In the realm of financial planning for individuals with disabilities, there are various tools available to help manage assets and secure a stable future. Among these tools, ABLE accounts and First-Party Special Needs Trusts (SNTs) stand out as prominent options. Both serve distinct purposes and offer unique benefits tailored to the specific...
Basic Concepts in Taxation of First Party Special Needs Trusts
Overview of First Party SNTs
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First-party special needs trusts, often referred to as "self-settled" or "payback" trusts, play a crucial role in providing financial security for individuals with disabilities. These trusts are established using the assets of the individual with disabilities and are designed to maintain their eligibility...
Should an Agent Under Durable Power of Attorney Have the Power to Change Account Beneficiaries?
A Durable Power of Attorney (DPOA) is a powerful legal tool that allows you to designate someone to act on your behalf in financial and legal matters if you become incapacitated. One crucial decision to consider when creating a DPOA is whether to grant your agent the authority to change beneficiary designations...
Vetting Hospice Providers
When faced with a terminal illness or condition, more people than ever are choosing hospice care over starting or continuing expensive medical treatments. Hospice care is for patients who choose not to undergo specific treatments or when they are no longer effective. Instead, the focus is on the patient’s comfort and quality...
Medicare Open Enrollment 101
Know your options and get free help...
Medicare’s open enrollment period is the time for you to review your plan options and make any changes to your Medicare coverage.
Maybe you have a new prescription that is not covered by your current drug plan or you...
Medicare Scam: Genetic Testing
Beware of ‘Free Genetic Testing’ Medicare Scam
Over the past few years, DNA tests have become more popular across the country. However, unscrupulous people are taking advantage of the buzz around these tests to scam Medicare beneficiaries.
Scammers target Medicare beneficiaries through telemarketing calls, booths at...
Giving to the Next Generation
From self-expression to self-direction, there are countless ways for older adults to stay engaged and give back to others at the same time. Some of the most rewarding ways to express yourself and contribute to your community involve passing on experiences, wisdom, and skills to the generations that follow.
Why Everyone Should Plan for Long-Term Care
According to ACL.gov, research suggests that most Americans turning age 65 will need some form of assistance with everyday activities, known as long-term care, as they grow older. The amount of care needed will depend on many variables, including overall health, cognitive functioning, and home environment.
Age is a...
Adult Day Care Primer and Considerations
Adult Day Care Centers are designed to provide care and companionship for seniors who need assistance or supervision during the day. The program offers relief to familymembers or caregivers and allows them the freedom to go to work, handle personal business or just relax while knowing their relative is well cared for...
In-Kind Support and Maintenance Calculations May Soon Exclude Food
The Social Security Administration (SSA) has proposed a rule change that would omit food from the in-kind support and maintenance (ISM) calculations used to determine Supplemental Security Income (SSI) eligibility and payment amounts.
This proposed rule change is intended to simplify the rules by making them less cumbersome to...