The bill for long-term care adds up fast. The annual median cost for a private room in a nursing home was $105,850 in 2020, according to Genworth. The government could pick up these costs if you qualify for Medicaid, but that’s easier said than done.
You should start by talking to an estate planning attorney who can look at your assets and income and see what impact they will have on Medicaid eligibility.
Have you made any plans to distribute your assets and take care of your family, when you die or become incapacitated?
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.
It’s generally a bad idea to name a trust as beneficiary of your IRA.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
You must now make sure that your loved ones have access to your digital assets should you die.
Taking a few simple steps now can potentially help save your beneficiaries thousands in legal fees and taxes.
Copyright © 2019 Huizenga Law Firm, P.C. All rights reserved. Some artwork provided under license agreement.
