In general, middle-income seniors have income and assets that make them less likely to qualify for Medicaid. At the same time, they may not have adequate resources to pay for the rising costs of housing and care options they need.

In 2019 the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act made the first major changes to the U.S. retirement system in over a decade. Shortly after the SECURE Act was signed into law, the U.S. House and Senate began working on follow-up legislation to expand retirement plan access to more workers and make other changes. Three years later that follow-up legislation is upon us, referred to as “SECURE 2.0”, signed into law by the President on December 29, 2022 after passage by the Senate on December 22 and the House on December 23. Following are some key points that have meaning for our clients.

When your loved one enters a nursing home or assisted living center, you expect them to be safe.  You expect them to get the care they need in a peaceful environment.  But do you ever wonder what happens when you aren't there?  Do you wonder if their care declines when no one is looking?  Especially in light of the visiting restrictions and the inevitable increased stress of staff that COVID-19 has placed upon residential care facilities, do you worry about your loved one's care?

Too often potential clients come to see us for help in preparing their estate plan and have little to no understanding of details about their investments. Typically, they know the bank where the investment is held. But often unknown or at least fuzzy to them are:

Recent cases from across the country illustrate how exciting these ordinarily mundane matters can become.

IRMAA may sound like the name of your friendly neighbor down the street, but IRMAA is neither a person nor, if a person, a friend to high-income earners. IRMAA is an unpleasant surprise for high-income earners who become Medicare Part B and D beneficiaries and learn they must pay higher premiums for these medical benefits based on their income. If you are nearing age 65 you should be alert to these issues.

Transitions are inevitable. Planning for a smooth, controlled and satisfactory transition is critical to maintaining harmony and reducing fear. Failure to plan for a transition is tantamount to planning for chaos. Having a transition plan can set life priorities. We should set our own priorities and plan before a medical emergency or an urgent financial crisis takes decisions out of our hands. Our spouses, family and critical partners should be confident they understand the priorities and can assist in making decisions, or if necessary, make decisions for us.

Everyone needs an estate plan for three basic reasons: (1) to manage incapacity, (2) for quick, cheap, and easy transfer of property at death, and (3) to protect assets for yourself and your beneficiaries. But parents of minor children also need an estate plan to answer other important questions: (4) who will raise your child if you die or become incapacitated, and (5) who will manage your child’s property you die or become incapacitated? The default answers to (4) and (5) might not be what you like. Your estate plan is the place to put your answers to these questions. The goals are to minimize court involvement, provide for your child, and protect your child’s assets, seamlessly.