Medicare and Medicaid are two different government programs for healthcare. It is important to understand the difference between them. We will discuss how the program benefits differ, how eligibility for each program is established, and discuss some recent news pertaining to each program. Medicare vs. Medicaid – What are the program benefits? Medicare is a program administered by the federal government to provide healthcare to certain populations. Original Medicare is divided into Parts A and B. Medicare Part A covers hospital care and a limited period of nursing home care,…Read More
Undue Influence is when someone pressures another in such a way that the person being influenced is not acting by their own free will; they are being coerced into taking a certain action. Undue influence often arises when a friend family member falls ill. For example, mom has been diagnosed with cancer and her boyfriend influences her to change her estate plan so that all mom’s assets go to him instead of to her kids. The plan is oftentimes carried out in secret and others don’t know about what has…Read More
There are many, many good people in the world. Some strangers would give you the shirt off their back, folks who volunteer their time to help others in need, and those who hold the door open for you as you are entering a store. Especially in our tumultuous times, it is important to be kind and generous to our fellow neighbors. However, with the good must come the bad. There are scammers out there who prey on various populations, usually ones who are more vulnerable. Beware of senior scams! What…Read More
It is easy to succumb to the dark clutches of depression at any stage of life. Life is full of surprises and twists, and not all of them have a positive effect on the psyche. However, once a senior is in the grasp of depression, it is often difficult to find release. More than 6.5 million Americans aged 65 and up are affected by depression. We will explore what depression is, what some causes are of depression in seniors, and some recent scientific research that has given insight on how…Read More
We continue in our series on what it takes to design and implement a successful exit plan. We have discussed Setting Your Target Departure Date and Determining the Amount Needed from the Sale of the Business. We continue to explore exit planning with a discussion on step three in the process—Choosing Your Successor. The Three Key Elements to a Successful Exit Plan: As we discussed, most business owners define success as leaving the business: On the date they choose (Setting the Target Departure Date) For the cash they want or…Read More
We started a series on what it takes to design and implement a successful “Exit Plan.” We discussed the importance of defining exactly when you want to exit your business—Setting the Target Departure Date. We now continue to explore exit planning with a discussion on step two in the process—Determining the Amount Needed from the Sale of the Business. The Three Key Elements To A Successful Exit Plan As we discussed last time, most business owners define success as leaving the business: On the date they choose (Setting the Target…Read More
New business owners often wonder which action items to prioritize when launching a new venture. If you recently started or are about to start a business, one of the most important steps you should take is to open a business bank account that is separate from your personal account. Opening a separate account will lay the foundation for more effective liability management, financial tracking, and tax preparation. Opening and maintaining a business bank account can provide proof that you are operating your business separately from your personal matters. In other…Read More
The benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, many powers of attorney are more general in nature and can actually cause more problems than they solve, especially for our senior population. We will highlight the benefits of a comprehensive, detailed power of attorney, including some of the provisions that should be included. A proper starting point is to emphasize that the proper use of a power of attorney as an estate planning and elder law document depends on the reliability and honesty of the appointed…Read More
Death is almost always a complicated event for the survivors, who have not only emotional but also logistical considerations to manage. However, when an owner (typically called a member) of a limited liability company (LLC) dies, it exacerbates the difficulties for the surviving members. In addition to bearing the loss, they must determine whether the LLC can or even should continue. These questions are just a handful of the issues that should be considered as part of an LLC business succession plan. Failure to address these issues and implement the…Read More
