Money paid for advance funeral planning can be an exempt expense under Medicaid rules. Learn more about how preplanning a funeral can help you qualify for Medicaid.
2 CommentsMost seniors cover assisted living costs with savings, Social Security, retirement funds, and home equity. Some government programs and financial tools may help, too.
38 CommentsUnder certain circumstances, life insurance policies are considered countable assets and can affect Medicaid eligibility. Some seniors must include their life insurance policies in their spend-down strategy to qualify for Medicaid long-term care services.
25 CommentsThe goal of the Medicaid estate recovery program (MERP) is to recoup all the money that Medicaid spent on a senior’s care. Learn how MERP works and what families can do to minimize the impact of the recovery process.
92 CommentsMost adult children do what they can to help out when Mom and Dad’s needs increase, but is giving up work to care for elderly parents wise?
143 CommentsEncouraging aging loved ones to plan ahead legally and financially can make it easier for a trusted individual to step in and help them should they lose the ability to make decisions due to an unexpected diagnosis like Alzheimer’s disease or dementia.
3 CommentsAnswers to tax questions caregivers ask most: Can I claim my parent as a dependent? Can I claim medical expenses? Do I pay taxes on money my parents give to offset expenses?
10 CommentsRetirement, government benefits, increasing health care costs and other financial changes can make filing income taxes especially complicated for older adults. Find free tax preparation services and tax advice near you.
15 CommentsCaregivers should think twice before quitting a job. When caregivers cut their hours or quit their jobs to take care of elderly parents, their own pension benefits, Social Security contributions and retirement savings are impacted.
2 CommentsMany people are surprised to learn they don’t have to get rid of all their assets to qualify for Medicaid. A clear understanding of Medicaid resource limits and rules will help you devise the best legal and financial planning strategy for your situation.
77 CommentsLearn how a tax-free monetary benefit from the VA can help financially needy veterans make ends meet.
205 CommentsFind out how annuities play into Medicaid planning for your elderly parents. It may seem hard to believe that annuities can help the elderly qualify for Medicaid - yes, Medicaid. This is sometimes called the "Half-A-Loaf" approach, and in certain cases, it can be a lifesaver for those who need the help the most.
46 CommentsInterested in taking care of elderly parents at home and getting paid? There are many resources that pay family caregivers for their services.
219 CommentsMany adult children are unaware of their parents’ financial situation until they step in to help manage money or begin the probate process. If you find that a parent has racked up some debt, it’s normal to wonder if you may be on the hook for repayment.
33 CommentsNavigating Medicaid’s financial eligibility requirements is complicated, and the spend down process is one of the trickiest parts. Learn from this caregiver’s experiences before devising your own Medicaid planning strategy.
86 CommentsMore seniors are turning to reverse mortgages as a way of receiving supplemental income in retirement and covering the costs of aging in place. As with any financial strategy, it’s important to consider the benefits and drawbacks very carefully.
12 CommentsSome people anticipate aging alone without family, while others find their plans upended by divorce, estrangement or death. Preparing for the possibility of being a solo ager requires extra effort but will prevent unnecessary hardships and stress.
5 CommentsSeniors can benefit from adding these safe and generally tax-exempt securities to their portfolio, either individually or through mutual funds.
0 CommentsSeniors who depend on a fixed income to fund their retirement are vulnerable to inflation, but proper planning and investing can safeguard their spending power.
0 CommentsUse these tips to locate missing U.S. savings bonds and more easily track and manage a portfolio electronically.
0 Comments