Articles Tagged with Houston Long-term Care

As individuals in Texas get older, there are new issues they must face like obtaining long-term care and applying for benefits. All of these issues fall under the category of elder law. Elder law is an aspect of estate planning that focuses on the needs of individuals as they age. However, with many nursing homes closing, it has become even more imperative to plan ahead for long-term care. While this may be an overwhelming and scary concept, elder law attorneys are skilled at navigating these issues and ensure elders can obtain the care they deserve.

Big Shifts in Senior Living Care to Come

Five Star Senior Living—a major senior living business with over 1,500 retirement communities—has announced they will exit the skilled nursing business by the end of 2021. Instead, the business is shifting to smaller senior living communities that do not require the same elder care and skilled nursing capabilities. As more businesses like Five Star get out of the senior nursing facility business, it will become harder for elders to obtain long-term care.

Man golfingReality kicks in when the year or actual date of your retirement is around the corner and you realize that your retirement finances aren't what you had thought they would be. For many, this means their retirement includes part time employment or not retiring at all. Harsh lessons, which can be avoided if you take the advice found in "3 Retirement Errors to Avoid" from CPA Practice Advisor.

Unfortunately, many folks don't spend a lot of time even thinking about retirement because they think it's a far-off time when money will have magically accumulated. That means no money to buy the condo in Cozumel, pay for the grandkids' education, or live a life of leisure. Someone in this situation might have to find a part-time job to make ends meet—and it's not out of the question that they could outlive their money. Don't end up without the money you need for retirement. Avoid these common mistakes.

  1. Not understanding taxes. We know that most of the time our money is taxable right away, like earnings from employment or interest on savings. But with individual retirement accounts, the taxes can be deferred. There's also tax-free money, like municipal bonds, life insurance proceeds, and 529 education savings plans. You should try to move as much taxable money as you can to the tax-deferred or tax-free categories.
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