A Personal Story
About a month ago, my parents’ health took a sudden turn and it led me down the path that many of our clients and their families face, tackling long term care. In our case, it was an...
View ArticleSecond Marriage – Happily Ever After?
George called me because his wife, Mary wasn’t doing well. She has dementia and he is facing the prospect of needing long term care for her, possibly in a nursing home, although he...
View ArticleHow to Self Insure for Long Term Care (Part 2)
Last week I was telling you about using your own money, what we call legacy assets, to self-insure for long term care. This week I’ll walk you through an example of how that can work....
View ArticleThe Problem with IRAs
IRAs, or any retirement accounts really, have always been a problem when it comes to long term care. They are a great vehicle for accumulating wealth. You can put away savings in an...
View ArticleThe Problem with IRAs – Part 2)
Last week I was explaining the problem with IRAs and long term care. If you need care at $125,000 per year or more but want to protect your IRA, what are your options? It’s always easiest...
View ArticleThe Problem with IRAs – The Solution
So, what is the solution to Bill’s IRA problem from last week? He has $1.2 million in IRA money and doesn’t want to risk losing it all to long term care if he gets sick. But protecting it...
View ArticleWhy Won’t the Government Cover My Care?
It’s a comment we get frequently when someone calls our office just after getting sticker shock at the cost of their loved one’s long term care. Some get angry upon hearing that, if they...
View ArticleEstate Planning – Changing as We Age (Part 4)
Last week I was telling you why the New Jersey probate process can be easy but the tax waiver system designed to protect the State’s ability to collect estate and inheritance tax can tie up...
View ArticleSigning an Admissions Agreement on Behalf of Another (Part 2)
Signing an Admissions Agreement on Behalf of Another (Part 2) In my blog post last week, I talked about the importance of knowing what is in a long term care facility admissions agreement before you...
View ArticleHow Not to Lose Medicaid (Part 5)
In last week’s post I explained that when the non-Medicaid spouse dies, the Medicaid spouse must receive at least a minimum amount of assets from the deceased spouse. This is known as the elective...
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