What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
The Redetermination Process for Medicaid Benefits
The Medicaid agency reviews a beneficiary’s eligibility for continued Medicaid coverage during the Medicaid redetermination process. Typically, this process occurs annually. However, during the pandemic, the federal government enacted the Families First Coronavirus Response Act (FFCRA), requiring continuous Medicaid enrollment without redetermination…
What to Know When Setting Up Your Trust and Selecting a Trustee
A trust is not only a tool for the wealthy. In addition to serving many functions, they solve specific problems relating to the dynamics of families that have little to do with wealth. Do you want to keep your affairs…
It’s Essential to Care for Caregivers as Well
During Jeanette’s mother’s hospitalization, Jeanette’s father begged her to take care of her mother if he ever became unable. Of course, Jeanette said, “Yes.” Years later, Jeanette’s father passed. Her mother’s hearing and eyesight failed, she could no longer drive,…
A Look at Legal Trends in Estate Planning
The new federal and state laws are requiring a more dynamic approach to estate planning in order to efficiently manage and disperse a person’s estate. These laws affect estate planning tax, trust, and charitable strategies, and the higher your net…
What are Grantor-Retained Income Trusts?
In wealth transfer and estate planning, some people seek strategies that preserve their assets, as well as provide financial benefits. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to retain an income…
Caregiving for a Family Isn’t Like Any Other Job
Instead of paying someone else or transferring a senior loved one to a facility, wouldn’t it be much better if a family member gave them care at home? The family member can pay the bills, balance the checkbook, keep the…
Getting Older at Home: Physical Challenges
AARP estimates that three out of four Americans over the age of 50 are planning on aging in place. These seniors are willing to employ alternative solutions to make it happen. The alternatives include home sharing (32%), modifying their home…
A Guide to Special Needs Trusts
Trusts are created when someone or a company manages property or assets on behalf of another. The person or entity is known as the trustee and has the responsibility of making decisions in the best interest of the trust beneficiary.…
An Analysis of Artificial Intelligence and the Aging Population
Artificial intelligence is revolutionizing senior care. In order to meet the needs of an aging population, it is essential to provide consistent, competent healthcare aides. In the United States, the healthcare industry employs over 4.5 million nursing aides, orderlies, home…