Category: Uncategorized

What are Special Needs Trusts? Under means-tested benefit programs like Medicaid and Supplemental Security Income (SSI), disabled people can only qualify for benefits if they have no more than about $2,000 in countable assets. Special needs trusts allow disabled people […]

So how much will you get from Social Security when you retire and how much does it change if you retire early (62) or delay payments till late (70)?  Well in 2017 the average monthly Social Security payment was $1,360.  […]

Bottom line, you will use your Social Security and it will be meaningful to you. However, it was not designed to be your primary source of income in retirement.  Your average life expectancy at 65 is about 20 years, longer […]

Connecticut is an expensive place to die.  First, you have an estate tax that starts at $2M.  The federal exemption and most other states start at $5M +.  Second, the estate tax ranges up to 12%.  Then, it has a […]

The Wall Street Journal has an interesting article on why a parent or a grand parent would want to contribute to a child’s retirement plan right after they got out of college.  This is a technique not often mentioned that has a […]

The New York Times just published an article entitled, “The Ethics of Adjusting Your Assets to Qualify for Medicaid” and they ask a very relevant question. Is it ethical to arrange your financial affairs so you qualify for Medicaid?  After […]

If you don’t have a Power of Attorney, someone will have to be appointed guardian or conservator in order to manage your affairs. This can be a costly and contentious proceeding. The New York Times has a great article today on problems […]

You can move to Connecticut or New York while on Medicaid but it will not be easy. You will have to move to Connecticut or New York and then reapply for Medicaid. Since each state evaluates its applicants independently from […]

You’re Probably Going to Need Medicaid, New York Times 6-13-17 “Roughly one in three people now turning 65 will require nursing home care at some point during his or her life. Over three-quarters of long-stay nursing home residents will eventually be […]

Medicaid has updated the SSI and Spousal Impoverishment Standards for 2017. These updates are effective 7-1-17. The new Minimum Monthly Needs Allowance increases to $2,030 and the Community Spouse Monthly Housing Allowance increases to $609 in Connecticut and New York and […]