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How to Use IRA Savings to Buy Long-Term Care Insurance

Unauthorized withdrawals from IRA funds before the age of 59½ are typically subject to taxes and penalties, but it's possible to indirectly use money from your IRA to fund long-term care insurance coverage.  Here are two options.

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Are Trusts Still Useful If the Estate Tax Is Repealed?

With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax, which in 2017 affects only estates over $5.49 million, fewer than 1 percent of estates. With no estate tax, do you still need a trust?

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How Does an Alternate Agent Under a Power of Attorney Take Over When the Initial Agent Is Incapacitated?

I am designated as the "alternate" agent in my mother's power of attorney. My father is the initial agent. He has been diagnosed with dementia and is not acting rationally. If my father is not willing to withdraw, how do I go about acting legally on my mother's behalf? How do I enforce the power of attorney alternative provision?

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How Medicare and Employer Coverage Coordinate

Medicare benefits start at age 65, but many people continue working past that age, either by choice or need. It is important to understand how Medicare and employer coverage work together.

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Owe Back Taxes? The IRS May Grant You Uncollectible Status

Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay.  Although notices from the IRS can be especially frightening, there are solutions. 

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Can a Nursing Home Prevent a Mentally Competent Resident from Leaving?

The managers of a skilled nursing facility are preventing a mentally competent wheelchair user who lives in the facility from coming and going as she pleases. She would like to roll around the neighborhood and take public transportation to shop, go to movies, and meet friends. The managers have decided this is unsafe, despite her doctor saying it's okay. What recourse does she have?

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Beware Medicare's Penalties for Late Enrollment

For this reason, Medicare imposes fairly significant late-enrollment penalties for those who postpone signing up.  To encourage everyone to sign up when they first become eligible, the program increases premiums based on how long a beneficiary waits to enroll.  

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Will a Prenuptial Agreement Protect a Spouse's Assets From Medicaid?

I am a senior contemplating marriage. We will have a prenuptial agreement shielding “Separate Property Assets” from access by the other spouse. My question is, in New York State, if one of the spouses is in a nursing home and must use Medicaid to pay expenses, can Medicaid invade the healthy spouse’s “Separate Property Assets”? Will the prenuptial agreement protect the healthy spouse's "Separate Property Assets" from Medicaid invasion to pay the other spouse’s nursing home expenses?

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