CMS's Updated Financial Guidelines for Community Spouses in 2020
The Centers for Medicare and Medicaid Services have just released their guidelines regarding the “community spouse” for 2020. A “community Spouse” is the spouse of a Medicaid recipient who is living in a nursing home. There is an allowance threshold that applies to the community spouse, known as the CSRA or community spouse resource allowance […]
Social Security- Is There a Right and a Wrong Time to Collect?
Knowing when to claim social security can be a confusing scenario. Many would-be retirees don’t realize the repercussions of collecting too early. “The consequences of claiming Social Security too early can be big. The report found that collecting benefits at the wrong time causes retirees to collectively lose $3.4 trillion in potential income (an average […]
Is a Pre Paid Funeral Plan Right for You?
As we get older, and perhaps have to plan a funeral for a loved one ourselves, many people are thinking far ahead and planning and pre-paying for their own funerals. If you have had to go through the process of planning a funeral for a loved one that has passed, you know how difficult it […]
Are You a Grandparent Raising Your Grandchildren? You May Qualify for the Earned Income Tax Credit.
There has been an uptick in the instances of grandparents raising their grandchildren. According to an article by AARP and Dr. Andrew Adesman, MD, “A large and increasing number of mothers and fathers aren’t able to meet the responsibilities of parenthood, prompting their own parents to take on the primary caregiver role for their grandchildren.” […]
What exactly is SSDI?
It is easy to confuse Supplemental Security Income aka SSI with Social Security Disability Insurance, aka SSDI. SSI is for people with disabilities that have minimal means; SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources. SSDI pays cash benefits to those who are unable to work […]
Beyond Generous, Creating a Trust for Gifts to Your Grandchildren is Financially Smart
The financial stability to leave our grandchildren an inheritance is something we all aspire to be able to do. We want our loved ones to have something to remember us by and leaving a sum of money is a common choice. Setting up a trust is often overlooked in the planning process. There are tax […]
Are Wanderlust and Retirement Crossing Paths for You?
Do you dream of retiring to some foreign land? Maybe in South America, Europe, or perhaps the Caribbean? It isn’t uncommon. As reported recently in an article by The Week, “As of April 2019, the Social Security Administration was sending 685,000 payments to beneficiaries overseas — a 40 percent increase over the past 10 years”. […]
The Medicaid “Look-Back” Period and the Impact it has in Regards to Your Eligibility Determination
The terms Medicare and Medicaid are sometimes used interchangeably when, in fact, they are very different programs. Medicaid is a means-based program designed for those who have very few assets. As such, penalties are in place to avoid people from taking advantage of the system. Transfers of all amounts and reasons are heavily scrutinized by […]
Have you Planned Your Celebration of Life?
Okay so we’re happy you are reading this- we understand there are a million things out there you’d instead be reading- heck doing- other than reading about the importance of planning your funeral. First of all, calling it a “Celebration of Life” makes it less morbid and more comfortable for people to relate to (think […]
How Can I Keep my Home Safe from Medicaids’ Grip
A common perception of applying for Medicaid and moving into a nursing home is that you will lose your home. While you aren’t required to sell your home to qualify for Medicaid nursing home care, the state could potentially make a claim against your house upon your passing. People’s first inclination is often to give […]
