Elder law is an area of legal practice that specializes in issues that affect the elderly. The purpose of elder law planning is to prepare the elderly person for financial freedom and autonomy through proper financial planning and long-term care options.
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum retroactive payments option that’s worth six months of benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment. If you have waited beyond your full retirement age (66 for those…
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the “snapshot” date and it can have a major impact on a couple’s financial future. Medicaid Eligibility for Couples…
To leave a nursing home and return home is a goal for many residents and their families, but it requires careful consideration. While returning home is a good move for some, it won’t work for everyone. A nursing home stay does not have to be permanent. Many residents enter a facility temporarily to recover from…
Given the current seller’s market, I thought it would be helpful to bring back an article that I posted three years ago. It is about how capital gains relate to real estate sales, but this time with a twist! Does The Capital Gains Tax Law Still Exist? How many of you have heard that you…
The Biden administration has announced far-reaching nursing home reforms, targeting staffing and accountability at facilities with deficient care. Advocates are calling the proposals, which include the first-ever federal minimum staffing levels, the most significant reforms in decades. Why Is Nursing Home Reform Necessary? Nursing homes have been plagued by chronic understaffing and high turnover rates…
Working elders without dependents may qualify for the earned income tax credit when they file their 2021 tax returns. The tax credit assists those with low incomes but was previously primarily available to people with young children. How Will The Earned Income Tax Credit Benefit Elders? If you file taxes and your earned income is…
