Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...]
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]
Estate Planning is Too Important to Procrastinate
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...]
Incapacity Planning
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...]
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...]
How Are You Planning for Long-Term Care (LTC) Expenses?
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here are possible paths for covering those potential costs. How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...]
Special Needs Trusts in Hauppage NY: Its Role in Estate Planning
Special needs trusts in Hauppage NY – also referred to as supplemental needs trusts – are designed to provide clarity in one’s expectations when he’s disabled. It is sometimes used as part of a will; however, it’s always deemed part of a total estate plan. These important documents allow one with a physical or mental disability – or one who has a chronic or terminal illness – to ensure his wishes are being met in terms of assets held in that trust. They’re also typically safe from inclusion … [Read more...]
Millions of Seniors Living in Poverty
The recession might be over, but you might have a hard time convincing many seniors who are living in or right at the poverty rate. A new study completed days ago shows a less than pretty picture. The reality of long-term repercussions are alarming and the potential unexpected realities might give new meaning to estate planning and asset protection. If you're thinking this will affect your parents and grandparents, you're right – but make no mistake, this is sure to affect you, your children and … [Read more...]
Assets as Gifts for Medicaid Qualification?
Medicaid, as we know, is a public health care program for families or individuals that's overseen on the federal level. There are mandatory compliance issues that play into the approval process as well and failure to comply with those issues can jeopardize one's eligibility. There are asset levels that are determined by incorporating everything from the applicant's home, any stocks he may own, bank accounts, and any other asset (with a few exceptions). In order to qualify, many discover they … [Read more...]
