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(281) 885-8826 or click here to schedule your consultation with our experienced estate planning and elder

Before revoking and/or updating your current estate planning documents, be sure to consult with your elder

Transfers: Talk to an Elder Law attorney to learn about Medicaid guidelines that are applicable for your In addition, if you or a loved one is a veteran or the widow of a veteran, have the Elder Law attorney

Taxpayers 65 and older qualify for a larger standard deduction on their federal tax returns, and many Sometimes other discounts can save older consumers more money. Turning Half a Year Older Matters.

Call us today at (281) 885-8826 or click here to schedule your strategy session with our elder law attorneys

The maximum 401(k) contribution for someone 50 or older in 2016 is $24,000 (the standard $18,000 maximum The maximum IRA contribution for 2016 (and for 2015) for people 50 or older is $6,500 (the standard $5,500

A third of Americans age 65 and older took no retirement income from their nest eggs during the past Also, you might spend less on big vacations and other active pursuits as you get older.

The good news is that you’re going to live a long life. The bad news is that you may face the difficult transition of requiring nursing home care without having the assets to pay for this. If you have no assets, Medicaid will pay for nursing care—but only after you’ve spent most of your own resources. The US News article, “What to Consider If You May Depend on Medicaid for Nursing Care,” says that trying to qualify for Medicaid can be tough, and it may leave your spouse or heirs with less than you’d imaged. For that reason, you should plan for the possibility that you’ll outlive your assets for years or decades. Your planning should start while you’re still young. Almost every American, regardless of income or assets, is eligible for Medicare to cover his or her health care in retirement. Medicare covers doctor visits, treatments, hospitalization, and drugs. It also covers a short-term stay in a nursing home for rehab, but it does not pay for any type of long-term care. The cost of nursing home care averages $225 a day for a semi-private room, which will quickly consume a modest estate. Medicaid covers medical care for poor people of any age and will pay for long-term care in a nursing home. However, this is only for those who meet specific asset and income guidelines, which vary by state. Medicaid is designed to protect those with limited incomes, but planning could be the difference between keeping the family home for the next generation and being forced to sell. Planning for end-of-life care should be part of retirement and estate planning. Talk with an attorney who specializes in Medicaid planning. Remember that not all facilities accept Medicaid patients, and they’re not required to accept it. Some facilities only have a certain number of beds for Medicaid patients. Eligibility rules and asset limits vary by state, and most let you keep your house and some assets and still qualify for Medicaid. However, the state will look back five years to determine your eligibility for Medicaid, meaning the state will analyze the assets you’ve given away or otherwise disposed of in the past five years. Also, if you sell assets at less than market value to heirs or otherwise give away assets, it might delay your Medicaid eligibility. The asset calculations will consider a healthy spouse. Typically, a healthy spouse can keep half of the joint assets up to a certain ceiling plus enough income to live on when his or her spouse qualifies for Medicaid. This amount may vary by state and situation. In addition, the state may try to recoup its cost after your death, either through filing a claim against the estate or filing a lien against property; however, the property usually is safe as long as the surviving spouse is living. Transferring assets to children may have tax consequences, such as capital gains and gift taxes. Typically, it’s not a good strategy to gift highly appreciated assets. You may want to spend down assets on long-term care insurance if you expect to outlive your assets. This might be preferable to Medicaid. Some hybrid products combine life insurance and long-term care or annuities and long-term care. The size of the death benefit is based on if the long-term care is used. Reference: US News (June 9, 2016) “What to Consider If You May Depend on Medicaid for Nursing Care” #PayingforaNursingHome #GiftTax #MedicaidPlanningLawyer #CapitalGains #LifeInsurance #MedicaidNursingHomePlanning #ElderLaw #estateplanning #LongTermCarePlanning

other elderly relatives, it may be extremely helpful to speak with a knowledgeable and experienced Elder

These include waste (significant damage or devaluation of the property), abuse, or neglect of the property

As WMUR9.com explains in “Money Matters: NH health surrogacy laws,” this person is known as a surrogate decision-maker. He or she has the same authority as an agent named in a durable power of attorney for health care. The degrees of family relationship that determine how a surrogate is chosen are in the following priority order: Spouse, civil union partner, or common law spouse (if no divorce proceeding, separation agreement or restraining order); An adult son or daughter of the patient; A parent of the patient; An adult sibling of the patient; An adult grandchild of the patient; A grandparent of the patient; An adult aunt, uncle, niece, or nephew of the patient; A close friend to the patient; An agent with financial power of attorney or a conservator; or The guardian of the patient’s estate. If there’s more than one surrogate candidate at the same priority level, it becomes their combined responsibility to make a reasonable effort to come to a decision on their loved one’s care. The start of a guardian proceeding places the surrogate’s authority on hold until the outcome of that hearing. Once named, a surrogate may act up to 90 days. This ability terminates if: The patient regains health; A guardian is appointed; or The patient is near death. A patient may always reject the surrogate, and even though there are default provisions in place, healthcare providers must still undertake “reasonable inquiries” as to whether the patient has an existing guardian or authorized agent under DPOAHC. If they don’t find any, they may identify a surrogate. At that point, the provider names the surrogate and that person is recorded in the patient’s medical records. The physician may revoke the surrogacy if the surrogate is unwilling or can’t act. If a person does decide to prepare a DPOAHC, then the selections need to be reviewed regularly. This is an important document to have, so discuss its ramifications with an estate planning attorney and ask about other estate planning documents such as wills, durable powers of attorney for finances, and perhaps a trust. Reference: WMUR9.com (March 3, 2016) “Money Matters: NH health surrogacy laws” #AssetProtection #Guardianship #ProbateCourt #LeagueCityWills #Inheritance #ClearLakeEstatePlanningLawyer #PowerofAttorney #Trusts #ElderLaw

Compare that with about one-third of those who are age 30 or older.