Articles

How Medicaid’s look-back period works

Medicaid’s look-back period can be confusing, but it’s important because it can have a very significant effect on your ability to pay for long-term care. Unlike Medicare, Medicaid is a system that’s available only to people who have very few assets. As a result, the government is concerned that people will “game the system” by giving away all their assets to family members and then applying for Medicaid shortly afterward. That’s obviously not fair to the taxpayers

Guardianship abuse leads to calls for reform

The growing problem of adult guardianship abuse is giving rise to calls for reform, as vulnerable elderly people caught up in this system sometimes end up being harmed and exploited by the very process that’s supposed to protect them. A guardian is someone appointed by a court to make decisions on behalf of an incapacitated person, known as a “ward.” The process usually starts when a family member or social worker notifies the court that someone can

Has Medicare dropped coverage of your drugs?

Medicare prescription drug plans can change which drugs they cover, possibly leaving you without coverage for a drug you need. Or you might switch plans, and find that your new plan doesn’t cover your medication at all. In these circumstances, it’s good to know that Medicare drug plans are required to offer you a 30-day transition supply of the drug you’re taking. All Medicare Part D plans must offer these transition refills, including Medicare Advantage plans

What you need to know about required distributions from your IRA or 401(k)

The oldest of America’s 75 million baby boomers are turning 70 this year. That means the IRS will soon be requiring them to start cashing out their tax-deferred retirement savings accounts. How you handle these withdrawals can have a profound effect on your own retirement and on what you leave to your heirs. As a general rule, if you don’t need the money in these accounts to live on, it can be wise to keep as much

Get a HIPAA release for your college-age child

If you have a child who is away at college, you should be aware that the federal medical privacy rules apply to him or her. Once your child turns 18, the federal HIPAA law says that you can no longer have access your child’s medical information without his or her consent. That’s a problem, because if there’s an emergency and your child isn’t able to provide consent, you might not be able to access the information

Four big mistakes many executors make

Executors have a tough and often thankless job. They have to marshal all the estate’s assets, file tax returns, and distribute property according to the will. Sometimes, they make mistakes. Here’s a look at the most common ones: Paying bills too soon. Executors often see bills arrive in the mail and decide to pay them right away to avoid any problems. But this can actually create problems. There’s an order in which bills must be paid:

Estate planning may be harder for couples without children

You might think that estate planning would be easy when couples don’t have children. In fact, it can sometimes be more difficult – and also more important. Couples with children generally agree about passing on their assets to their kids, and can rely on their offspring to serve as caregivers and executors. It might not be so easy for other couples. For instance, suppose Mike and Helen write a will leaving their assets to each other.

Moving an elderly relative? Think about state taxes

It’s a common scenario: An elderly relative is no longer able to live alone, so family members sell the relative’s house and have the relative start living with them or in a nursing home or assisted living facility that’s closer to the family. One thing you might not consider during this stressful process is that if the relative moves to a different state, you might have just changed the person’s official state of residence for tax

Be careful with inherited IRAs

Leaving someone an IRA as an inheritance can have a lot of tax advantages, and it’s often a very good estate planning strategy. However, the rules for inherited IRAs are complicated, and it’s easy to make mistakes. If you have recently inherited an IRA, or if you expect to inherit an IRA, it’s important to speak to an estate planner or other advisor right away before you make any decisions about the account. And if you’re

Smart financial decisions are simple, but not easy

Seeing purchases your friends post on social media can leave you envious – and might also foster a desire to buy a similar item. That can be a problem if your goal is long-term financial freedom, because spending money on items you may not need can derail your plans. Three simple habits can help you stay on track.

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