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Kiplinger’s recent article, “Rolling over Retirement Savings to a Health Savings Account,” advises that you can make a tax-free rollover into an HSA (health savings account) from an IRA—but not from a 401 This year you need to have a health insurance policy with a deductible of at least $1,300 for individual Reference: Kiplinger’s (April 20, 2016) “Rolling over Retirement Savings to a Health Savings Account”

Yes, you should have an up-to-date will, a durable power of attorney for health care (also called a health care proxy), and an advance health care directive (“living will”) for estate planning purposes, says Other financial assets like life insurance proceeds and funds from retirement plans are also automatically agent has the authority to make decisions according to your wishes by a durable power of attorney for health There are online services that have templates for wills, powers of attorney and health care directives

If your parent has long-term care insurance, check to ensure that it covers assisted living or home health Long-term care insurance will generally kick in if your parent needs assistance with “activities of daily Even with long-term care insurance, your parent may face a deductible or an elimination period, which Medicaid: If your parent does not have long-term care insurance and is facing a stay longer than 100 Do they have an end-of-life plan, long-term care insurance, and an estate plan?

Appoint a Durable Power of Attorney for Health Care. This details the medical care you would want if you become unable to make your own health care decisions This should include all of your financial accounts, insurance policies, and contact information for any let you to state your wishes in detail—from the food your pet likes to veterinarian information and health and state and federal laws concerning estate taxes change, you need to review your plan annually to ensure

Included in these options are long-term care insurance, nursing home Medicaid planning, asset protection We encourage all of our clients to obtain long-term care insurance, as our experience has shown that We recommend all of our long-term care planning clients begin by assessing their finances, their health , and the health history of their family to get a big picture of what they might need for the future. Finally, we recommend you contact an experienced long-term care planning attorney to ensure your wishes

There’s quite a range of prices for Medicare supplement insurance (Medigap) policies, and there’s a good However, the options might be limited based upon your health and the state where you reside, says Kiplinger ’s recent article “How to Save on Medicare Supplement Insurance.” Some folks who are healthy and around 65 can get a new Medigap plan, but other insurance companies won See if your insurer will allow you to switch to a less expensive policy.

Insurance and estate planning have taken on greater importance, and retirement is no longer so far away Insurance is critical, so get enough life insurance to cover the mortgage, day-to-day living expenses Projections should include tax calculations, changes in insurance needs, and the likelihood of higher health care costs. Also, look at long-term care insurance to hedge against the cost of future health issues that might require

Medicare Doesn’t Cover All of Your Health Costs. The average 65-year-old couple will pay about $240,000 in out-of-pocket costs for health care during Look into purchasing a Medigap supplemental insurance policy to cover some of your out-of-pocket costs There’s also Medicare Advantage, which provides health coverage through a private insurer. Consider buying a long-term-care insurance policy.

They offer meals, supervised outings, and sometimes health services. Remember that Medicare doesn’t pay for personal or homemaking care, but it does cover home health care is established and reviewed by a doctor, and they must be provided through a Medicare-certified home health Long-term care insurance also pays for in-home care, but you may have to wait up to 120 days, depending Talk to your parents while they are still healthy about their expectations for later care and how they

Together, you have put insurance policies in place for health, life, and disability. be familiar with include your will, medical power of attorney, statutory durable power of attorney, insurance Understand How Life Insurance Works If you and your spouse have life insurance, be clear on how it is Life insurance is an important component of any divorce settlement, to guarantee the continued flow of Having a trust as owner of the insurance policy is a great way to avoid gaps and pitfalls in insurance

in order so you can protect your wealth and pass it on to future generations. You can use trusts, LLCs, and other entities to shield your wealth and ensure it is passed on to your Insurance planning — Insurance planning can help you ensure that your loved ones are provided for after You can use life insurance , disability insurance, and long-term care insurance to protect your family By employing specific estate planning tools, you can ensure your wealth is used according to your wishes

It’s all about making big decisions for your family’s future and guarding the wealth you have built over A will is pivotal in ensuring your wishes are honored. But it’s not a catch-all solution. Alternatively, document them in a separate, easily accessible place to ensure they are respected and Beneficiary Designations Certain assets, including life insurance payouts, retirement accounts, and payable-on-death From drafting wills to creating advance health care directives, we are committed to ensuring that your