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Senior finances

When Does Your House Stop Being Your Home if You Have to Apply for Medicaid?  

When Does Your House Stop Being Your Home if You Have to Apply for Medicaid?  

Medicaid is a state and federal program which pays medical costs for low-income adults with or without children. Medicaid also covers people aged 65 and older, blind or disabled, or pregnant and cannot pay their medical bills. However, most people do not realize that Medicaid also pays for nursing home care as well. For seniors who require long-term care and meet the financial eligibility criteria, Medicaid has a program which covers long-term care and pays for almost 100% of their nursing home costs. To qualify for Medicaid, you must have under a certain amount of non-exempt assets. In 2020

10 Questions to Ask an Elder Law Attorney

10 Questions to Ask an Elder Law Attorney

Elder law attorneys cover a wide variety of legal areas, potentially including guardianship, long-term care planning, knowledge of government benefit programs, powers of attorney, estate planning, advance medical directives, elder abuse issues, tax law, retirement and pensions, asset protection, trust planning, and contract law. The American Bar Association has approved the National Elder Law Foundation as the only certifying organization for Elder Law Attorneys in the U.S. At this time, there are just over 500 Certified Elder Law Attorneys (CELAs) nationwide. Other attorneys also cover

Facilitate Life Planning with 3 Vital Steps

Facilitate Life Planning with 3 Vital Steps

Life planning, like so many other things, is often harder to begin than to finish. Society shies away from discussing death and its impact on others. As a result, many things are often left undone until it's too late. In some cases, this just makes it harder for the person tasked with finding and pulling together all the necessary information. In today’s digital age, this can mean assets are lost forever. Step 1. Start the Conversation You can't finish what you never start. To get organized and select an approach that feels comfortable, review the downloadable guides and workbooks offered by

SECURE Act’s Implications for Inherited Retirement Accounts

SECURE Act’s Implications for Inherited Retirement Accounts

The SECURE Act (The Setting Every Community Up for Retirement Enhancement Act of 2019,) a law aimed at improving people’s retirement security, was signed into law at the end of 2019 and has tax implications for those inheriting money from IRAs and 401k accounts. Before, those inheriting such funds could take distributions over their lifetime. But that timeframe has now been reduced to 10 years, meaning that if you’re inheriting an IRA or a 401(k) from someone who passed away on or after January 1, 2020, you’ll need to withdraw those assets within 10 years. They’re taxed as ordinary income and