Paying for Senior Care is a very important issue that every family needs to deal with. There are many financial questions that need to be answered, as part of the overall search for the best solution for your loved one. dallas accountant
* How much money does the parent have saved for retirement? * Are there assets that can be used towards senior care costs? * What do Medicare, Medicaid and Medigap pay for, and does my loved one qualify? * Do you have long-term care insurance and if so - what does it cover? * Do you have, or should you get Medicare Supplemental insurance? * Do we need to hire a financial advisor, and if so - how? * What about a will? * Who pays for geriatric care services? * What will my VA benefits cover? * Does Your State Accept Medicaid for Assisted Living Facilities? * How much do the various facility types cost? And what are the differences? When searching for facilities on OurParents, make sure that you look at the starting prices when comparing facilities. * Is it more expensive to go to an assisted living facility or is it better to stay at home and provide In-home care? dallas accountant
Planning for long-term care is complicated. Each person's needs are unique; therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health services can cost upwards of $200 per day. There are many different ways to finance long-term care. You will probably need to use a combination of payment sources, which may include Medicare, Medicaid, long-term care insurance and other programs, in addition to your own resources. It is recommended that you consult a professional such as an elder law attorney, financial planner or an accountant when planning for long-term care; this person should be well versed in estate planning, public programs like Medicaid, and the issues and needs of older persons.. Here are many of the options that may be available to you to help pay for senior care: Medicare, which for long-term care, covers some skilled nursing care either in a nursing home or in the home along with hospice care. Medicaid, the partially federally funded, but state-operated program provides medical care for certain low-income individuals and families who have limited resources. Medicaid usually covers nursing home care, but in some states funding is available for assisted living, homecare or home health care. Medicare A & B enrollees who are not Medicaid recipients can sign up for and covers some nursing home care. Managed Care (HMO) provide enhanced services for nursing home care above Medicare's basic offering along with additional medical assistance outside of long-term care. Long-term Care Insurance (LTCI) can cover anything from non-medical homecare to nursing care; however, it depends on the type of policy you purchased. Veterans Benefits will cover adult day health care, home health care, respite care and hospice care. dallas accountant
Monday, November 23, 2009
Company Start-Up Support
So you've written all your plans, you've got any financing you need, and you're all ready to set up your company. Uh, wait a minute... how do you do that?
The Basics.
A company is an entity, separate from you, that you need to create before you can do business. You decide what type of company it will be, you give it a name, and then you send off all the relevant papers to your government and pay any fees that need to be paid. Even for a one-person home business, it's good to form a company -- it keeps the finances apart, and means that you can sell your company to someone else if you want to. Besides, it might be a legal requirement where you live anyway.
Before you do anything else, you should send off for the forms you need to start a company -- in the US, for example, you would talk to the SBA (Small Business Administration), while in the UK you would need to get in touch with Companies House. If you're not sure, your local Chamber of Commerce or your lawyer should be able to advise you.
Types of Company.
The chances are that you will want your company to be 'limited', which means that your own liability when it comes to debts and other legal issues is limited to a certain amount, usually the amount that you invested originally. While it is possible to start an 'unlimited' company, it offers no real benefit -- it just means that you take far more legal risk.
The choice between 'private' and 'public' companies should be equally easy. A private company can be of any size, and is owned only by the people who started it. A public company, by contrast, is one that can be traded publicly, and may be listed on the stock market -- there will be a high minimum share issue requirement for this type of company that will put it well out of your reach, and formal qualifications may also be required. dallas accountant
So the kind of company you need is very probably a limited liability company, usually abbreviated as 'LLC'.
Legal Requirements.
Before you can start a company, there are a few legal requirements you need to fulfill. You generally need to be over 18 and otherwise permitted to enter into contracts. You must not have been disqualified from being the director of a company, and you also can't be bankrupt.
