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But their lives may also include a spouse, children, and a home, which means juggling expenses like mortgage Navigating the complexities of Medicare coverage can be challenging, requiring homework. at long-term care insurance to hedge against the cost of future health issues that might require a nursing home or special home care. Finally, your investment portfolio will need some tinkering.

Can you believe that Uncle Sam wants some of that money back? Retirees Get Some Great Tax Breaks. Some states have special breaks for retirees on sales taxes and property taxes. This type of policy can help pay for home health aides or care in an assisted-living facility or nursing home.

management can prevent families from having to spend all of the assets in order to keep a family member in a nursing home.

These exceptions on home transfers can help you and your family during this time. Transfer the Home to the Right Family Member There are a few types of family members you can transfer your property to: You can transfer it to your spouse who already lives in the home. You can transfer the property to an adult child who has lived in the home for at least two years before You can transfer the property to a sibling with equity interest in the home and who has lived in the

The average annual expense for a semi-private nursing home room is more than $80,000, according to a This means the cost of nursing home care is growing at more than double the rate of overall inflation There are some newer products called hybrids, which add on long-term care benefits to life insurance

Medicaid covers long-term care costs for eligible individuals, including nursing home care, assisted living, and in-home care. Some people think they can simply transfer their property and money to their children to qualify for Medicaid when the time comes for long-term care. Need for long-term care — If you or a loved one needs long-term care for some other reason, planning

should cover is key to creating a plan that is right for you that will work properly when the time comes The following are some common myths that people have about estate planning: Estate Planning Myth 1: “ Should your child turn 18 and leave home to attend college, you do not automatically have the right to ideal estate plan should be designed to avoid probate, save on estate taxes, protect assets from future nursing homes, and appoint someone to act for you if you become incapacitated or disabled.

Some property is termed by Medicaid officials as “exempt” property—to include one vehicle, limited life insurance, a home, a funeral plan and personal property.

Your grandmother unloading her retirement assets on you could actually come back to bite you in the end Some financial assets like the family business could work to earn you an income until your retirement hand, other assets, like the prehistoric jalopy, are a total money pit (not everything is “vintage”; some Some people inherit money, possessions, or property from family members. As a result, these people who were getting Medicaid for nursing homes might lose their housing and health

While hoping a parent regains the capacity to care for themselves is ideal, the reality is that progressive Unsafe living conditions or self-neglect – hoarding, lack of utilities, an unsanitary home, or improper Prioritizing least restrictive care – consider assisted living instead of nursing homes or allow financial This role comes with complex responsibilities but also the immense capacity to uphold dignity and personhood

May is here, and in addition to celebrating the arrival of spring, this month has been designated as Older American’s Month and National Elder Law Month. The theme for Older Americans Month is “Blaze a Trail,” which is exactly what advocates for older adults and their families are doing. The (Carlisle, PA) Sentinel’s article, “Elder Care: Elder law vs. elder care,” says that if you open any telephone book or do a search online, a number of attorneys will advertise the practice of elder law—often thought of as estate planning (wills and powers of attorney) and estate administration (the execution of a will and management of the financial affairs of a person who has passed away). Many times we hear about difficult situations, resolved into neat packages that are each tied with a bow. These are the result of a plan that implements care coordination services in addition to traditional legal services. In many situations, creative thinking and planning by qualified elder law attorneys who are familiar with healthcare and support providers achieves these best possible outcomes. Flexibility and cooperation by service providers is an essential element in achieving success. When obtaining appropriate care is combined with legal and health system knowledge, most family situations involving seniors that don’t fit neatly into a category can be sorted through and resolved by an experienced legal professional. Stress is reduced, and everyone will be as comfortable as possible with the result. Call it elder law or elder care, it often takes both to help seniors blaze a trail in their senior years. Reference: The (Carlisle, PA) Sentinel (April 27, 2016) “Elder Care: Elder law vs. elder care” #ElderLaw #LongTermCarePlanning #PayingforaNursingHome

In addition to warm weather and sunshine, those states offer some of the country’s most tax-friendly Also, you need to consider other forms of insurance because your chances of having accidents both at home