Can an IRA Affect Medicaid Eligibility?
For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets. If you do not plan properly, IRAs can count as an available asset and affect Medicaid eligibility.
What Are the House Ownership Options When Parents and Adult Children Live Together?
Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, more than 50 million Americans, or almost 17 percent of the population, live in households containing two adult generations. These multi-generational living arrangements present legal and financial challenges around home ownership.
Federal Government Creates New Retirement Savings Option: MyRA
In his 2014 State of the Union message, President Obama announced a new retirement savings program for people who do not currently have an employer-sponsored plan. The new investment product, called myRA, is a starter savings account aimed at low- and middle- income workers.
Can You Appeal If Medicare Refuses to Cover Care You Received?
Sometimes Medicare will decide that a particular treatment or service is not covered and will deny a beneficiary’s claim. Many of these decisions are highly subjective and involve determining.
Price of Long-Term Care Insurance Policy Drops….
Today’s average cost for ‘Best’ coverage for a 60-year-old couple each purchasing $164,000 of immediate coverage that grows to a combined benefit pool of $730,000 ($365,000 each) at age 85, is $3,840-per-year.
New Rules Make It More Difficult to Get a Reverse Mortgage
The new rules are an effort to strengthen the federal Home Equity Conversion Mortgage (HECM) program, which insures almost all reverse mortgages and which has seen default rates rise.
Elder Law Question of the Day
As we age, care needs change. The team at Strohschein Law Group is here to educate, navigate, and advocate individuals on health care needs and changes. It’s important to make good health care decisions, but often we don’t know where to start, especially when those changes happen suddenly.
Probate v. Non-Probate: What Is the Difference?
The probate process includes filing a will and appointing an executor or administrator, collecting assets, paying bills, filing taxes, distributing property to heirs, and filing a final account. This can be a costly and time-consuming process, which is why some people try to avoid probate by having only non-probate assets.
9 (Potential) Problems with Your Trust
It’s a useful exercise to make sure that you understand what is in your trust. Other issues, particularly those related to tax issues, will require consulting with Linda Strohschein. We are hosting a free lunch and learn about the different types of trusts and how to best reach your estate planning goals this Thursday, January 23rd. RSVP today!
Key 2014 Dollar Limits for Medicaid Long-Term Care Coverage Released
The Centers for Medicare & Medicaid Services (CMS) has released the 2014 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep and the limit on how much a home can be worth for its owner to still qualify for Medicaid.