One of the benefits of waiting until at least full retirement age to claim Social Security is that you are not required to pass the benefits earnings test, if you’re still working.
The Social Security Administration applies an annual earnings test which involves temporarily withholding $1 of a worker’s benefits for every $2 earned over $21,240 (in 2023). In the year that the worker attains full retirement age, the earnings test is more generous; $1 in benefits for every $3...
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Author Archives: "ELCWI Support"
21 Jul
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How to Reduce Medicare Premium Surcharges
You’ve reached the golden age! However, just because you qualify for Medicare, it doesn’t mean that you’re done paying for health insurance. Medicare Parts B (outpatient) and D (prescription drugs) charge a monthly premium. If you are fortunate to have a higher-than-average income (more than $97,000 for an individual; $194,000 as a married couple), you may be required to pay an income-related monthly adjustment amount (IRMAA). Your modified adjusted gross income (MAGI) includes all taxable income including income from...
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27 Jun
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Understanding Elder Law Medicaid Planning: Ensuring a Secure Future
Introduction:
As individuals age, the need for comprehensive healthcare and long-term care services becomes increasingly important. For many seniors in the United States, Medicaid is a vital resource that provides financial assistance for medical expenses. However, navigating the complexities of Medicaid can be daunting, especially when it comes to ensuring eligibility while preserving one's assets. This is where Elder Law Medicaid planning steps in, offering individuals and families the opportunity to secure their future while accessing the necessary care. In...
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13 Oct
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Promote Nursing Home Planning for Older Adults!
Concerns about the skyrocketing costs of nursing home care are supported. Some reports indicate nursing home care in Wisconsin costs has risen above the national average. For quality care, many cost $12,000 per month or more. Medicaid may foot the bill, but without proper planning, an individual is typically required to spend his or her life savings before Medicaid steps in.
There are several ways you and your parents can protect their assets and protect them from losing their life...
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13 Oct
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Why Your Estate Plan Should Include More than a Will
A Last Will and Testament is a critical legal document that allows you to accomplish a number of important goals. You can name your beneficiaries and specify the assets you want them to receive, name a guardian for your minor children, and choose the person you want to settle your estate (known as the Executor).In short, a Will helps ensure your wishes are carried out after you pass away. However, in the event you become incapacitated in your lifetime...
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01 Sep
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Why Is a Power of Attorney So Important?
A power of attorney is a legal document that names an agent to make financial or medical decisions. This form is used when the individual known as the “principal” is unable to make decisions for one reason or another, or, cannot be present to sign legal documents during financial transactions.
Everyone should have designated an agent for medical and financial decisions. If you haven’t named an agent, it’s time to draft the documents with an elder law attorney experienced in...
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30 Aug
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Is Probate Necessary?
Many people have questions about the probate process. For example, is probate necessary, and if so, what is the process of probate? Do you need a probate attorney, and how long will the proceedings take?
Whether probate is necessary depends upon how an individual’s assets are held at his or her time of death. Certain types of assets are subject to probate, while other assets are exempt. During the probate process, a personal representative also known as the executor –...
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26 Apr
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Overview of Guardianship Lawyers as a Resource for Transitioning Families
Family law is an important one! Indeed, it is just very different from other legal practices.
Elder law and guardianships can be stressful and have many emotions within it. After all, it involves family, and that’s indeed very personal!
Having an experienced Elder Law/Guardianship attorney can alleviate a lot of the stress on families navigating the court process.
Conservatorship Elder Law
It is really important to hire the right guardianship lawyer.
Finding Suitable Elder Law Attorney
Found yourself stuck in a similar problem and seeking a reliable and professional guardianship...
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19 Apr
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Marital Property Agreements, Prenuptial and Postnuptial Agreements
Marital property agreements, also known as prenuptial or post-nuptial agreements, are an effective way of defining how property should be distributed in the event of a divorce. They are also an effective estate planning tool. A marital property agreement is a flexible written document exclusively between spouses setting out each spouse’s rights and obligations with respect to both spouses’ property regardless of when it was acquired. Typically, Wisconsin law treats income and possessions acquired by a couple after their...
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03 Mar
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How Funeral Trusts Help Persons Qualify for Medicaid
Irrevocable Funeral Trusts (IFTs), or differently phrased, Irrevocable Funeral Expense Trusts, allow persons to pay for their funeral and burial costs, also known as final expenses, in advance of their death. They are legal agreements that not only allow peace of mind knowing that funeral funds are available when needed, but they are also an invaluable Medicaid planning tool. Essentially, IFTs provide a way for Medicaid applicants to lower their countable assets and meet Medicaid’s asset limit for qualification...
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