Elder Law News

If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. 

Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation.

As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for. 

Medicare premiums are set to rise a modest amount, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50.

As the coronavirus pandemic worsens in Utah, the state is expected to implement a health care rationing system that favors younger patients over older ones.  Similar policies in several other states have been successfully stopped. 

The Internal Revenue Service has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance.

With the presidential election only a few weeks away, it is important for voters to know the candidates’ positions on issues like Medicare, Medicaid, and Social Security. 

The Social Security Administration has announced a 1.3 percent increase in benefits in 2021, an increase even smaller than last year’s. 

The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty.  

New York was the only state that didn’t have a look-back period for Medicaid home care, but that is now changing. New York Medicaid applicants will no longer be eligible for home care if they gave away assets within 30 months of applying.