Avsl2971

Author's details

Date registered: November 27, 2012

Latest posts

  1. How Does the Medicaid Look-Back Period Work? — October 27, 2017
  2. How to Deduct Long-Term Care Insurance Premiums From Your Income — October 16, 2017
  3. How to Reverse Medicare Surcharges When Your Income Changes — October 10, 2017
  4. Why You Should Use a Lawyer for Medicaid Planning — October 6, 2017
  5. Preventing a Will Contest When Family Emotions Run High — July 20, 2017

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Oct 27

How Does the Medicaid Look-Back Period Work?

Medicaid Look Back Period

One area that causes a lot of confusion with regard to Medicaid is the look-back period. Medicaid, unlike Medicare, is a means-based program, which means that you are only eligible for it if you have very few assets. The government does not want you to transfer all your assets on Monday in order to qualify …

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Oct 16

How to Deduct Long-Term Care Insurance Premiums From Your Income

Deducting Long-Term Care Insurance Premiums

Taxpayers with long-term care insurance policies can deduct some of their premiums from their income. Whether you can use the deduction requires comparing your medical expenses to your income in a complicated formula. Premiums for qualified long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (including …

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Oct 10

How to Reverse Medicare Surcharges When Your Income Changes

Reverse Medicare Surcharges

What happens if you are a high-income Medicare beneficiary who is paying Medicare surcharges on your premiums and then your income changes? If your circumstances change, you can reverse those surcharges. Higher-income Medicare beneficiaries (individuals who earn more than $85,000) pay higher Part B and prescription drug benefit premiums than lower-income Medicare beneficiaries. The extra amount the …

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Oct 06

Why You Should Use a Lawyer for Medicaid Planning

Many seniors and their families don’t use a lawyer to plan for Long-Term Care or Medicaid Planning, often because they’re afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one. Instead of taking steps …

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Jul 20

Preventing a Will Contest When Family Emotions Run High

Emotions can run high at the death of a family member. If a family member is unhappy with the amount they received (or didn’t receive) under a Will, he or she may contest the Will. A Will contest can drag out for years, keeping all the heirs from getting what they are entitled to. It …

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Jul 12

How Medicare Benefits and Employer Coverage Coordinate

Medicare benefits start at age 65, but many people continue working past that age, either by choice or need. It is important to understand how Medicare benefits and employer coverage work together. Depending on your circumstances, Medicare is either the primary or secondary insurer. The primary insurer pays any medical bills first up to the …

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Jul 12

Relief From Medicare Part B Late Enrollment Penalty Offered to Some

Medicare is offering relief from the Medicare Part B Late Enrollment Penalty for certain Medicare beneficiaries who enrolled in Medicare Part A and had coverage through the individual marketplace. For a short time, these individuals will be able to enroll in Medicare Part B without paying a penalty for late enrollment. Individuals who do not enroll in …

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Jul 12

Are Trusts Still Useful If the Estate Tax Is Repealed?

Estate Tax

With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax.  In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans, it’s already been repealed.  With no estate tax, do you still need a trust? While trusts can be used …

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Dec 22

Lack of a Will Could Mean Chaos for Prince’s Estate

Lack of a Will Impact on Prince's Estate

The famed recording artist Prince died leaving an unknown fortune and possibly no will or estate plan to dictate what to do with that fortune. Prince’s sister, Tyka Nelson, told the probate court in the Minnesota county where Prince lived that her brother did not have a will, which means his estate could be in …

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Dec 05

May Someone With Dementia Sign a Will?

Dementia and Estate planning

Millions of people are affected by dementia, and unfortunately many of them do not have all their estate planning affairs in order before the symptoms start. If you or a loved one has dementia, it may not be too late to sign a will or other documents, but certain criteria must be met to ensure …

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