» Long Term Care Planning

Claiming a Parent as a Dependent

It’s safe to say that 2020 was a different year for most of us in just about every respect. Some of us had different living situations, staying together in the same household as a “bubble” with extended family. Others provided greater financial… Read More
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Mental Health Issues for Seniors

Not so long ago, people who found themselves struggling with mental health issues kept it to themselves. Mental illness has long been stigmatized in a way that physical illness simply is not. Fortunately, the taboo on talking about mental illness is… Read More
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Eight Tips to Maintain Brain Health as You Age

If the TV commercials for supplements to enhance brain health are any indication, people are concerned about keeping their brain healthy, especially as they age. It’s a valid concern; most of us know someone who has suffered from Alzheimer’s or o… Read More
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Take a Number: Important Tax and Retirement Planning Numbers for 2021

As you are probably aware, the Internal Revenue announces cost-of-living-adjustments (COLA) each year that increase the amount of certain tax deductions, thresholds, exclusions exemptions, and change contribution limits for retirement planning. If yo… Read More
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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 transferri… 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 reverse… 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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