Should Seniors Sell or Keep Their Home?
“I don’t know, maybe I should sell this place — or not!” This question is not an uncommon one to hear from seniors who are living in their home and share their concerns about selling that home with friends, family and neighbors. The rising cost of basic necessities, the ever-present maintenance and repair costs, and…
Mass Health Long-Term Care: Deficit Reduction Act Means Big Changes in Planning
On Wednesday, February 8, 2006, President George W. Bush signed the Deficit Reduction Act of 2005 (“the DRA”). This new law may change the way individuals will plan for their retirement and long- term care needs. Also, decisions that individuals make now may have a significant impact on their future eligibility for long-term care financing…
Long-Term Care: Putting All the Hype in Perspective
We’ve all heard or read the daunting statistics of our aging population and the pending crisis in long-term care. For example, every day 10,000 baby boomers (those born from 1945 to 1965) turn 65 years old. A 2005 study estimated that 58% of men and 79% of women will need long-term care at some point…
Long-Term Care Insurance: An Essential Consideration in Retirement Planning
As my clients plan for retirement and for the orderly distribution of their property upon death through estate planning, I advise them that they should also consider the impact potential long term care expenses may have on their retirement income and assets as well as on the assets they hope to pass on to their…
Is a Geriatric Care Manager the Right Decision?
Sooner or later, most families will have an older family member with a disability who will need some degree of help with daily living activities in such areas as medication, meals, and other functional needs. When this type of need arises, the immediate instinct is usually to respond by having willing and available family members…
Has Your Estate Plan Kept Up With Your Life?
In our daily lives, regular checkups are (or should be) routine. Whether it is a visit to the doctor or dentist, an oil change on your car, or service on your furnace, we all gain peace of mind when things seem to be “in working order.” But what about your estate plan? When was the…
Choosing a Nursing Home: Practical Advice for a Difficult and Important Decision
The selection of a nursing home is a crucial step in dealing with illness and disability. The decision to move to a nursing home is not one that should be taken lightly. Options may exist. Other, less restrictive alternatives such as providing private care in one’s home, modification to the home, assisted living facilities and…
Personal Injury Settlements: Planning Considerations for Persons with Disabilities
Personal injury claims for malpractice and work place injuries often result in monetary awards or settlements that jeopardize an individual’s eligibility for government benefits. Whether the award or settlement is paid to the individual in the form of a lump sum, a structured settlement, or a combination of the two, the proceeds are expected to…
Special Needs Trust Expenditures Can Include, But Are Not Limited To:
CAUTION: Do not distribute funds directly to the beneficiary. The above goods and services must be paid directly from the trust to the vendor or service provider. Distributions from a first-party special needs trust must be for the sole benefit of the beneficiary.