The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.
Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured’s adjusted gross income.
Read moreIt is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a “do-not-resuscitate” order (DNR). While both these documents are advance medical directives, they serve different purposes.
The median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth’s Cost of Care survey, which the insurer conducts annually.
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Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.
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The median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5 percent from 2016, according to Genworth’s 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44 percent from 2016. The rise in prices is much larger than the 1.24 percent and 2.27 percent gains, respectively, in 2016.
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With the school year back in full swing, it’s the perfect time for grown-ups to get a lesson or two in smart retirement planning. Maybe your children are off to college and you’re trying to care for parents, work full time – and plan for the future? Or, perhaps you’ve been concerned about preserving assets so you can pay for long-term care in these financially rocky times. If these scenarios sound familiar, you’ll want to listen to a Life Happens Radio podcast.
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Knowing the best way to offer support, compassion and financial help to a loved one with Alzheimer’s Disease can be challenging. Life Happens Radio host, and founder of Pierro, Connor & Associates, Lou Pierro, spoke on this topic during the August 26th edition of the show. He was joined by Beth Bovin, CEO of the Northeastern New York Chapter of the Alzheimer’s Association.
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Frequently clients realize that a supplemental needs trust is operated by a trustee. Trustees fulfill many responsibilities. They act as investment manager, bookkeeper, distribution manager, benefits advocate, and financial planner. Trustees are in constant contact with the beneficiary and the beneficiary’s caregivers regarding many aspects of the beneficiary’s life such as approving the purchase of a vehicle or even the purchase of a home.
Read moreA New Jersey appeals court rules that an ugly dispute between two brothers over their mother’s placement in a nursing home did not amount to domestic violence. R.G. v. R.G. (N.J. Super. Ct., App. Div., No. A-0945-15T3, March 14, 2017).
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Assisted living facilities are a housing option for people who can still live independently but who need some assistance. Costs can range from $2,000 to more than $6,000 a month, depending on location. Medicare won’t pay for this type of care, but Medicaid might. Almost all state Medicaid programs will cover at least some assisted living costs for eligible residents.
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