Observation Stays in the Hospital: The Impact on Medicare Beneficiaries In December 2013, Ms. M., 99, was found on the floor in her assisted-living apartment. She was sent to the hospital and treated for a broken shoulder. She stayed at the hospital for three nights, but instead of being deemed an “inpatient,” she was considered Read More
Access to Digital Assets After Death
Access to Digital Assets After Death This isn’t a simple matter, even if you’ve planned. It used to be that people kept important things in filing cabinets, banks, and photo albums. Now everything from communications, to photos, to music, to sensitive financial information is increasingly kept online. In fact, 51 percent of U.S. adults bank Read More
Joint Ownership
Joint Ownership Many people own property in “joint tenancy” with another person or persons, usually their spouse, a relative, or in some cases, a business associate. It can be a convenient method of ownership and usually allows for the easy transfer of property upon the death of one of the joint tenants. However, holding property Read More
IRS Warns of Tax-Related Phone Scam
IRS Warns of Tax-Related Phone Scam A fast-moving phone scam called the largest of its kind is targeting taxpayers across the country. Victims have reported threats of license suspension, arrest and deportation. What makes this timely scam so tricky? The scammers impersonate Internal Revenue Service (IRS) agents and demand payment for taxes owed, and often: Read More
Best Time to Take Social Security Benefits
Best Time to Take Social Security Benefits Is 70 the new 65 when it comes to retirement? Yes, according to a recent paper from the Center for Retirement Research at Boston College. Alicia Munnell wrote: “Given that Social Security is a particularly valuable type of income — inflation-adjusted and lasts for a lifetime — it Read More
What is the Medicaid “Look Back Period”?
What is the Medicaid “Look Back Period”? Answer: The Medicaid Look Back Period is the 5-year period prior to filing a Medicaid application during which all transfers without fair consideration are totaled to assess a period of ineligibility for Medicaid Long Term Care benefits. It is a common misconception that if any gift transfer is Read More
New Law on Reverse Mortgages
New Law on Reverse Mortgages A federal law made major changes to reverse mortgages. A reverse mortgage is a loan for people 62 or older that lets the borrower access home equity and requires repayment upon the homeowner’s death, move or sale of the property. A reverse mortgage can be created created to maintain a Read More