The economic news continues to get worse and worse. First, here is a brief summary of some of the advice I offered in last month’s Estate Planning Insights. Make sure that your savings accounts, checking accounts and certificates of deposit are in FDIC insured banks or NCUA insured credit unions. Keep the amount of money at each bank or credit union within the insured limits of $250,000 up through December 31, 2009 and $100,000 thereafter. Money market funds are not insured by FDIC
Nearly every day now, newspapers and televisions are blasting us with information about how bad the economy is. We are in the worst economic crisis since the great depression of the 1930’s. In the midst of this financial crisis, what can you do to protect your own assets?
To start with, make sure your savings are secure. Banks have been failing and others will fail. The Federal Deposit Insurance Corporation (called “FDIC”) was created in 1933 after thousands of banks failed in read more
How much in assets can a husband and wife have and still qualify for Medicaid to pay nursing home costs for one of them? Effective January 1, 2009, a husband and wife together can have $111,560 in assets and still have Medicaid pay for the nursing home costs for one of them. (The amount in 2008 is $106,400.) This $111,560 is in addition to the following exempt assets, which the government will not count: necessities such as clothing, furniture and appliances; read more