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. Military Compensation As a member of the military, your compensation is more complicated than the average civilian. The reason for this is that your pay is composed of … [Read more...]
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Medicaid Gifts to Children
At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much confusion for applicants. While it is always best to consult with an experienced Medicaid … [Read more...]
Frequently Asked Questions About Gifting and Medicaid Eligibility
Over half of all seniors who need long-term care end up turning to Medicaid for help covering the cost of that care. Many of them know little, or nothing, about the Medicaid eligibility rules because they never needed Medicaid prior to their retirement years. The result is that there are a number of misconceptions surrounding the Medicaid rules, particularly when it comes to making financial gifts just prior to applying, or after being approved, for Medicaid benefits. Given the important role … [Read more...]
What You Need to Know about Asset Protection
If you have worked hard to acquire a decent asset portfolio, shouldn’t you work equally as hard to protect those assets from potential threats? Of course, the answer to that question is “yes.” The problem is that most people do not realize the numerous and varied ways in which their assets might be at risk. Now is the time to learn more about those threats and about the asset protection strategies that can help ensure you don’t lose the assets you worked so hard to acquire. Potential Threats … [Read more...]
Preparing for Health Needs
Each of us faces illness from time to time. We can and should do what we can to prevent illness. However, we also can prepare for when illness does occur. Preparation for illness has two components: 1) financial preparation for the costs, and 2) legal preparation for decision making authority. The preparation for the costs of illness includes savings through traditional means, such as savings accounts, and obtaining health insurance to help defray the costs. There is also a … [Read more...]
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