If you’re looking for a way to bring up the topic, you might consider sharing a recent issue of our newsletter, like the October issue that focuses on Family Matters.
The decision applies to annuities, which are irrevocable and nontransferable. In Lopes v. Starkowski [No. 3:lO-CV-307 (JCH)], the United Stated District Court in Connecticut ruled that the income stream from an unassignable immediate annuity is not an asset for Medicaid eligibility. As precedent, it cites a Third Circuit opinion —James v. Richman [547 F.3d 214 (3 Cir. 2008)]–which held that under the Supplemental Security Income program, “an unassignable annuity’s income stream would be treated as income and not as an asset.” But the new District Court decision went further, by stating that “it would be incongruent with the principles of…
The remaining months of 2010 may prove an uneasy time for tax and financial planning – with the status of Bush-era tax cuts and the possible return of the estate tax hanging in the balance while a “lame duck” congress still has the wheel.
Everyone understands sales people, including those in finance and insurance, make money when people buy their products or services. But residents of senior living communities – such as the 94-year-old mother – can be especially vulnerable targets.
The challenge is daunting; however, not doing anything can be worse. Sometimes, having a professional elder care attorney and care coordinators can help with the situation.
Long-term care insurance (LTCI), also known as nursing home insurance, is the only form of insurance that will pay for long-term nursing home care. If you are single, the odds are 50 percent that you will need long-term nursing home care at some point in your life. If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term nursing home care. The average nursing home stay is 2.5 years, at an estimated national average of more than $75,000 a year. And yet, most people do not have long-term care insurance. One…
Strategic use of life insurance frequently is a key aspect of comprehensive estate planning, solving a wide variety of estate planning challenges from providing liquidity to pay estate taxes, to charitable bequests and ensuring the continuation of a closely-held business. One of the key characteristics of life insurance, however, making it such a versatile estate planning tool, is preferential tax treatment. Properly structured, life insurance proceeds pass tax-free to beneficiaries, and earnings on investments held within certain types of “permanent” life insurance also generally accrue tax-free. According to a recent article in The Wall Street Journal, there is some national…
"Despite their growth and the fact that women lead some of the strongest and most innovative companies, women-owned firms continue to be underrepresented in the federal contracting marketplace," according to SBA Administrator Karen Mills, recently quoted on GovernmentExecutive.com. On Monday, Oct. 4, the SBA filed a final rule creating a long-awaited procurement program, which focuses on 83 industries in which women are underrepresented in the federal contracting marketplace. Program participants will be eligible for set-aside deals of less than $3 million for most contracts and $5 million for manufacturing. To be eligible for the program, a firm must be 51…
However, this is not reality. The obligation for caring for elderly parents never goes away.
Senior Life Care Planning offers a wide range of services to help maintain their client’s independence at home, or to advocate for their client’s rights and quality of life, at an assisted living facility or nursing home.
Frederick, MD 
301-663-9230