Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help … [Read more...] about Age-Related Retirement Milestones
Medicare is a government health insurance program that is available to seniors who have paid into the program sufficiently during their working years. Because of the fact that you are going to be eligible to enroll in the Medicare program, you might wonder why Medi-Cal may be relevant to you when you are a senior citizen. The reason why a significant percentage of elders who were previously enrolled in the Medicare program ultimately qualify for Medi-Cal is because they need assistance with … [Read more...] about Medi-Cal Planning in California: When Is it Too Late?
There are people who are not that concerned about planning ahead for retirement. They assume that they will naturally accumulate resources over the years without actually trying. And they also feel a sense of comfort because they know that they will be eligible for Social Security and Medicare eventually. The above line of reasoning can result in some very challenging circumstances during the latter portion of your life. You have to understand the fact that Social Security is going to provide … [Read more...] about Medicare Deductibles, Co-Payments, and Premiums Rising in 2013
When you are planning for your retirement years, it is important to understand what you can expect from Medicare and Social Security. Many people go forward with the misconception that these two government programs provide a comprehensive, turnkey retirement solution, but this is simply not the case. There are premiums and deductibles that must be paid while you are participating in the Medicare program, so it is not truly free health care. And, it should also be noted that Medicare will not … [Read more...] about Medicare Part B Premiums Rising
If you are thinking that Medicare is going to cover all of your expenses when you need health care as a senior citizen, you may want to reevaluate your expectations. The fact is that there are expenses that you must pay as a Medicare recipient, and they are significant, especially when you consider how they would erode the typical monthly Social Security benefit. The Medicare program is broken down into four different parts. There is Medicare Part A, which is the component that is used to … [Read more...] about Seniors Face Significant Out of Pocket Medical Expenses
For those who qualify, Medi-Cal will pay for the cost of skilled nursing home care (a facility that has a licensed doctor or licensed registered nurse on staff 24 hours a day, 7 days a week). Medi-Cal will also pay for some limited in home services (services to help the person be able to stay in their home). Medi-Cal will not pay for adult day care, independent living or assisted living. Medicare will pay all costs associated with hospice care. … [Read more...] about What Costs Will Medi-Cal Pay?