There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you. A properly crafted estate plan allows you, while...

Yes, an annuity is like any other investment asset and must be liquidated and spent down before Medicaid will pick up the cost of your mother’s care. It may feel like the nursing home is “taking” the annuity, since it will likely be spent paying for your grandmother’s...

The Social Security Administration has announced a 1.6 percent increase in benefits in 2020, nearly half of last year's change. The small rise has advocates questioning whether the government is using the proper method to calculate the cost of living for older...

Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one's well-being and you have a duty to act in his or her best interest. If an adult becomes mentally incapacitated and is incapable of making responsible...

Medicare's Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Don't let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you...

You have completed and executed your plan for your special needs child. Everyone you’ve selected to serve—your guardian, your trustee, your health care proxy, your executor, and possibly a trust protector as well—has signed the paperwork. All set? For now, yes. But...

Spending on social activities is fine, and in theory there is no limit on the cost. However, the issue is proving how the money was spent. If your mother spends the money as cash, how does the Medicaid agency know whether it was lost at the casino or given to someone...

As long-term care insurance premiums rise and fewer companies offer policies, alternatives to traditional long-term care insurance policies are springing up.  Previously, we wrote about annuity “doublers” that help pay for long-term care. Another increasingly popular...

With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting Medicaid's low asset limit. The problem with transferring assets is that you have given them away. You no longer control them, and even a...

The Achieving a Better Life Experience (ABLE) Act allows people with disabilities who became disabled before they turned 26 to set aside up to $15,000 a year in tax-free savings accounts without affecting their eligibility for government benefits like Medicaid and...

Prepaying for your funeral is one way to ease the burden on your family following your death and make sure your wishes are carried out. But pre-paid funeral plans come with risks, so you need to exercise care when purchasing a plan. Funerals are expensive and can take...

A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on more than $100,000 per household in the process. The average Social Security recipient would receive 9 percent more income in...

Written and Submitted to the Academy of Special Needs Planners By: Lelia Wardwell Mander Among the many challenges for families is making sure there will always be enough money to provide lifetime care for their special needs children. The costs are daunting:...

Eliminating a cruel quirk in federal bankruptcy law, legislation signed into law by President Trump on August 23, 2019, protects veterans disability benefits from creditors in bankruptcy proceedings. "By protecting their disability compensation during bankruptcy, we...

An annuity can be a useful tool for long-term care planning, but annuities are also complex financial products that are hard to understand. If purchasing an annuity, you need to consider your options carefully. An annuity is a contract with an insurance company under...