insurance policy. Unfortunately, when the policies were needed 15-20 years later, many of these people (or their adult children) couldn’t find the copies of them. Until now, no single resource listing phone numbers for the Claims Departments of long-term care insurers has existed. A […]
When Should I Plan for Long-Term Care?
Dear Angel, I read somewhere that I should start planning for long-term care now. I am only 40. That seems young. Is this correct and why? Thanks! Jus Fortee — Dear Jus, What you read is correct. Advisors recommend that clients start planning for long-term care years before they think they will need it. In […]
Do CCRCs (Life Plan Communities) Have a Capitalization Problem?
By Jack Cumming Starting a senior housing enterprise or opening a new facility requires sizable investments in real estate, planning, building, and marketing. It is capital intensive. It is also a trust business in which aging residents entrust their elder years to the care and oversight of others. Trust Responsibility Both the acceptance of advance […]
Can I Use a Health Savings Account to Pay for Long-Term-Care Insurance or a Hybrid Life Insurance Policy?
Dear Angel, I have a Health Savings Account through my work. Can I withdraw money tax-free from my health savings account to pay my long-term-care insurance premiums? If I can, is there a limit to the amount I can use? Does it have to be for a stand-alone long-term-care policy, or can it be for […]
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