Planning for Life

5 Common MassHealth Myths & Misconceptions

Posted by Patricia C. D'Agostino on February 18, 2020

 

Masshealth-myth-fact-lein-estate-recovery-irrevocable-trust-Wellesley-MA

With so much at stake, planning — and paying — for long-term care services such as assisted living or nursing home stays can be a confusing and anxiety-ridden process. Medicaid (known as MassHealth in Massachusetts) provides coverage for long-term care costs, including comprehensive coverage for skilled nursing home care and supplemental coverage for the cost of assisted living and home health care, but there are some common misconceptions about what MassHeath does and does not cover and who is eligible.

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Topics: nursing homes, MassHealth, Estate Planning, financial planning, Medicaid, MassHealth lien

Why We Don't Plan: Prunes

Posted by Harry S. Margolis on March 13, 2018

By Harry S. Margolis

Lovers on the bench.jpeg

Why don't people, especially seniors, plan to protect themselves and their families? The answer, which I learned at a program sponsored by the Boston Estate Planning Council about findings from the MIT Age Lab, can in part be explained by the acronym PRUNE. PRUNE stands the types of information that have emotional impact on us, those that are:

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Topics: Estate Planning, financial planning, aging

Should My Financial Planner Be a CFP, CLU, or a What?

Posted by Harry S. Margolis on December 19, 2017

By Harry S. Margolis

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Acronyms, acronyms. Does your financial planner have a lot of initials after her name? Is she a CFP, a CLU, a ChFC or a CFA? What do these designations mean and do they matter?

As with all designations and certifications, they matter a bit, but only a bit. Some advisors with lots of designations will not have their clients' best interests at heart. Others with no designations are very knowledgeable and take great care of their clients. That said, these designations can be used as one of several data points in choosing your financial advisor.

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Topics: financial planning

Is Your Financial Advisor a Fiduciary?

Posted by Anthony Bushu on January 18, 2017

By Harry S. Margolis

When you consult with your financial advisor or planner, does she put your interests first, or is she simply under an obligation to sell products that are "appropriate"? If you don't know, ask.

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Topics: Estate Planning, Retirement Planning, financial planning

10 Steps You Can Take to Avoid Elder Financial Abuse

Posted by Harry S. Margolis on March 1, 2016

By Harry S. Margolis

Seniors often become susceptible to financial abuse as the result of increased dependency due to illness, disability, or cognitive impairments. They also often have a nest egg that they've accumulated over decades, which can make them a target for predators, whether an offshore bogus sweepstakes or a care provider who sees an opportunity to be paid more than an hourly wage.

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Topics: Estate Planning, financial planning, elder law

Does an Annuity Make Sense for Retirement Planning?

Posted by Harry S. Margolis on December 1, 2015

By Harry S. Margolis

There are two kinds of annuities: variable and immediate. Both can be useful for retirement planning purposes and both can be misused. Variable annuities have gotten a bad reputation in recent years because they are often sold to people, especially seniors, for whom they are inappropriate. Immediate annuities, on the other hand, may be undersold.

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Topics: Estate Planning, Retirement Planning, financial planning

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