IRAs, 401(k)s and other tax-deferred retirement accounts allow your savings to grow tax-free until you retire. The year after you become age 70 ½, you must begin taking required minimum distributions from your retirement accounts, and you will pay ordinary income taxes on all distributions. The rest of the money that stays in your account continues to grow tax-free until…
According to new federal data, gathered by Medicare from daily payroll records from more than 14,000 nursing homes in the United States, nursing homes have been under-reporting to the government their nurse and caretaker staffing levels for years. For families with loved ones dependent on nursing home care, this is likely not a surprise. There are nearly 1.4 million people…
“I’ll tell you, Marge, my attorney is a wizard, a downright magician. When the time comes and my kids stick me in a nursing home, I am going to be ready. She has created a plan that protects my assets and will enable me to qualify for Medi-Cal quickly.” Lynda smiled triumphantly as she sipped her coffee. Marge frowned. “I…
One of the things we do at Absolute Trust Counsel is assist families with a disabled senior to preserve assets and also become eligible for Medi-Cal assistance to help them pay for nursing home care. One of the tools we often use to do this type of planning is an irrevocable trust. We also sometimes have to help families who…
Linda sank down into an armchair and pulled off her hat. “I hate funerals and this one was really tough. I am really going to miss Aunt Millie.” Her sister, Mary, sighed. “I know. But I’m glad we could be there for her, her being all alone after Uncle Fred died.” “But now the hard work begins,” Linda said. “Aunt…
Angela stared into her coffee cup and shook her head. “I don’t know what to do, Fred. Mom’s nursing home is threatening to kick her out because her Medicare coverage has run out.” Fred frowned. “But she qualified for Medi-Cal. Did you tell them that?” Angela nodded. “Yes, I did. The nursing home administrator told me that they have a…
All attorneys will agree with me that if there’s one thing we wish our clients would do it would be to talk to us before they act. It’s much better for the client, and less expensive in the long run, to have your attorney review that lease or contract before you sign it than to be surprised later. We find…
Laura was worried about her 80-year-old mother. “She gets around well enough, but sometimes she needs help with household tasks, such as cleaning, grocery shopping, and laundry,” she told her friend, Debra. “And she claims she can’t afford to hire someone to help. But neither can I. And if she doesn’t get the help she needs, she may have to…
I recently attended the Special Needs Planning Symposium. The sessions were all very informative, but it was the opening session that really stands out for me, ‘Proactive and Next Generation Planning for Families That Include a Loved One with Disabilities.’ The panel of presenters in the session really brought to light how important it is to consider the needs of…