Libman Tax - March 2019

CREATING A HOME CARE PLAN

To Live Your Best Retirement

When retirement approaches, you may be thinking about the freedom you'll enjoy after putting in your last nine-to-five. It’s a culmination of years of hard work and a cause for celebration! Before you get to celebrate, though, it’s important to consider what kind of support you might need down the road. With our generation living longer than our parents, there’s a possibility that we may require additional support services. You and your spouse may not know if either of you will need in-home care, but considering this possibility and the financial factors that come with it can help you better enjoy this exciting phase of your life. In most cases, neither Medicare or Medicaid covers in-home care. There are some exceptions, like home- and community-based services that are state and locally funded and cover those who qualify through Medicaid. If you or your spouse are veterans and meet the requirements, you may be eligible for aid and attendance benefits. These benefits are paid for by the VA in addition to a veteran’s monthly pension. It may cover the costs of in-home care for veterans who require the aid of another person or are housebound. Visit Benefits.va.gov to learn more.

care. Meet with your attorney to review your living trust and see if it addresses a caregiver.

Talk to your family members and loved ones about the possibility that you or your spouse may need this service. While a family member may offer to step into that role, consider how easily they will be able to carry it out. Even a part-time caregiver could provide you with support and make your family members feel like they are not doing it alone. Planning for the possibility that you may need in-home care services can help make your retirement even more enjoyable. Knowing you’ll have a close helping hand can ease your family’s worries and even strengthen your bond.

Still, you may not want to rely on qualifying for one of these services. Consider adapting your estate plan to include designated in-home

Client Spotlight

Meet Madison (Eddie) Coronel

Eddie is an extraordinarily intelligent and charitable person. Every time I meet with him, he tells me about all the books he’s read since our last encounter. From those books, he generates ideas and spends hours studying them. It’s like his brain never stops working! In addition to his ceaseless curiosity, he always makes time to help others. Whether it’s offering financial assistance or just smiling at a stranger on a rainy day, Eddie’s kindness is unmatched. There are many reasons why Eddie is one of my favorite clients, but the main one might be a little surprising. Soon after taking him on as my own client, I screwed up and made a mistake — and Eddie, very rightfully, laid into me for it. He called me out on my errors so I could learn from them and prevent them from happening again. Being the nice guy that Eddie is, he chastised me in a loving way, but it was both his frustration and encouragement that helped me grow as an accountant and an individual. I could never replace the support he has given me over the last 45 years, and I’m so grateful to have him as a client!

March 20 officially marks the first day of spring. As people all over the U.S. start readying their gardens for the upcoming months, the concept of growth is often at the forefront of their minds. Whether it pertains to perennials or people, growth brings transformation and change, and a client who has immensely helped me grow is Madison Coronel. Madison, whose friends call him Eddie, was one of my father’s clients before he was mine. In fact, he’s now been working with us for nearly 45 years!

2 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies

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