For many people, the solution is Medicaid. This jointly administered federal/state government health insurance program will pick up the tab for long-term care costs if you can qualify. However, it takes careful, informed planning to obtain Medicaid eligibility without losing anything in the process, because there is a $2000 limit on countable assets.The good news is that many things that you own do not count. Your home is not a countable asset, but there is an equity limit that changes slightly … [Read more...] about Is there a solution?
Unfortunately, Medicare will not pay for everything in full. There are a number of different out-of-pocket expenses that must be paid by the benefit recipient. These would include copayments, deductibles, and monthly premiums. Plus, there is a huge gap in the Medicare program, and it is one of the most important elder law issues of our day.According to the United States Department of Health and Human Services, most people that are fortunate enough to reach the age of 65 will someday need living … [Read more...] about Will Medicare pay for all of my medical expenses after I enroll in the program?
If you work and pay taxes for at least 10 years, you will become eligible for Social Security and Medicare when you become old enough to receive your benefit. At the time of this writing in 2018, the age of eligibility for Medicare is 65, and this applies to everyone, regardless of the year of your birth. … [Read more...] about What about Medicare eligibility?
The answer is no if you do not have any other source of income, and the level of expenses that most people have to address. Right now, the average Social Security benefit for an individual is $1404 per month. This equates to $16,848 per year, which is certainly not enough to maintain any type of reasonable lifestyle in the United States. … [Read more...] about Will I be able to retire when I start receiving my full Social Security benefit?
This seems like a simple, straightforward question, but it is actually more complicated than it sounds. When it comes to your full benefit, it all depends on the year of your birth. For people born in 1954 or earlier, the age of eligibility is 66 under currently existing laws. It then goes up by two months per year, so if you were born in 1955, you become eligible two months after your 66th birthday. This arrangement stops in 1960; people that were born during this year and after become eligible … [Read more...] about When will I become eligible for Social Security?
Yes. If you’re part of the Lesbian, Gay, Bisexual, and Transgender community, a Living Trust offers protection for your estate, as well. It will completely eliminate a living probate, a death probate, and you can minimize or eliminate estate taxes. Further, it provides privacy from prying eyes. … [Read more...] about Is a Living Trust a good idea for a LGBTQ person?
Yes. The default in state law, called “intestacy,” is designed with married couples in mind. If a married couple dies without any estate plan, the survivor will get a good portion of the assets left behind. However, if you’ve not married, or you are in a state that does not recognize domestic partnership or civil union, your survivor would get nothing. Instead, the family of origin of the partner who died would get anything in that partner’s name, including bank accounts, real estate, etc. … [Read more...] about Do unmarried couples have to plan more than married couples do?
Only your Will is a matter of public record. Your Revocable Living Trust and your Powers of Attorney are not public. Therefore, by using a Revocable Living Trust you can maintain the privacy of your wishes. Prying eyes of co-workers and neighbors will not have access to the details of your estate plan. … [Read more...] about Are my estate planning documents a matter of public record?
Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In addition, anyone can make a gift to any other person, called the Annual Gift Tax Exclusion, without … [Read more...] about Is there a tax if I give some of my property to my spouse or partner?
Unless your spouse or partner has adopted your minor children, a court would decide what would be in the child’s best interest. Typically, your family of origin and that of the child’s other biological parent are given preference by the court. However, in your last Will, you can nominate your spouse or partner to be the guardian for your minor child. The court will then give weight to your suggestion while weighing what is in the child’s best interest. … [Read more...] about Will my spouse or partner be appointed guardian of my minor child?