Paying for in home care, nursing home care and assisted living care can be very daunting. With the help of the Veterans Aid and Attendance benefits, you can offset some of the cost of these services. A veteran is eligible to receive up to $1,732.00 a month in assistance, while a surviving spouse can receive [...]
The Veteran Aid and Attendance (A&A) benefits offered by the Veterans’ Administration are considered a pension benefit. This means that the needs you are facing do not have to be service related. It also includes the needs of a surviving spouse of a veteran. If you need assistance with your daily living activities, are blind, [...]
The Aid and Attendance (A&A) Benefit is offered through the Veterans’ Administration. This benefit has remained largely unknown, but can be very useful to assist in paying for long-term care costs. If you are a veteran or a surviving spouse, and you require the use of another person to assist you in performing basic daily [...]
Using Medicaid to pay for your long term care is not recommended as a first choice, but there are instances where it may be beneficial. With single individuals, using Medicaid to pay for long term care is typically a way to protect assets for your future needs and for the needs of your beneficiaries. These [...]
Using Medicaid to pay for long term care: Part I Using Medicaid to pay for your long term care should be considered a last resort type option. There are, however, a couple of reasons that would require the use of Medicaid to protect your assets. One of these examples is for a married couple, where [...]
An irrevocable trust is a great tool to allow a family to protect its wealth. When setting up an irrevocable trust, an individual will convey ownership of a property to a trust, and no longer have control of that property. Typically this is done as a gift to the trust. The trust set up will [...]
A trust created by an individual that is still alive, referred to as a trustor, and administered by a trustee is commonly referred to as a revocable living trust. The trustee of a living trust can be the trustor while they are still alive, with there being a named successor to take over upon the [...]
Long Term Care insurance plans can be more expensive than most people would like to pay. Looking for ways to get a discount will help make these plans more affordable. Most plans offer a variety of different discounts. Contacting an agent that is knowledgeable in different insurance companies will help you to find the perfect [...]
When looking at long term care insurance plans, you can choose to add riders to your plan in order to have additional benefits that are not covered under a normal plan. These riders will add to your premium cost, but allow you to tailor your plan to better suit your needs. Shared Benefits Some insurance [...]
Individual Retirement Accounts (IRAs) are savings plans that allow you set aside money for retirement. Contributions to a traditional IRA are tax deductible, but contributions to a Roth IRA are not. Because of the tax ramifications, you should consult with an elder law attorney to explore and discuss your options if you inherit an IRA. [...]