Be Wary when Signing Nursing Home Admission Paperwork

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Placing a family member in a nursing home is a difficult and traumatic event. One of the obstacles to be overcome is reviewing and signing the facility’s admission paperwork. This typically involves many pages of complicated provisions and jargon. There is a temptation to just sign wherever directed without even trying to read and understand […]

Can I Deduct my Long-Term Care Expenses?

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Long-term care can be very expensive. Can you deduct the costs on your income tax return? What is Long-Term Care? “Long-term care” refers to the ongoing personal assistance you need when you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease). It may involve help carrying out basic self-care tasks, […]

When is Trust Planning Appropriate?

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Clients who are nearing retirement age are bombarded with information about asset protection planning from many sources. Their insurance salesman says one thing. A neighbor warns about the cost of nursing home care and tells a horror story about a family member who lost everything. Friends at the beauty salon share what they’ve done to […]

Community Spouse Resource Allowances for 2017

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The cost of care in a nursing home can devastate the lifetime savings of a married couple. In recognition of this problem Congress passed a law in 1988 which was intended to limit the “spousal impoverishment” that can result when one spouse becomes a nursing home resident. Under this Medicaid law, minimum amounts of financial […]