» Long Term Care Planning

Converting Your Life Insurance to a Long-Term Care Benefit Account

You’ve seen the ads on TV: an older couple who bought life insurance when their family was younger now has premiums they can’t afford, for a benefit their family no longer needs. The ad encourages them to sell their policy, killing two bi… Read More
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The State of Long-Term Care in the U.S. and Michigan

Every day in the United States, 10,000 people turn 65. As the Baby Boomers enter their retirement years, that number will grow. What’s more, an increasing segment of the population is living into their eighties. Sooner or later, many of those p… Read More
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Proposed Regulations Would Create Transfer Penalties for Veterans

The Department of Veterans Affairs (VA) is proposing regulations that would establish an asset limit, a look-back period and asset transfer penalties for claimants applying for VA needs-based benefits.  Currently, there is no prohibition on transfer… Read More
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Tougher Reverse Mortgage Rules to Take Effect

Beginning March 2, 2015, borrowers will have to pass a financial assessment before they can take out a reverse mortgage. The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage.  A revers… Read More
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Even Annual Exclusion Gifts Are Counted by Medicaid

Many people believe that if they give away an amount equal to the annual gift tax exclusion – currently $14,000 to any one individual – this gift will be exempted from Medicaid’s five-year look-back at transfers that could trigger a waiting per… Read More
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How Parents Can Provide for a Caregiver Child

Taking care of a parent can be a full-time job. Children may have to give up paying jobs in order to provide care to aging parents. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of ca… Read More
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Supreme Court Upholds Case Striking Down Pooled Trust Age Limit

The U.S. Supreme Court has refused to hear a case involving Pennsylvania’s pooled trust age limit. The case was an appeal by the state challenging a decision by the U.S. Court of Appeals for the Third Circuit that pooled trusts established by peopl… Read More
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Medicare Skilled Care Coverage Standard To Change

In a major change in Medicare policy, the Obama administration has provisionally agreed to end Medicare’s longstanding practice of requiring that beneficiaries with chronic conditions and disabilities show a likelihood of improvement in order to re… Read More
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Reverse Mortgages Are Causing Some to Lose Their Homes

A reverse mortgage can be a great tool in the right circumstances, but if you aren’t careful you could end up losing your home. A recent front-page article in the New York Times lays out some of the problems homeowners are encountering with these m… Read More
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Social Security Benefits to Edge Up Only 1.7 Percent

The nation’s elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2013. This is expected to raise the average monthly payment for the typical retired worker by $21. The increase is less than half of l… Read More
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