Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5%, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare costs increased on November 12, 2021. The steep hike is attributed…
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Even though most people don’t plan on getting a divorce when they first tie the knot, it is a reality for many couples. While we do not practice family law here at Reed Wilson Case, and cannot help with a custody schedule, those crucial estate planning documents that you may or may not already have…
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When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level of care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you must meet the level-of-care…
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Whether you are putting together your own Will or standing to receive assets left to you by someone else, you may wonder what the actual difference is between a beneficiary vs an heir. Some people may use the terms interchangeably, however, heirs and beneficiaries are not the same thing. Not all heirs are beneficiaries, and…
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The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will increase by 5.9 percent, the sharpest…
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Many families mistakenly believe that receiving an inherited property is as simple as listening to a reading of the Will and then that property magically belongs to you and you can do whatever you want with it. Sorry to burst that bubble, but a reading of the will is not a real thing – that’s…
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Part of my estate planning practice includes asset protection planning, especially for Medicaid. Many of my clients are interested in protecting their assets for their children. They know, either through personal experience or their own research, that the cost of long-term care could deplete their estates. The average cost of a nursing home in Connecticut…
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Reports of elder financial abuse continue to increase, as they are particularly vulnerable to scams or to financial abuse by family members in need of money. It is hard to ascertain the exact number of people affected by elder abuse because studies show that elder abuse is underreported. However, one study found that financial loss from financial elder…
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Creating a childrens trust does not mean you are creating irresponsible teenagers, driving fancy cars, and vacationing in Caan for the weekend. You may be picturing the old-school version of a “trust fund kid”. Don’t worry, I was too. But childrens Trusts are not just for the wealthy anymore. It’s a smart estate planning tool…
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As COVID-19 cases start to rise again due to the highly contagious Delta variant, nursing homes are considering requiring staff members to be vaccinated. Only 59 percent of nursing home staff are partially or fully vaccinated nationwide, and the percentages are much lower in some states. While 81 percent of nursing home residents are fully…
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