The aging process can be fraught with concerns about finances, the loss of friends and family, and healthcare issues. As the lifespan of an average American continues to increase, these concerns also increase. Living longer doesn’t mean the aging process slows down. It simply means that you will live with concerns that impact the elderly for a longer time period in most cases. Health concerns, for example, may force you to consider long-term care as you get older. Understandably, most people … [Read more...] about Can I Stay in My Home If I Get Sick or Need Assistance?
Medicaid’s use as a funding source for long-term care is increasing, and that has led states to do what they can to reduce associated costs. This has dovetailed nicely with the desire of many people who need care to stay at home, rather than go into a nursing facility. While long-term care is typically provided in special facilities, Medicaid waiver programs allow patients to continue to receive care and funds while staying at home. This reduces costs for Medicaid because there are no facility … [Read more...] about Medicaid in the Quad Cities: Does Medicaid Pay for In-Home Care?
If you are over the age of 65, or are nearing the age of retirement, you should be thinking about your future healthcare costs. Specifically, you should consider the likely possibility that you, or your spouse, will need long-term care at some point in the future. Given the soaring cost of long-term care you need a plan to cover those costs. For many older Americans, that includes incorporating Medicaid planning into their overall estate plan. The reason you need to plan for Medicaid in the Quad … [Read more...] about Quad Cities Illinois Medicaid: Is There an Asset Maximum for Planning and Qualifying?
Healthcare coverage has been at the forefront of the political arena for some time now. Although we enjoy exceptional medical care in the United States, it isn’t cheap. For the uninsured, medical bills can be so high that they lead to bankruptcy. While having health insurance throughout your working years is important, having healthcare coverage during your senior years is even more important. Many seniors in the Quad Cities Illinois depend on Medicare for basic healthcare coverage; however, you … [Read more...] about What Is Medicaid in the Quad Cities Illinois?
When most people think of creating a comprehensive estate plan in the state of Illinois they imagine creating a plan that will provide the framework for a division of their assets when they die. While this is certainly the cornerstone of an estate plan, most people choose to include a variety of other components in their estate plan as well. Medicaid planning, for example, is often a critical edition to an overall estate plan. Because people often put off creating a comprehensive estate plan a … [Read more...] about Is It Too Late to Create a Medicaid Plan in Geneseo IL?
Advances in medicine during the last century have led to an increased life expectancy for Americans. While this is great news for all of us, it also means that there is a good chance you will someday need to find a nursing home for an elderly loved one. Given the fact that your loved one will likely spend the rest of his or her life in the nursing home, finding the right one is crucial. If you have never been through the process of locating and approving a nursing home, it may seem a daunting … [Read more...] about Finding the Right Nursing Home for Your Loved One
In the 21st century, blended families are hardly uncommon. A re-marriage often requires the couple to blend children from previous marriages into a new blended family—a task that is usually not easy. If you are working on creating your own blended family, don’t forget to address some of the estate planning changes that typically come along with a blended family. Some estate planning changes that often accompany a re-marriage are obvious, such as changing gifts in a Last Will and Testament; … [Read more...] about Estate Planning Challenges for Blended Families
When it comes to estate planning, no two plans are the same. Although there are common documents used in estate plans and common tactics employed, at the end of the day, estate plans are as unique as the individuals who create them. For this reason, your estate plan should not simply follow a script. In fact, a military approach to estate planning often works best believe it or not. In the military as well as law enforcement, scenario planning is used to plan for, and predict, outcomes. This is … [Read more...] about Scenario Estate Planning—Why It May Work for You
A comprehensive estate plan should take into account more than just what assets you want to give to whom when you die. Among the issues that must be considered when creating an estate plan are the tax consequences of your plan. Failing to factor in the impact taxes can have on your estate plan could have serious negative consequences. In America, just about everything from birth to death is potentially taxable. Although we all know this, people often forget about the potential tax consequences … [Read more...] about The Importance of Tax Planning in Your Estate Plan
What may turn out to be a landmark case is before the Supreme Court of the United States. The case before the Court certainly has the potential to change estate planning for members of the LGBTQ community. Interestingly, the case itself focuses on estate taxes; however, the implications for same-sex couples go much deeper. The Court heard oral arguments recently in a case that stems from the death of a New York taxpayer back in 2009. The taxpayer left her rather large estate to her partner of … [Read more...] about SCOTUS Case May Change the Rules for LGBTQ Community