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Fong Law Group
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President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways. The $1.9 trillion American Rescue Plan Act (ARPA) delivers a broad swath of relief, covering families, employers,... Continue reading
Posted 5 days ago at Fong Law Group
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The Bankruptcy Process Deciding whether to file for bankruptcy is a major decision, which should not be taken lightly. It must be made with a clear understanding of the steps you will need to take, what will happen and the obligations you will have. At the Fong Law Group, we... Continue reading
Posted Mar 31, 2021 at Fong Law Group
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Medicare is not free; there are premiums and deductibles. If you don't qualify for Medicaid and can't afford a Medigap policy, you may be able to get help paying for the costs of Medicare. There are four Medicare assistance programs, called Medicare Savings Plans: Qualified Medicare Beneficiary (QMB): The QMB... Continue reading
Posted Mar 29, 2021 at Fong Law Group
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Bankruptcy Basics: 3 Types of illegal Asset Transfers during a Bankruptcy The desire to protect your assets from creditors is natural, and it’s the main reason debtors file bankruptcy. But there are certain types of asset transfers that are simply illegal when done right before filing bankruptcy. Let’s take a... Continue reading
Posted Mar 24, 2021 at Fong Law Group
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Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans who need in-home care or are in a nursing home, help may be available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance... Continue reading
Posted Mar 22, 2021 at Fong Law Group
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What Type of Bankruptcy Do I Qualify For? There are two main types of bankruptcies for consumers: Chapter 7 allows you to eliminate most unsecured debts in a matter of months in return for giving up all "non-exempt" property -- if you have any. Most people, who file for Chapter... Continue reading
Posted Mar 17, 2021 at Fong Law Group
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As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the cash within a year if it puts them over Medicaid’s... Continue reading
Posted Mar 15, 2021 at Fong Law Group
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How Bankruptcy Can Be Positive Facing overwhelming debt and financial hardship can be a particularly stressful time in one’s life. As you try to navigate the coming days, weeks, and months, you will be faced with tough decisions, including whether or not you should consider filing for bankruptcy. While this... Continue reading
Posted Mar 10, 2021 at Fong Law Group
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A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death. The first would affect only multi-millionaires,... Continue reading
Posted Mar 8, 2021 at Fong Law Group
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Tucked in the federal spending bill that passed at the end of December 2020 are some changes aimed at simplifying Medicare enrollment and addressing coverage gaps. But Congress chose not to deal with the biggest problem. Currently, Medicare enrollment begins three months before the month of your 65th birthday and... Continue reading
Posted Feb 22, 2021 at Fong Law Group
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Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided. Most long-term care involves assisting with basic personal needs rather than providing medical care. You... Continue reading
Posted Feb 15, 2021 at Fong Law Group
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Medicaid planning can be a difficult and confusing process. The following are some common mistakes people make when planning to apply for Medicaid. Thinking it's too late to plan. It's almost never too late to take planning steps, even after a senior has moved to a nursing home. Giving away... Continue reading
Posted Feb 8, 2021 at Fong Law Group
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All long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus pandemic. In the past year, assisted living facility rates grew... Continue reading
Posted Feb 1, 2021 at Fong Law Group
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Many employers offer critical illness insurance as part of their benefit package. What is this insurance and is it worth purchasing? Before paying for a plan, you should read the fine print and consider alternatives. While a regular health insurance plan usually offers comprehensive coverage for all types of illnesses,... Continue reading
Posted Jan 25, 2021 at Fong Law Group
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Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care in a nursing home or at home -- may be paid for in four main... Continue reading
Posted Jan 18, 2021 at Fong Law Group
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Do you need an attorney for even "simple" Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be "yes." The social worker at your mother's nursing home assigned to assist in preparing a Medicaid application for your mother knows a lot about the program,... Continue reading
Posted Jan 11, 2021 at Fong Law Group
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COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary. The federal government entered into a... Continue reading
Posted Jan 4, 2021 at Fong Law Group
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As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for. Medicare Advantage plans are run by private insurers, unlike Original Medicare, which the federal... Continue reading
Posted Dec 28, 2020 at Fong Law Group
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If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act... Continue reading
Posted Dec 21, 2020 at Fong Law Group
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Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost increases on November... Continue reading
Posted Dec 14, 2020 at Fong Law Group
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In some circumstances, immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse. An immediate annuity, in its simplest form, is a contract with an insurance company under which the... Continue reading
Posted Dec 7, 2020 at Fong Law Group
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The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income.... Continue reading
Posted Nov 30, 2020 at Fong Law Group