What is Burial Insurance? Burial insurance, also known as funeral insurance or final expense insurance, is a type of life insurance policy specifically designed to cover the costs associated with a person’s funeral and burial expenses. It is typically a smaller policy compared to traditional life insurance policies, with coverage amounts ranging from $5,000 to … Read more
I. What are Required Minimum Distributions (RMDs)? Required Minimum Distributions (RMDs) are the minimum amount of money that must be withdrawn from certain retirement accounts once the account holder reaches a certain age. RMDs are mandated by the Internal Revenue Service (IRS) to ensure that individuals do not indefinitely defer paying taxes on their retirement … Read more
What is a Power of Attorney? A Power of Attorney is a legal document that allows an individual (referred to as the “principal”) to appoint another person or entity (referred to as the “agent” or “attorney-in-fact”) to make decisions on their behalf. This document grants the agent the authority to act on behalf of the … Read more
What is Medicaid? Medicaid is a government-funded health insurance program that provides coverage for low-income individuals and families. It is jointly funded by the federal government and individual states, with each state having its own set of rules and regulations regarding eligibility and coverage. The program was established in 1965 as part of the Social … Read more
What is Elder Law Litigation? Elder Law Litigation refers to legal disputes or conflicts that specifically involve elderly individuals or their families. This area of law focuses on addressing the unique legal needs and challenges faced by older adults, including issues related to healthcare, long-term care, estate planning, guardianship, and elder abuse. Elder Law Litigation … Read more
What are age-related tax credits? Age-related tax credits are tax breaks specifically designed to help individuals who are at or near retirement age. These credits are intended to provide financial relief for older adults who may be facing increased expenses related to healthcare, housing, and other necessities as they age. Age-related tax credits can help … Read more
What is Medicare Part B? Medicare Part B is a component of the federal health insurance program for individuals aged 65 and older in the United States. It covers medically necessary services and supplies, such as doctor visits, outpatient care, preventive services, and some home health care. Medicare Part B is optional and requires a … Read more
Life Care Planning Glossary What is Life Care Planning? Life Care Planning is a comprehensive approach to caring for individuals who are facing chronic illness, disability, or aging-related challenges. It involves the coordination of medical, legal, financial, and social services to ensure that the individual’s needs are met throughout their lifetime. Life Care Planning takes … Read more
What is a Qualified Income Trust? A Qualified Income Trust, also known as a Miller Trust, is a legal arrangement that allows individuals who exceed the income limit for Medicaid eligibility to still qualify for long-term care benefits. This type of trust is specifically designed to help individuals with high medical expenses who would otherwise … Read more
What is a Conservatorship? A conservatorship is a legal arrangement in which a court appoints an individual or organization to manage the financial affairs and/or personal care of another person who is unable to do so themselves. This arrangement is typically put in place for individuals who are elderly, disabled, or incapacitated in some way. … Read more