An asset protection trust is a generic term used to describe different kinds of trusts that provide different protections for your personal wealth. An asset protection trust can keep your assets safe in lots of different ways, depending upon the kind of trust that you create. The type of trust you create is going to [ ] The post How Does an Asset Protection Trust Work? appeared first on Nirenstein, Horowitz & Associates P.C..
A Medicaid trust is a trust that is created in order to protect assets while making sure those assets do not disqualify you from Medicaid coverage. There are actually a few different options when it comes to Medicaid trusts. You can make an irrevocable trust if you are worried about needing Medicaid for nursing home [ ] The post How Does a Medicaid Trust Work? appeared first on Nirenstein, Horowitz & Associates P.C..
In Connecticut, Medicaid plans are called HUSKY Health. There are different HUSKY Health plans depending upon who needs services. These plans can cover much of the medical care that a person needs, often with low co-payments or with no costs at all to patients. HUSKY Health may be the only insurance option for seniors which [ ] The post How do Medicaid Insurance Plans Work? appeared first on Nirenstein, Horowitz & Associates P.C..
When you are working throughout your life, you pay a tax that can seem like a nuisance. It carries these initials: FICA. Though this can seem like money down the drain, in fact, if you live long enough you do get something for your contributions. As you are paying these taxes, you are earning retirement credits that can provide you with eligibility for Social Security and Medicare. It is relatively easy to earn the maximum amount of credits that you are allowed to accumulate in a calendar year. You can earn up to four credits each year, and in 2015, you get one credit for every $1220 that you earn. So, if you make a minimal amount of money for at least 10 years, you will qualify for Social Security and Medicare coverage. Age of Full Social Security Eligibility You may think that you become eligible for your full Social Security benefit when you reach a particular age, regardless of your year of birth. This would seem like a logical way to go about it, but the powers that be have creat
When you are planning ahead for the future, you should account for every phase of your life. You want to make sure that you are financially comfortable during your active retirement years, and you should also consider the twilight years that will follow. Ideally, you will have a suitable financial legacy to leave behind to your loved ones after you pass away. Retirement can be partially funded by an individual retirement account. There are two different types of individual retirement accounts that are widely utilized: traditional individual retirement accounts, and Roth IRAs. Let s look at the differences between these two accounts. Traditional IRAs When you have a traditional individual retirement account, the contributions are made before you pay taxes on the income. As a result, you are saving money while you are lowering your taxable income, so there is a dual positive. You cannot make penalty-free withdrawals from the account until you are 59.5 years old. It would be possible to