The summer is coming to an end, the children are heading back to school to focus on their future, have you given any thought about yours? Join one of our experienced attorneys for lunch and leave with the answers to…
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
Case study:
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.
*This article has been re-posted from AccountingToday.com with permission from the author, Henry Montag. Click here to see the source article.
As your clients’ most trusted adviser, how can you protect them from the financial threat and high costs of long-term care?
You basically have two initial choices. Let’s assume your client is under age 75, relatively healthy and understands that an unexpected, unreimbursed long-term care expense is a real threat that can unravel their and their spouse’s retirement plans and lifestyle. You can talk about “what if” scenarios, including the purchase of a long-term care insurance policy. Or you can avoid the fact that costs for care at home or in an assisted living community are in the $60,000 to $75,000 range, and that costs in a skilled nursing facility are in the $125,000 to $175,000 range and are both increasing by 4 percent annually.
Should you have this unpleasant, difficult conversation with your clients? Since the odds of this problem affecting a client over age 80 is approximately 70 percent, it could make a great deal of sense to get your clients thinking about a solution to a problem they may one day likely face. Where will the necessary funds come from to pay for these costs? Is there a readily accessible source of sufficient funds that will not trigger a large unnecessary taxable event when liquidated? Should the client self-insure against this threat or would it make more economic sense to purchase a long-term care insurance contract from one of the major insurers?
Last week, U.S. Senator Chuck Grassley (R-Iowa) introduced legislation that would offer incentives to states for helping people with disabilities live and work in the community. The bill, S.1604, is known as the Transition to Independence Act. It has the support…
There is no question that you would do anything to protect your child. You think about his future day and night. You want to make sure that you have a proper plan in place to provide for him when you…
In New York, most recipients of Medicaid Home Care or Community Medicaid must re-certify for their Medicaid services annually. The re-certification is how the Medicaid program verifies that the recipient is alive, and remains eligible for benefits. For this reason, Medicaid…
This past Wednesday, March 4, 2015, we hosted our quarterly Healthcare Professional Round-table Luncheon at Borrelli's Italian Restaurant of East Meadow. Healthcare professionals were invited to enjoy lunch with some of their colleagues, guest speaker, Robin Marks, the Regional Director…
Join One of Our Experienced Attorneys for Breakfast and Leave with the Answers to your Important Estate Planning Questions Including: How to leave your assets in a protective way How to pay for Long-Term Care How your Estate Plan can…
NYS GOVERNOR'S BUDGET BILL PROPOSES TO ELIMINATE MEDICAID "SPOUSAL REFUSAL" Government, at both the Federal and State level, is telling its constituents that they are instituting programs to allow the aged and infirm to stay in their homes and receive…
Given the fact that 43 million people in the United States are currently caring for someone over 50 years old, there is no denying that our population depends on family support for our seniors. And providing this care is expensive.…