Elder Counsel

The coronavirus relief bill includes a direct payment to most Americans, but this has Medicaid recipients wondering how the payment will affect them. Because the payment is not income, it should not count against a Medicaid recipient’s eligibility. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a one-time direct payment of $1,200 to individuals earning less than $75,000 per year ($150,000 for couples who file jointly), including Social Security beneficiaries. Individuals earning up to $99,000 ($198,000 for joint filers) will receive smaller stimulus [...]

In our practice, it is common for adult children to contact our firm to discuss ways to assist their parents with the aging process.  As parents age, it’s common for their adult children or loved ones to become concerned about their financial situation and long-term care. If adult children or other family members will be involved in their loved one’s long-term care, it is essential to have a financial plan in place in order to avoid unexpected or mounting expenses that can deplete their own [...]

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. Very few taxpayers will have to pay a gift tax in any case.

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2018 income as a result of buying long-term care insurance.

No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid or pre-need funeral contract allows you to purchase funeral goods and services before you die. The contract can be entered into with a funeral home or cemetery. Prepaid funeral contracts [...]

May is National Elder Law Month. This designation was established by the National Academy of Elder Law Attorneys (NAELA) as a way to acknowledge the profession which supports the senior community (defined as people over 65 years) with all of their planning needs. […]