Creating a long-term care plan that involves moving into a new type of residence can be especially tricky for couples who have different needs. Prioritizing the needs and wants of each individual is necessary.
Helping aging veterans and their surviving spouses apply for VA benefits can be more complicated than many realize. Below are some tips to help you successfully navigate the rules and regulations of the Department of Veterans’ Affairs to ensure that you get the benefits to which you are entitled.
When there are not enough probate assets to pay all of the creditors of the estate including funeral expenses and all other administration expenses, the estate will be labeled as insolvent. Basically, you have an insolvent estate when liabilities exceed assets.
The majority of Americans do not have a will, according to a survey reported by The New York Times recently in "Why You Should Get Around to Drawing Up a Will."
Medicaid planning involves reviewing income and assets to determine strategies to protect certain assets while still meeting the criteria for Medicaid qualification. When done correctly, this allows an individual to retain certain assets and even leave a legacy behind while still benefiting from Medicaid payments going towards long-term care needs.
Older adults with vision impairment issues, whether due to cataracts, glaucoma or other diseases, often find that they have difficulty communicating with others and engaging in their surroundings due to the vision loss. This can have a significant impact on their mental acuity.
There are times when the family reads the will for the first time after a loved one passes away and discovers some discrepancies in the language used. This can create confusion about certain terms of the will and leave the executor or personal representative wondering how to proceed with estate administration.
Many family caregivers approach their tax planning and wonder if they are able to claim a care recipient as a dependent to lower their income tax bill. There are certain basic criteria that the taxpayer must meet in order to claim this deduction:
Many people who own a life insurance policy are not familiar with the process that allows you to convert that policy into a long-term care benefit plan. This conversion process transfers ownership of the life insurance policy from the owner to an entity that acts as a benefits administrator.
Aging is the sign of a successful life. After all, when you think about the alternative to aging your perspective about getting older shifts. You should start seeking self-sufficiency for your retirement years well before the age of sixty-five.
