Aging in place has grown increasingly popular throughout the country. According to an AARP survey, 70-80% of respondents say they would prefer to live out their days in their own homes. It is understandable that so many people choose to age comfortably in their own home rather than re-locating to a nursing home or assisted living facility. However, many matters must be considered when financing longevity. Below are some points to take into consideration in order to adequately plan for one’s future: (more…)
Personal Care, Inc.
Greensboro, North Carolina
If you or a family member reach a point when you believe it is time to use that long term care insurance policy that was purchased, what do you do? All too often people don’t read the fine print on their policies and aren’t sure how to go about accessing them when they need them.
There are some basic things to keep in mind when you have reached this point. First of all, do you qualify? Different policies have different requirements for what constitutes eligibility. The industry standard is that you must need help with at least two activities of daily living or ADLs. These include tasks such as bathing, dressing, toileting, and others.
When you contact your long term care insurance company about activating your policy and receiving benefits they will send an RN out to do an assessment as well as contacting your doctor. Below is a list of items that insurance companies use in order to determine whether or not you are eligible to receive those benefits. (more…)
Sheri Abrams, Attorney at Law
Needham Mitnick & Pollack, PLC
Falls Church, Virginia 22046
WHAT ARE SOCIAL SECURITY DISABILITY BENEFITS?
Social Security Disability is a benefit received from the Social Security Administration by disabled workers and in some cases their dependents, similar to those received by retired workers.
To receive benefits under the Social Security Disability program, you must have a physical or mental health problem (or a combination of problems) severe enough to keep you from working in any regular paying job for at least one year. The test isn’t whether or not you are able to go back to your old job, and the test isn’t whether or not you have been able to find a job lately. Rather, the test is whether you are capable of doing any job available in the national economy. By using an extensive set of regulations, the Social Security Administration takes into account your medical condition, your age, your abilities, your training and your work experience in deciding your case. (more…)
Allen Kampf, RFC, CLTC
Wealth Advocacy Partners
Sparks, Maryland 21152
As the number of elderly Americans increases, long-term care (LTC) needs and costs are likely to grow. Many believe that private long-term care insurance can and should play a more significant role in the financing of home care and nursing home services. Wider use of such insurance could shift the burden from individuals, who are often ill-prepared to pay for such care out-of-pocket, as well as from state Medicaid programs, which often serve as a default financier of long-term-care services. (more…)
Martha M. Kern
Director, Lifecare Home Solutions
Oakbrook Terrace, Illinois 60181
The problem of hoarding has recently garnered a great deal of attention, particularly since becoming the subject of an A&E television show. It is not, however, a new problem. It pre-dates the Depression (and is not caused by Depression-Era upbringings), has been documented all over the world, and is believed to afflict 15 million Americans to a clinically-significant degree. Hoarding causes trouble not just for the hoarder, but for everyone in their lives. Paradoxically, allowing a hoarder to get into trouble rather than working to get them out of trouble may just be the key to lasting change. (more…)
Richard M. Morgan, JD, LLM
Morgan and DiSalvo, P.C.
Alpharetta, GA 30022
Executive Summary: Converting your investments in traditional IRAs to a Roth IRA during 2010 can be an important planning opportunity for many tax payers. This conversion allows you to move from a tax deferred environment into a tax free environment. While this opportunity is normally open to those with income below a certain cap amount, during 2010 no such income cap exists. Further, while such conversion is an income taxable event (but without any penalties), conversions during 2010 give you the option to defer the taxable income by recognizing 1/2 in 2011 and 1/2 in 2012. (more…)
A Place for Everything, LLC
If you or your parents are at the stage of life to consider downsizing, you’ve got a lot of company. Nearly 40 million people in the United States, or 13 percent of the total population, were 65 or older in 2007, according to the U.S. Census Bureau.
As individuals live longer and families are often geographically dispersed, more elderly adults are faced with the trauma of relocating, often from a place they’ve called home for decades. Every nook and cranny holds special memories. The thought of leaving them behind can be overwhelming. (more…)
Lighthouse Organizers, LLC
Walnut Creek, California
Moving into an assisted living community isn’t the end of the road – it’s a new beginning.
While seniors might desire to stay in their homes, practicalities often dominate: hard to walk up stairs, inadequate bathroom, or the home is in disrepair or is too big or too costly to keep up. Perhaps they have suffered an unexpected and permanent loss in function. Moving in with you or having someone live with them may not be an option.
If you’ve neither visited an assisted living community nor done so in several years, you are in for a happy surprise. They are nothing like the early 20th century horrors of a nursing home. (more…)
Scott Makuakane, JD, CFP
Est8Planning Counsel LLLC
Honolulu, HI 96813
What is a trust?
A trust is the legal relationship that is created when a person transfers property to a trustee with the understanding that the trustee will manage the property for the benefit of one or more beneficiaries.
The term “property” is used here in its broadest sense to include both real property – such as land and buildings – and personal property – such as bank accounts, stocks and bonds, and personal effects.
The person who transfers the property to the trustee is called a trustmaker. This person is also known as a settlor, grantor, or trustor. (more…)
Allen Kampf, RFC
Wealth Advocacy Partners
As a result of medical technology, we are definitely living longer. When we continue living, we age; when we age, we need care. It isn’t a question of who will care for you. The question is, “What impact will that care have on your family – physically, emotionally and financially?” (more…)
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