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Richardson Elder Law And Estate Planning Blog

Three Alternatives To Long-Term Care Insurance

If you think paying a mortgage seems expensive, compare it to the cost of a stay in a nursing home, the median price of which is $6,000. for a private institution. Ideally, everyone would have their own long-term care insurance to help shoulder the burden of these costs. But long-term care insurance is beyond the means of many Americans. Furthermore, the policies are becoming harder to find, as insurers drop such policies in the face of rising costs. 

Reality check

Proposed Medicaid Cuts Would Affect Nursing Home Care

As a part of the effort to repeal and replace the Patient Protection and Affordable Care Act, Republicans have proposed major cuts to Medicaid that could significantly affect access to nursing home care. The proposal would cap the amount that the federal government pays to states per Medicaid enrollee to 2016 levels.

The end of Medicaid as we know it?

Need A Nursing Home? Don’t Count On Medicare.

Approximately seventy percent of the Americans over the age of 65 will require long-time care at some point of their lives. But long-term care costs thousands of dollars a month, and not everybody has long-term care insurance. Many citizens assume that Medicare, the federal health insurance program for citizens aged 65 and above, will cater for these costs, but the truth is it does not.

Does Medicare pay for anything?

Welcome to the Blog for The Johnson Firm, P.C.

As a business owner, you may be looking for ways to protect your business from unforeseen circumstances. When you work with The Johnson Firm, P.C., you can rest assured that your business and your future will be in good hands. We are strong advocates for family's legacies and want to help you ensure your financial security and desire to protect your loved ones. Your family business is your investment and your life and it deserves respected representation. This blog will be updated periodically to assist you in obtaining valuable information regarding business and estate planning laws in Texas, so make sure to check back soon! In the meantime, our firm encourages you to contact our team right away to speak with an experienced representative. 

Finding in-home care for veterans

If you or a loved one was once a veteran, you might be eligible for in-home care financial assistance in the form of Aid & Attendance benefits or Housebound benefits. These benefits provide extra payment for eligible veterans who require the assistance of another person in the home, or for those who are housebound because of a medical condition. The VA pays veterans who are eligible to receive a pension either Aid & Attendance or Housebound benefits, but not both.  Who is eligible for VA benefits? Veterans are eligible if they have served for at least 90 days of active duty, including at least a day during wartime. Veterans must also have received an honorable discharge to receive benefits. 

What is Aid & Attendance? (AA)

Is The Long-Term Care Insurance Industry In Peril?

A federal judge recently ordered long-term care insurer Penn Treaty to liquidate its assets and close up shop. That left customers by the thousands without coverage after they paid tens of thousands in premiums. Some observers believe this case bodes ill for the industry as a whole.

Here three things to consider as you decide whether long-term care is a good investment for you:

Facebook Allows Users to Create Digital Will

What happens to a Facebook profile once someone dies? How can people grieve and memorialize the deceased through social media? Should family members or friends have access to the deceased's online profile at all? Facebook is trying to find answers to some of these tough questions by offering a new service called the "Legacy Contact."

My Loved One Passed Away Without a Will - Now What?

If you have been tasked with settling the estate of deceased loved one who has not left a will, you probably have several questions about how their estate will be distributed. When someone passes away without having created a last will and testament during their lifetime, their assets and property are distributed in probate court according to intestate succession laws. Under intestacy, after all debts and court fees have been settled, the decedent's property, possessions, bank accounts, and other assets will be distributed to their closest living relatives according to a state-established hierarchy.

Pass Along Values and Money

More than two centuries after his death, Swift's words still resonate today. The appreciation of money - not the love of it - can inform parents who plan to pass on their wealth to their children. True wealth is more than just the bottom line, for without a value structure, money is an empty vessel. So when passing along their money, parents also need to pass along their values.

As the Dallas Morning News says, parents want their children to become good stewards of the assets they leave behind. "Values drive behaviors," Kansas State University financial psychologist Brad Klontz told the DMN, but parents who bequeath money to heirs without passing down their values, their work ethic, their motivations are setting their children up to be poor stewards of their wealth.

Retirement fears prevalent in North Texas

Going broke in retirement, once almost unheard of in the days of to-the-grave company pension plans, is a real concern in today's economy, and North Texas is no exception.

According to the Dallas Business Journal, citing a study conducted by Merrill Edge, 58 percent of North Texas' more affluent workers are concerned about going broke in retirement. The study included residents who held $50,000 to $250,000 in investable assets.

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