If you work and pay FICA or self-employment taxes for a minimum of ten years, you will qualify for Medicare when you reach the age of 65 under current laws. Medicare is also available to the spouses of people that meet this requirement. We include the caveat “under current laws” because some legislators consistently talk about raising the age of eligibility. This is a matter that you should stay abreast of when you are looking ahead toward your senior years. Medicare provides a solid health … [Read more...] about Why Is Medicaid Relevant If I Have Medicare?
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Living Trusts Provide Flexibility
Studies that are conducted consistently show that most people do not give estate planning a second thought until they are senior citizens. Because so many procrastinate for so long, they wind up making uninformed choices when they finally do take action. They put together a last will on their own using some type of do-it-yourself download, and they hope for the best. The psychology behind this is understandable, but it is something to be transcended. Yes, you will not be around to see the … [Read more...] about Living Trusts Provide Flexibility
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
What Is the New York Estate Tax Cliff?
Financial success is a very good thing, but when it comes to estate planning, it presents a potential challenge. There are estate taxes that can have a major impact on your legacy if you are exposed. One of them is the federal estate tax, and it carries a 40 percent maximum rate. Most families do not have to contend with this tax, because there is a credit or exclusion that allows you to transfer a certain amount free of taxation. In 2019, the exact amount of federal estate tax exclusion is … [Read more...] about What Is the New York Estate Tax Cliff?
Medicaid Parameters Adjusted for 2019
You may wonder why you should have any interest in the Medicaid parameters if you are going to qualify for Medicare when you reach the age of 65. The reason why elder law attorneys educate people about the intricacies of the Medicaid program is because it will cover nursing home care. Medicare does not pay for long-term custodial care. If you are thinking that you will probably be able to take care of your own needs for the rest of your life, you should understand some relevant statistics. … [Read more...] about Medicaid Parameters Adjusted for 2019
