As it turns out, Sophia, Blanche, Dorothy and Rose were ahead of their time! Yes, those Golden Girls of the 1980s were on to something that has become a growing trend of aging baby boomers. When the four savvy women decided to move in together and build a sort of ad-hoc “family,” they were simply doing (more than three decades ago) what an increasing number of seniors are doing, or considering doing, today. Sociologists and popular social critics alike have been discussing the erosion of the nuclear family for years but here is a new twist: what is to become…
As you grow older, your legal needs increase dramatically. You need to think about protecting your aging parents, your family, securing your assets for the future, and planning for your own future retirement and ongoing needs. With all these things to consider, you need a life care planning lawyer, not just an elder law attorney, who has the knowledge and experience to guide you through this confusing aging maze. With some basic tips, you can find an excellent life care planning lawyer that will give you peace of mind through sound advice. All life care or elder law attorneys are…
Most lawyers do not concentrate only elder care issues. Asking the right questions at a consultation can help you choose the right elder care attorney for your needs. What Elder Care Services Does The Firm Provide? Many law firms state they handle elder care cases. However, most firms do not have lawyers or staff who specifically work in the needs of the elderly. Therefore, ask about the firm's attorney and staff, what specifically do they do, Medicaid, Asset Protection, Life Care Planning, Care Advocacy, Veterans Benefits? The State of Maryland and the Federal Government has numerous laws affecting the elderly….
Elder Care Attorney, David Wingate, of Senior Life Care Planning, will present a free workshop on “Life Care and Medicaid Planning,” at 10.00 am on March 15 th at Senior Life Care Planning’s Frederick office, and on March 16 th at Senior Life Care Planning’s Rockville office. This workshop is designed to help seniors and their loved ones learn about protecting hard-earned assets from the staggering costs associated with long-term care, whether for assisted living, nursing home, or in-home care. The laws have changed, and attendees will discover that good planning opportunities still exist for those who plan ahead, as…
SmartMoney recently ran a reminder to all possible victims of the estate tax. The fact is that you could have a taxable estate, and not even realize it. Most people assume that since they don’t “feel” wealthy, they don’t have to worry about estate taxes — but they don’t actually do the math. Your “taxable estate” includes (minus liabilities): proceeds from life insurance policies; your primary residence and any vacation and/or rental properties; retirement accounts, investment accounts; cars, furniture, collectibles, and the rest of your “stuff.” Plus any private business ownership interests (such as shares in a family business or…
If you are dealing with some of the thorny family issues that often arise as loved ones age – such as disputes over inheritances, where an elderly parent may live, what type of care may be necessary, and who will pay for it – you are not alone. And if you think your family could use a “professional referee,” it may be time to consider consulting an “elder mediator.” According to a recent Wall Street Journal article, elder mediators say their profession is growing as baby boomers seek help with their aging parents. “Our clients tend to be well-educated, successful…
As the old saying goes, “If you’re giving while you’re living, then you’re knowing where it’s going.” But the new tax legislation passed in December makes gifting even more attractive for wealthy families. A recent article in the Wall Street Journal, “The $5 Million Tax Break,” points out why lifetime gifting is suddenly so attractive under the new laws. It’s a good article, worth reading, but here are the high points, in a nut-shell: For the next two years, the gift-tax exemption jumps to $5 million from $1 million for individuals, and to $10 million (up from $2 million) for…
My goal is to dispel the Medicaid Myths: 1. Myth: “Medicare will cover my nursing home bill." The Truth: Medicare only covers a small amount of the nursing home care provided in this country. Many older people are surprised to learn this. Medicare provides 20 days of full coverage if you spent at least three days in the hospital and need skilled care (not intermediate level care). Then, if you still need skilled care, you can get up to 80 days of partial coverage from Medicare, the co-pay will usually be picked up by your supplemental insurance. After that, you…
In most situations, with proper planning, those who wish to stay at home, will be able to do so. However, if it is no longer a viable option for you to stay at home, you do not have to be forced into a nursing home. It is a comfort and relief to our clients to know that Senior Life Care Planning, LLC has the resources of supportive, knowledgeable and objective advisors to help you through every step in the aging process. Senior Life Care Planning, LLC will provide you with the confidence that you and your families long term care…
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