Saying Medicaid Estate Recovery Keeps Families in Poverty, Groups Call to Abolish It

Talking ABout Estate Planning to Parents

To qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be traps for the unwary. One of the most significant traps is Medicaid’s right to recover its expenses from your estate Read More …

Industry Group Reports 2021 Premiums for New Long-Term Care Insurance Policies

Estate Planning Forms

Prices of new long-term care insurance policies for 2021 have have been posted in the annual report from the American Association for Long-Term Care Insurance, an industry group. The price increases apply to new, not current policies.  Comparing the 2021 prices with 2020 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 …

Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains

Inheritance Tax Changes

Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken Read More …

Advanced Planning for Long-Term Care Can Protect Assets from Medicaid

Long Term Care Medicaid

When most people think of long-term care or the “need to stay in a home,” they think of it has a worst-case scenario as we approach end of life that entails losing one’s independence and personal autonomy. Although that may 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 …

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 …

Update Your Estate Plan when Moving to a New State.

Estate Planning Attorney Ohio Near Me

If you’re planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More …

Maximize Life Insurance as an Estate Planning Tool

Life-Insurance-Estate-Planning

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Because life insurance passes outside of probate, it can also provide heirs needed funds more quickly than assets passing through 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 …

2/11/2021: Estate Planning 101 Online with the North Ridgeville Library

Estate Planning Events Classes

Register now for our free event with the Lorain Public Library System. This is an event happening using Zoom, a video conferencing tool, so join from your home or wherever you are on Thursday, February 11th.  Event sponsored by the Read More …