[From an article prepared by ElderLaw Answers.com and reproduced here with permission]. The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities. The plan proposes eliminating the medical Read Full Article
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With many people unwilling to purchase long-term care insurance policies due to the cost, insurers are rolling out new products that combine long-term care insurance with either a life insurance policy or an annuity. These new products have been on the market for awhile, but they are gaining in popularity due to a law that Read Full Article
Last Updated: 7/27/2009 6:12:35 PM Unfortunately, a diagnosis of a terminal illness often comes with many expenses. If you need money to pay for your medical care or comfort, you may be able to use your life insurance policy to get some immediate cash. “Viatical settlements” allow terminally ill individuals to sell their life Read Full Article
Last Updated: 9/28/2009 10:45:17 AM One important reason to have a will is to be able to name your executor (also called a personal representative). An executor is the person responsible for managing the administration of your estate after you die. If you don’t choose an executor, the court will choose one for you. Read Full Article
Last Updated: 8/26/2009 10:48:41 AM Siblings do not always receive equal shares of a parent's estate. Sometimes the inequality is intentional and sometimes it is accidental. Regardless of how it happens, it can cause arguments among the children. However, there are some steps parents can take to promote family harmony. If you intend to Read Full Article
Last Updated: 9/10/2009 3:50:46 PM Eva Mor. Making the Golden Years Golden. Authorhouse. Bloomington, Ind. 2009. 295 pages. $17.95 from Amazon (click on book to order) As we age, new issues confront us — from where to live to who can provide care to how to avoid scams. Making the Golden Years Golden addresses Read Full Article
Last Updated: 7/30/2009 10:47:17 AM The Web has spawned many miracles, and one of them is the creation of online calculators that can give consumers answers to complex questions in seconds based on their specific circumstances. Want to know whether a traditional or a Roth IRA is better for you, how much life insurance Read Full Article
Q. I have been in a Registered Domestic Partnership for several years, and my partner may soon need to apply for a Medi-Cal nursing home subsidy. How will Medi-Cal treat our finances in that situation? A. The good news is that Medi-Cal will now evaluate your partner’s financial need for a subsidy based upon the Read Full Article
Q. My wife and I had our Living Trust prepared about 8 years ago. I hear there’s a new tax law which just went into effect. Is it time to have our trust reviewed? A. You refer to the recently enacted “American Taxpayer Relief Act,” which has permanently enlarged the estate tax exemption to $5,250,000 Read Full Article
Q. My wife and I signed basic wills in our 40s when our concern was passing our assets to our children in the event of death. However, we are now both in our mid 70’s and we are now more concerned about the cost of long-term care for ourselves. Should we now redesign our estate Read Full Article