Q. Do you mind if I ask how you got started working with seniors and doing the kind of long-term care estate planning that you do? A. Not at all. In a word, I owe it all to my grandmother. After my grandfather died in the 1960s, my grandmother, Lena Ponsky, became the head of… Read More »
Posts Categorized: Uncategorized
Planning an Inheritance for A Child or Grandchild on Public Benefits: The Special Needs Trust?
Q. One of my grandchildren has a disability and receives SSI and Medi-Cal. I would like to leave him a bequest from my estate when I pass. But won’t doing so cause him to lose his public benefits? A. Not if you plan correctly. As you probably know, your grandson cannot have more than $2,000… Read More »
Make Your Charitable Gifts Count Under the New Tax Law
Q. I am wondering if I can still get deductions for charitable gifts under the new tax law? Do you have any thoughts on this? A. Yes. Under the Tax Cuts and Jobs Act, effective this year, the traditional method of making a gift and itemizing your deductions on your Federal Income Tax Return, as… Read More »
Hang Up On Phony Calls from SSA
Q. I hear there is a new scam going around whereby seniors receive phone calls that appear to be from Social Security. Do you know anything about this? A. Yes. There is a spoofing scam going around the entire country whereby seniors receive calls which appear to be coming from the Social Security Administration, but… Read More »
Will Mom Lose Her SSI and Medi-Cal If She Sells Her Home?
Q. My mother, who receives Social Security, SSI and Medi-Cal, is thinking of selling her home and either buying a smaller condo, or possibly moving into a spare room in our home. When she sells her home, will she lose her any of her benefits? A. She won’t lose her Social Security, because eligibility does… Read More »
Proposed New Medicare Payment System May Affect Beneficiaries
Q. I hear that Medicare is proposing a new payment arrangement for doctors that may dramatically impact access to care by seniors and other beneficiaries. Do you know anything about that? A. You heard correctly. Medicare is proposing a new flat rate reimbursement system for doctors who treat Medicare patients. Some worry that the plan… Read More »
How to Reduce Medicare Surcharges When Your Income Changes
Q. My wife and I are being charged extra for Medicare Part B and prescription drug coverage premiums, apparently based upon our higher income in years past. Beginning last year, our income dropped significantly. Is there way to get the surcharges removed? A. Yes, if you can link the reduction in income to a “life… Read More »
Debt Relief For Low Income Seniors
Q. My wife and I have about $10,000 in credit card debt that we struggle to pay each month. Our incomes are very modest and all from Social Security and my work Pension. Is there any way that we can legally avoid paying this debt without dire consequences? A. Very likely, yes. Generally speaking, income… Read More »
Property Tax Loan Program Helps Seniors and Disabled Remain In Their Homes
Q. Our property taxes are due soon and we worry that we may not be able to pay them, as my wife and I had large care expenses this year. Are there any programs that we might turn to for help? A. Yes. California lawmakers have reinstated a program called the “Senior Citizens and Disabled Citizens… Read More »
A Primer on Adding Children to Bank Accounts
Q. My wife and I are thinking of adding our son and daughter to our bank accounts. What is the best way to do this and how should we title the accounts? A. Good question. The manner in which you add your children to your accounts will affect their rights of ownership, access to the… Read More »