The budget bill just passed by the legislature, and signed into law by the Governor, may have the effect of impoverishing seniors. Here is why. Under current law, when either a husband or wife needs nursing home care, or care under the Connecticut Medicaid Home Care Program, the healthy spouse can keep $109,560 of assets. That in itself is not much to live on for the rest of your life, especially if you are in your 70’s when your spouse becomes sick.
There is a potentially big break for seniors just passed by the legislature but not yet signed by Governor Rell. It also needs federal approval, so it won’t be final until the federal government approves, but other states have allowed this method in the past, so there is good reason to believe it will go through.
Christmas shopping for your mother is never an easy task, but as she grows older, finding a gift that she will enjoy and use is nearly impossible. No more scarves, sweaters, or slippers please! The snuggie from last year still looks fine and those “teas from around the world” have not left her cupboard since the day after Christmas. This year you may want to give your mother a gift she could use and something you know she might not buy for herself.
One year ago this column discussed the state of confusion in Inheritance Tax laws. The Federal rules in 2009 were different from the rules in 2010, and there was yet another set of rules of rules for 2011. Congress finally took action just before Christmas and here is the present they delivered.
The last straw was when the kids found out mom was not taking her drugs. At least not on a daily basis. Being baby boomers, they knew what had to be done. An intervention was necessary to make sure mom stayed on her heart and blood pressure drugs.
Elder clients always ask, “Is it a good idea to pay for my funeral in advance?”, and “Won’t my life insurance take care of it?” This is a nationwide concern, and a 1998 AARP survey showed about 32% of Americans over fifty have made some prepayment arrangements.
