Uncategorized
Benefits of Long Term Care Insurance
In our last blog we discussed the rising costs of Long Term Care Insurance (LTCI). In this article, we would like to point out the importance of this insurance to drive home the point that if you are in the age bracket where the premiums make economic sense for you, then you should definitely consider […]
RISING COSTS OF LONG TERM CARE
A recent article in Yahoo Finance[1] covered the stories of two families with senior parents confronted with the rising costs of long term care. One family spent nearly $300k even with long term care insurance (LTCI) which wiped out the parent’s savings in two years instead of the expected ten years. The other family chose […]
What you need to know about 529 Plans and Medicaid Eligibility.
When 529 Plans are established by a parent or a grandparent for a disabled child or grandchild, it is not considered a countable resource for the child receiving government benefits. However, be careful, because it is a countable resource to the parent or grandparent. This means that if a parent or grandparent has established this […]
CONTRACT TO MAKE A WILL – How to ensure that children from a previous marriage receive their rightful inheritances!
NJ has adopted the Uniform Probate Code Section 2-701 which allows for spouses to contract to make a will. This is especially helpful in situations where there may be some concern that the surviving spouse might change his or her Last Will and Testament after the death of the first spouse. This is typically seen […]
Federal Benefit Programs – What you need to know about those programs that can affect the elderly
There are five principal federal government benefit programs: Medicare – this is a program that provides health insurance for Americans aged 65 and older who have worked and paid into the system. Medicare Part A pays for hospital, limited home health and skilled nursing facilities and Hospice care for the aged and disabled; Supplemental Medical […]
General Durable Power of Attorney: What Is It And Why Should You Have One?
A general durable power of attorney is a legal document authorizing someone (called your Agent or Attorney-in-Fact) to manage your financial affairs on your behalf. This individual can perform any actions that you could do for yourself, such as signing checks, buying or selling real estate, depositing or withdrawing funds, even run a business! The bonus […]
The Need for Long-Term Care Planning
Many people are under the impression that long-term care planning is not necessary or that it is only needed by those individuals approaching older age. The reality is that due to a disability or the aftermath of a sudden accident, people of all ages might sometimes find themselves in need of long-term care services. In […]
Planning Ahead for Healthcare Decisions
There are two important keys for factoring in healthcare decisions late in life. These are the living will and a healthcare proxy. They not only provide directions for someone’s care, but they also keep decisions from being made in expensive court proceedings. […]
Tips for Succession Planning: Getting Out and Moving On
There are plenty of stories about the challenges of moving on from a business when it’s time to leave, but there are also more positive stories about proven paths for successful business exits. One such example is that of Arbor Investments LLC in Michigan after the sale of 208 Arbor Drug Stores in 1998. […]
Beware of These Fraud Schemes Targeting Seniors
Unfortunately, when it comes to fraud, there is a perfect storm targeting senior citizens. Many of the scammers who target this population are extremely crafty and have compelling stories and displays to make it look as if their operation is legitimate. Steering clear of these situations can be difficult; read on to learn more. […]
