Bill Reintroduced to Greatly Expand Eligibility for ABLE Accounts

ABLE account no longer disabled

More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law. In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Read More …

Who Should Buy Long-Term Care Insurance?

paying for long-term care

Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care in a nursing home or Read More …

Medicaid Recipients Have More Time to Spend Down Stimulus Check

Medicaid Spend Stimulus

The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time. Stimulus Checks Excluded From Medicaid’s Resource Limits for 12 Months In March Read More …

Does Medicaid Cover Nursing Home Care?

Medicaid Covers Nursing Homes in Ohio

For better and for worse, Medicaid is the primary method of paying for long-term care and nursing homes in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics. What is Medicaid? Medicaid is a Read More …

Theft from Special Needs Trust. Consider Using a Professional Trustee.

Special Needs Trust Attorney Keeps Theft from Happening

A New Jersey man has been charged with stealing $330,000 from the special needs trust (SNT) of a man living in a long-term care facility.  The case highlights the importance of having a professional trustee manage a special needs trust. Read More …

What to Do with Stimulus Check if You’re in a Nursing Home or on Medicaid

Elder Law Attorney in Avon Ohio

As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the Read More …

Prepare for Medicaid with These Estate Planning Tips

Medicaid Planning Attorney Westlake, Ohio

Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More …

What is Long-Term Care and Who Provides It?

Long-Term Care Planning Avon

Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided which are explained in our Read More …

Rise in Assisted Living Facility Costs Amid Pandemic

Long-Term Care Planning Attorney Near Me

All long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus Read More …

IRS Long-Term Care Premium Deductibility Limits for 2021

Long Term Care Premium Tax Deductions

The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent Read More …

Ability to Take Early Withdrawals from Retirement Plan Without Penalty Expires Soon

Early Retirement Withdrawal

Those that are experiencing financial hardship due to the coronavirus pandemic, may want to consider withdrawing money from retirement accounts while they can still avoid a penalty. The special exemption allowing early withdrawals without a penalty ends soon. Passed in Read More …

What is the CSRA? Preserve Additional Assets with Medicaid Planning.

Medicaid Planning Attorney in Cleveland

Medicaid is a joint program of the federal and state governments that can cover the nursing home costs of individuals who meet its strict financial requirements.      Single Person Medicaid Qualifications: A single person may qualify for Medicaid only Read More …