If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country.
The Baby Boomers are reaching retirement. Some of them are financially ready for retirement; however, many are not. Even more have failed to plan their estate. No one likes to dwell on their own mortality, but failing to plan for it can have a significant financial impact on the next generation.
Nursing home costs can deplete a nest egg very quickly. Planning ahead to ensure you qualify for Medicaid can help immensely. However, do not make the mistake of assuming that Medicaid will cover your entire long-term care bill. Instead, be prepared for a share of cost.
Ideally, retirement planning should begin early in your life and should be part of your overall estate plan. Like many people, you may consider including an IRA in your retirement plan. However, is a Traditional IRA or a Roth IRA more appropriate for you? To make an informed decision, you need to know more about both types of IRAs.
There is a very good chance that you, or your spouse, will need long-term care at some point down the road. To help pay for that care you may need to qualify for Medicaid. There is a right way, and a wrong way, to approach Medicaid planning in anticipation of qualifying. The wrong way could land you in prison. Proper planning can protect your assets without jeopardizing your eligibility for Medicaid.
Caring for a spouse with Alzheimer’s takes both an emotional and a physical toll on the caregiver. It can also deplete the nest egg that took you a lifetime to save in a very short period of time. The Medicaid Home and Community Based Services waiver program may be able to help.
You have worked hard to make your small business a success. Will all your hard work go down the drain if you (or your spouse) need to qualify for Medicaid? The good news is that you will likely be able to keep your small business and still qualify for Medicaid.
Will you be forced to sell your home in order to qualify for Medicaid? Will the state take your home when you die if you get help from Medicaid while you are alive? Medicaid planning can help you avoid both of these unfortunate outcomes.
Are you torn between passing down assets to your children and caring for your spouse in a nursing home? Are you worried about how to continue to provide care for your spouse after you are gone without jeopardizing your spouse’s Medicaid eligibility? The good news is that it is possible to provide continued care to your spouse after you are gone, pass down assets to your children, and not jeopardize your spouse’s eligibility for Medicaid.
Qualifying for Medicaid to help cover nursing home expenses means losing your nest egg, right? Wrong. You might actually be able to keep your nest egg and get help covering the high cost of long-term care using the Medicaid Spousal Impoverishment rules.