The Five Components of a Good Estate Plan

      Many people believe that their estate planning is complete if they have a will, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if you have to move into a nursing home and appoint someone to act for you […]

States With the Highest and Lowest Assisted Living Costs

         Today, 58 million adults in the United States are 65 and older. Seniors make up more than 17 percent of the American population. The U.S. Census Bureau expects this number to reach 83.7 million by 2050. Meanwhile, one in every seven older adults must rely on long-term care services in their later years. As a result, […]

When Should You Purchase Long-Term Care Insurance?

         Long-term care insurance can cover nursing home bills, assisted living fees, and in-home care, providing financial support if you require assistance with daily living when you get older. However, it can also be expensive. Determining the best time to buy long-term care insurance can help you manage your finances effectively as you prepare for […]

Long-Term Care Insurance: An Introduction

With nursing home care in some parts of the country costing as much as $10,000 a month, a long-term need for care can deplete even the best-planned estate. As a result, many seniors buy long-term care insurance to cover this risk. One great advantage of this insurance is that most policies now cover home care, […]

Avoiding Property Tax Foreclosures for Older Adults

         If you are a homeowner falling behind on your real estate taxes, you may face foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford. Before your situation becomes more serious, be sure to educate yourself. Get a […]

Elder Law: Can Medicaid Take Your House?

Nursing home residents do not automatically have to sell their homes to qualify for Medicaid. However, that does not necessarily mean the house is entirely safe from estate recovery. The state will likely put a lien on the house while the resident is living and then attempt to recover the property after the resident has […]

What To Do When a Loved One Passes Away

While the exact rules of estate planning differ from state to state, the key actions include: While some of these steps can be avoided through trusts or joint ownership arrangements, whoever is left in charge still has to pay all debts, file tax returns, and distribute the property to the rightful heirs.  We have created […]

How the Housing Crisis Affects Older Adults

         Americans are not only living longer, but the number of people aged 65 and older is also growing. It’s a trend that will continue over the next decade. Longevity among seniors raises major questions, including how aging people will be able to continue to afford housing and receive support in their later years. A […]

Medicaid Estate Recovery and Medicaid Payback Rules

         Federal law requires each state to attempt to recover long-term care benefits from Medicaid recipient’s estates after their death. This is known as Medicaid estate recovery. If a Medicaid recipient had failed to protect their house, it may need to be sold to settle the claim. Who Does the Medicaid Estate Recovery Program (MERP) Affect? […]

Protecting Your House from Medicaid Estate Recovery

         You may have heard the term “estate recovery” before and wondered what it meant. This is a process that can occur after a Medicaid recipient dies. Their state may attempt to recoup whatever benefits it had paid for their care from the deceased person’s estate. For most Medicaid recipients, their house is the only […]