Blog Archives

Tax Deductibility of Long Term Care Expenses (Part 2)

In last week’s post I was talking about the tax deductibility of long term care expenses.  Some medical expenses can be deducted from gross income before calculating any tax due and owing.  Long term care expenses can be deductible if within the definition set out by the IRS.  (See last week’s post) Let’s now look […]

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Tax Deductibility of Long Term Care Expenses – Part 1

When clients seek out our advice on preserving assets while being able to pay for long term care, we spend much time discussing government benefits such as Medicaid and the VA Aid and Attendance programs and ways to qualify for them. There is, however, another important aspect to consider. When using your own funds to […]

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Required Minimum Distributions – Part 2

                In last week’s blog post I covered the basics of how required minimum distribution (RMD) rules work for IRAs and other tax deferred retirement accounts.  To summarize you must take out a minimum amount from your account each year.  That’s RMD and it starts in the year you turn age 70 and ½.                 […]

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Possible Long Term Care Insurance Legislation on the Horizon? (Part 2)

                In my post last week, I talked about new legislation that is still in the drafting phase but that may be the next government attempt to provide a long term care benefit to Americans.  The last attempt, known as the CLASS Act, was a voluntary program.  This new program looks like it would be […]

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Possible Long Term Care Legislation on the Horizon?

       Just the other day I had someone ask me about the possibility of the government extending the Medicaid lookback from 5 years to 10 years. Since the last change in 2005 when the lookback went from 3 to 5 years (which change became effective in February, 2006) I have heard this rumor […]

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The Declining Pool of Caregivers

                Another article, this time in the Wall Street Journal caught my eye the other day.  It’s about how this country is running out of family caregivers at a time when the need for those caregivers is increasing.               Some of my recent posts have included statistics showing the continued trend of an aging population […]

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The Talk

                I have written in past blog posts about how best to approach the topic of long term care with a parent or elderly loved one.  There are no two situations that are exactly alike so there is no one best way to handle the delicate subject.  It is especially difficult when the senior is […]

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Trumpcare – What Doe it Mean for Long Term Care? (Part 2)

        Last week I was discussing the impact that the Republican party’s health care bill, dubbed by some “Trumpcare”, might have on long term care.    As of Friday it appears that the American Health Care Act is dead and Obamacare, at least for now, is still with us.  Nevertheless, let’s take a look at how […]

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Solving Only One-Half of the Problem

                Joe called me because the hospital social worker suggested it.  His wife, Mary had been in the hospital but was now ready to be discharged.  However, Joe was just now coming to the realization that Mary can’t go home.  He just is not capable of caring for her any longer.  While he is the […]

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What to Do When You Have No One to Help (Part 2)

                Last week I presented to you the hypothetical, but very common case, of Jane who is in the hospital and has acute and chronic health issues.  She has no family or she is estranged from her family.  The immediate problem is that she has no designated person to act on her behalf as agent […]

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