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Like your vehicle, your estate plan needs occasional “servicing” if it is going to perform the way you want when you need it. Your estate plan is designed to accomplish your goals based upon your circumstances at the time (i.e. - your family, your assets, tax laws, etc) at the time it was created. Since […]

 
If a senior has Medicare Part D, they may be at risk of falling into the coverage gap, or the so-called “doughnut hole.”  While in the “doughnut hole a senior pays 100% for their drug costs, up to an additional $3,454 for 2009, after which catastrophic Medicare drug coverage kicks in. AARP has developed an […]

Would you pay $60 for something you could get for as little as $1 and probably don’t need at all? A company called National Deed Service is hoping to persuade homeowners to part with the extra cash to purchase a “certified copy” of the deed to their home. Officials in many states are warning homeowners […]

 
Due to budget cuts, Michigan’s Medicaid program has begun limiting coverage for certain medical expenses for all adult beneficiaries age 21 or older, which includes, obviously, seniors receiving nursing home Medicaid coverage.  Effective July1, 2009, Medicaid will not pay for services from certain types of medical service providers.
As of July 1st, Michigan’s Medicaid program will […]

Along with many other changes, your insurance needs change when you retire. It is a good idea to look at your insurance options and figure out what you need or don’t need and where you might be able to achieve some savings.
Life Insurance. Once you retire, you may no longer need life insurance. If […]

With the stock market down significantly, some parents and grandparents are looking at safer ways to help a child or grandchild save for college. Prepaid 529 plans offer them (or any other family member) the opportunity to lock in tuition for the child at today’s rates. These plans are gaining in popularity now that the […]

For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will. The recent stock market collapse is making this especially clear, according to a Dow Jones Newswires column.
The “Getting Personal” column by Victoria E. Knight begins with the story of an elderly […]

The Internal Revenue Code provides an income tax deduction for medical expenses which include “qualified long-term services”1. However, the IRS provides special rules on deducting qualified long-term care costs as medical expenses. While the costs of a skilled nursing home should be deductible, the deductibility of the costs of an Assisted Living Facility (ALF) is […]

Many seniors are injured by falls that occur in their own home.  Each year, more than 734,000 people over 65 are treated in hospital emergency rooms for injuries associated with stairs, bathtubs, furniture, carpeting and other products seniors live with and use every day.1 Thousands of these injuries are related to falls: 3,000 seniors each […]

If someone is in need of nursing home level care, and if they don’t have long term care insurance, their assets will be consumed by such care costs at an rate of about $6,300.00 a month, until their assets are almost entirely consumed.  However, there are planning techniques which can utilized to help someone qualified […]