Dec 16, 2019
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying longterm care insurance. Premiums for “qualified” longterm care insurance policies (see explanation below) are tax deductible to...
Dec 9, 2019
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60. The Centers for Medicare and Medicaid Services (CMS) announced the premium...
Oct 28, 2019
An annuity can be a useful tool for long-term care planning, but annuities are also complex financial products that are hard to understand. If purchasing an annuity, you need to consider your options carefully. An annuity is a contract with an insurance company under...
Oct 14, 2019
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting Medicaid’s low asset limit. The problem with transferring assets is that you have given them away. You no longer control them, and even...
Sep 9, 2019
In most states, transferring your house to your children (or someone else) may lead to a Medicaid penalty period, which would make you ineligible for Medicaid for a period of time. However, there are circumstances in which transferring a house will not result in a...
Jul 29, 2019
Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth Individual Retirement Account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions...
