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How to Use a Trust in Medicaid Planning

Lavelle & Finn


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 trusted child or other relative may lose them. A safer […]

Most Are Taking Social Security at the Wrong Time

Lavelle & Finn


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 retirement if they made the financially optimal decision. When claiming Social […]

Tips for Preventing, Detecting, and Reporting Financial Abuse of the Elderly

Lavelle & Finn


Reports of elder financial abuse continue to increase, and the elderly are particularly vulnerable to scams or to financial abuse by family members in need of money. It is hard to ascertain the exact numbers of people affected by elder abuse because studies show that elder abuse is underreported. However, one study found that financial loss from financial elder […]

What to Look for When Buying an Annuity

Lavelle & Finn


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 which the consumer pays the company a certain amount of money […]

Medicaid’s Asset Transfer Rules

Lavelle & Finn


In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children on Tuesday, and qualify for Medicaid on Wednesday, so it has imposed a penalty on people who transfer assets without receiving fair […]

New Rule May Make It Harder for Medicare Beneficiaries to Receive Home Care

Lavelle & Finn


It may become harder for Medicare beneficiaries to find home health care due to a new rule from the Centers for Medicare and Medicaid Services (CMS). Although the rule changes the way home health care providers are reimbursed, it could affect patient care as well. Starting in January 2020, Medicare will reimburse home health agencies […]

Will My Advance Directive Work in Another State?

Lavelle & Finn


Making sure your end-of-life wishes are followed no matter where you happen to be is important. If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent. An advance directive gives instructions on the kind […]

Grandparents Raising Grandchildren May Qualify for the Earned Income Tax Credit

Lavelle & Finn


Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes by thousands of dollars or allow them to […]

Medicaid’s Gift to Children Who Help Parents Postpone Nursing Home Care

Lavelle & Finn


In most states, transferring your house to your children (or someone else) may lead to a Medicaid penalty period, which would make you ineligible for Medicaid for a period of time. However, there are circumstances in which transferring a house will not result in a penalty period. One of those circumstances is if the Medicaid applicant transfers […]

New Rule Once Again Allows Nursing Home Arbitration Agreements

Lavelle & Finn


The Trump administration is officially rolling back a ban on the use of arbitration agreements by nursing homes that was initiated under President Obama. The Centers for Medicare and Medicaid Services (CMS) issued a rule that once again allows nursing facilities to use arbitration to settle disputes with residents. Historically, nursing homes increasingly asked — […]