People that serve in the United States armed forces are entitled to a retirement pension after 20 years of service. The amount that you receive will increase if you stay in the military for a longer period of time. This pension gives military personnel the ability to retire in comfort if they take the right steps. If you are in the service, you could choose to stay in until you are old enough to collect Social Security. You can then get out of the workforce entirely and live comfortably on …
Estate Recovery and Caregiver Children
Most senior citizens will require help with their activities of daily living at some point in time. About 35 percent of them will eventually reside in nursing homes, and these facilities are very expensive. On Long Island, you can expect to pay about $170,000 for a year in a nursing home right now, and costs have been rising year after year. A lot of people hear this statistic and don’t think much of it because they know that they will qualify for Medicare when they reach the age of 65. It …
What Does an Elder Law Attorney Do?
When you hear the term “elder law attorneys,” you may wonder what the field is all about. This is understandable, and when you digest the facts, you will see why it may be wise for you to consult with our elder law attorney. There are many eventualities of aging to address, and they can be complicated from a financial planning and estate planning perspective. This is how attorney Joanna Grama, writing on the American Bar Association website, summed up the elder law area of legal …
Medicaid Planning for Nursing Home Asset Protection
If you are going to qualify for Medicare when you reach the age of 65, you may assume that Medicaid would never be relevant to you. The health insurance will be there, and you wouldn’t qualify for Medicaid anyway, because you are going to have assets. This is a logical perspective, but there is a very good reason why anyone that is looking ahead toward the future should learn about the Medicaid program. Long-Term Care The United States Department of Health and Human Services maintains a …
Medicaid Recovery and Home Ownership
Before we get into the specific detail that we want to focus on here, we must provide some background information about Medicare, Medicaid, and long-term care. If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65. This program will provide a solid underpinning, but there are deductibles, co-payments, and premiums that you have to pay out of your own pocket. For many people, these expenses are not overwhelming, but there is one gaping …
What Is Medicaid Estate Recovery?
When you see that elder law attorneys specialize in Medicaid planning, you may be confused at first. Why would people that are going to qualify for Medicare have to worry about Medicaid coverage? Plus, since Medicaid is only available to people that are financially needy, folks that retire with some resources wouldn’t qualify anyway. All of this make sense on the surface. However, there is a compelling reason why a significant percent of elders can benefit from Medicaid coverage. Living …
What Is Medicaid Planning?
When you think about retirement, the leisurely days engaging in your favorite activities will naturally come to mind. You can keep yourself in shape, enjoy time with your family members and friends, cross things off your bucket list, and simply enjoy your free time to the fullest. Without question, these golden years can be a fantastic reward for a life of hard work and sound money management. This being stated, you should also consider the twilight years that will inevitably follow. …
Are You Preparing for Future Nursing Home Expenses?
When you are planning ahead for your retirement years, you make projections based on your anticipated living expenses. People take this process very seriously, but many folks completely overlook a very significant expense that can have a devastating impact. Anticipated Lifespan There is a tool on the Social Security Administration website that you can use to find out your life expectancy based on your age. If you plug in the numbers for someone that is turning 67 on this day, you will find …
How Do You Qualify for Medicaid?
As elder law attorneys, we are often asked why anyone should care about Medicaid when they will qualify for Medicare when they reach the age of 65. This is a logical question, but there is a very good answer, and it comes as an unpleasant surprise to many people. The United States Department of Health and Human Services maintains a very useful website called longtermcare.gov. There are some interesting statistics on the site, and one of them grabs your attention right away: seven out of every …
Key 2019 Medicaid Adjustments
If you plan effectively, you can generate the resources that you need to enjoy your golden years to the fullest. You can travel, cross things off your bucket list, enjoy leisure activities, and spend quality time with your family and friends. Most people are well aware of the fact that you have to prepare for this period of your life in advance. However, many of the same individuals do not consider the twilight years that will follow, and this is a huge mistake that can yield significant …
How Do You Preserve Medicaid Eligibility?
As Long Island Medicaid attorneys, we assist clients that face somewhat complicated situations. One of them is the matter of giving a gift or leaving an inheritance to someone with special needs that is relying on Medicaid as a source of health care insurance. This is an inherently challenging circumstance, because the Medicaid program is only available to people that can prove that they have very limited resources. We should point out the fact that Supplemental Security Income is another …
Nursing Home Lawyers Share Inconvenient Truths
The nursing home lawyers here at our firm are in a position to save our clients a great deal of money. But first, we have to share some inconvenient truths that some people do not fully understand. When you reach the age of 65, you will qualify for Medicare if you or your spouse have worked for at least 10 years. This health insurance program will certainly provide you with a basic underpinning. However, you should be aware of the fact that there are out-of-pocket costs that you have to …
See Larger Map
Get Directions