If you have an older loved one who is facing health related issues you likely already know how complicated the Medicare system can be to navigate. A specific coverage issue has created a problem for a number of Medicare recipients recently that you may need to be aware of in the event that your loved one is ever transferred to a skilled nursing facility or rehabilitation center from a hospital. As a general rule, Medicare benefits do not include coverage for long-term care facilities. There … [Read more...] about What Is the Medicare 3 Day Hospital Stay Rule?
Life insurance is a common addition to a comprehensive estate plan given the numerous different estate planning goals that can be achieved with the help of a life insurance policy. September is “National Life Insurance Month” in the United States, making it a great time to review your life insurance policies and discuss how they fit into your estate plan with your Missouri estate planning attorney. The Role of Life Insurance in Your Estate Plan The basic concept behind life insurance is to … [Read more...] about National Life Insurance Month Is a Great Time to Review Your Estate Plan
A comprehensive estate plan is one that takes you from today through the end of your life and beyond. It should contemplate the protection and growth of assets throughout your lifetime as well as provide for loved ones after you death. Given the highly personal nature of estate planning, no two estate plans are even exactly the same; however, there are some common components, such as life insurance. If you are relatively new to estate planning, understanding life insurance and how the different … [Read more...] about Understanding Life Insurance
At some point in your life, you or someone you love may become disabled. A disability often creates a financial hardship along with the emotional and physical toll the disability takes on the victim. Fortunately, there are two federal assistance programs that may be able to help ease the financial burden that frequently accompanies a disability. Those programs are Social Security Disability Income, or SSDI, and the Supplemental Security Income, or SSI, program. Though both provide financial … [Read more...] about What Is the Difference between SSDI and SSI?
Chances are good that you own one or more life insurance policies. Whether you purchased a policy as part of a group offering through your employer or you went out and bought one on your own, you likely understand the basic function of a life insurance policy—to provide financial security to a family or to loved ones in the event of your death. While this is the basic function of a life insurance policy, it can do much more. Consider the following information that you may not know about life … [Read more...] about What You May Not Know about Life Insurance and Estate Taxes
For most people, an estate plan consists of numerous documents. A Last Will and Testament provides the cornerstone of any estate plan; however, other ancillary documents may also be part of the plan such as a trust, insurance policies and bank accounts. What happens if two or more of these documents conflict? Let’s assume that Bob has a wife named Mary and two children—John and Beth. Bob dies of a heart attack. Bob’s Will specifically states that all of his assets are to be split evenly between … [Read more...] about What Happens When Estate Planning Documents Conflict?
Whether you are a senior in need of assistance with the high cost of healthcare or you have an elderly family member who needs assistance, both the Medicaid and Medicare program may be able to help. Understanding the basic differences between the two programs will help you decide whether either program might be able to help. Both programs are funded by the federal government, but Medicaid is administered by the states. The eligibility guidelines for Medicare are the same for everyone. Medicaid … [Read more...] about Medicaid vs. Medicare
Americans love insurance. We tend to buy insurance for just about everything from our vehicles, to our homes to our lives. This is not necessarily a bad thing. It often times makes sense to include a life insurance policy in your estate plan. When it comes time to purchase a life insurance policy though, how does an individual know how much insurance is really necessary? How much life insurance you really need depends on why you want the life insurance. Is it just intended to pay off debts or … [Read more...] about How Much Life Insurance Do I Really Need?
Although most of us look forward to our golden years when we can finally relax and enjoy life, many of us also worry about what will happen if our health is less than perfect. Thanks to advances in medicine and technology over the last decade, we can look forward to living longer, but that could also mean we will require long-term care at some point. Given the fact that a stay in a long-term care facility can cost upwards of $100,000 a year, and that private health insurance policies often do … [Read more...] about Long-Term Care Insurance — Is It For Me?
In the United States, we are conditioned to believe that we must have an insurance policy for absolutely everything possible from our homes and vehicles to our health and life. We are told that the consequences of not having insurance are severe. In some cases, this may be true. In the case of life insurance, whether or not you truly need a policy depends on a number of personalized factors; however, consider the following when contemplating life insurance: The purpose of a life insurance … [Read more...] about Things to Think about When Considering Purchasing A Life Insurance Policy