What Is a Qualified Personal Residence Trust (QPRT)?

The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person’s estate and to their heirs while reaping lower transfer tax consequences.

Deducting Long-Term Care Insurance Premiums in 2023

Are you a taxpayer who has purchased long-term care insurance? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income.

What Is IRMAA and How Does It Affect My Medicare Premiums?

Once Medicare kicks in, we may assume our medical insurance premiums will be fixed. However, many people don’t realize there are special rules regarding how much they pay for Medicare Parts B and D if they are in a higher income range.

Estate Planning: An At-a-Glance Overview

Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is an essential tool at any age.

Appointing an Executor? Here’s What an Executor Cannot Do

If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role seriously. As part of your decision-making, you may also consider the things they would be prohibited from doing.

Assisted Living vs. Nursing Homes: What’s the Difference?

Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct.

Highlights of How the Omnibus Bill Will Benefit Older Adults

The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts.

Does Power of Attorney End at Death?

Although every state’s laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of attorney ends upon a person’s death.

Does Medicare Pay for Assisted Living?

Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from assisted living.

Protecting Spouses of Medicaid Applicants: 2023 Guidelines

The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.