So far so simple, right? One last sticking point is that you will usually require two people to act as the directors of your company, not just one -- you might have to ask your partner or a lawyer to be another director, or to act as a 'secretary'. dallas accountant
Fee Time.
You're likely to be hit for lots of different fees as you go through the process of setting up your company, but none of them should be too large. There will be a company registration fee, as well as a witnessing fee and perhaps some charges for stationery. You may be able to pay extra to have your company registered more quickly. dallas accountant
An Alternative.
If setting up a company sounds like hard work, you'll be relieved to learn that almost all sorts of people offer comprehensive company registration services that don't even cost all that much. Expect to pay about twice as much as the standard do-it-yourself fees, but it's hardly going to break the bank anyway, and it can save you a lot of trouble both now and later on to get things done properly. If this is what you want to do, speak to a lawyer, an accountant, or even a specialised 'company formation agent'. dallas cpa
Your Obligations.
Finally, be aware that from the moment you set up a company, you may have some obligations placed on you. The largest of these is tax reporting, where you will be required to send in a tax report every tax year. Forgetting to deal with tax issues could land you with a fine, so make sure you understand exactly what you've signed up for. You might also be required to do things like putting a small sign with your business' name on the front of your business premises (your house), or to start writing your company registration number on business-related letters you send. dallas cpa
The Basics.
A company is an entity, separate from you, that you need to create before you can do business. You decide what type of company it will be, you give it a name, and then you send off all the relevant papers to your government and pay any fees that need to be paid. Even for a one-person home business, it's good to form a company -- it keeps the finances apart, and means that you can sell your company to someone else if you want to. Besides, it might be a legal requirement where you live anyway.
Before you do anything else, you should send off for the forms you need to start a company -- in the US, for example, you would talk to the SBA (Small Business Administration), while in the UK you would need to get in touch with Companies House. If you're not sure, your local Chamber of Commerce or your lawyer should be able to advise you.
Types of Company.
The chances are that you will want your company to be 'limited', which means that your own liability when it comes to debts and other legal issues is limited to a certain amount, usually the amount that you invested originally. While it is possible to start an 'unlimited' company, it offers no real benefit -- it just means that you take far more legal risk.
The choice between 'private' and 'public' companies should be equally easy. A private company can be of any size, and is owned only by the people who started it. A public company, by contrast, is one that can be traded publicly, and may be listed on the stock market -- there will be a high minimum share issue requirement for this type of company that will put it well out of your reach, and formal qualifications may also be required. dallas accountant
So the kind of company you need is very probably a limited liability company, usually abbreviated as 'LLC'.
Legal Requirements.
Before you can start a company, there are a few legal requirements you need to fulfill. You generally need to be over 18 and otherwise permitted to enter into contracts. You must not have been disqualified from being the director of a company, and you also can't be bankrupt.
So far so simple, right? One last sticking point is that you will usually require two people to act as the directors of your company, not just one -- you might have to ask your partner or a lawyer to be another director, or to act as a 'secretary'. dallas accountant
Fee Time.
You're likely to be hit for lots of different fees as you go through the process of setting up your company, but none of them should be too large. There will be a company registration fee, as well as a witnessing fee and perhaps some charges for stationery. You may be able to pay extra to have your company registered more quickly. dallas accountant
An Alternative.
If setting up a company sounds like hard work, you'll be relieved to learn that almost all sorts of people offer comprehensive company registration services that don't even cost all that much. Expect to pay about twice as much as the standard do-it-yourself fees, but it's hardly going to break the bank anyway, and it can save you a lot of trouble both now and later on to get things done properly. If this is what you want to do, speak to a lawyer, an accountant, or even a specialised 'company formation agent'. dallas cpa
Your Obligations.
Finally, be aware that from the moment you set up a company, you may have some obligations placed on you. The largest of these is tax reporting, where you will be required to send in a tax report every tax year. Forgetting to deal with tax issues could land you with a fine, so make sure you understand exactly what you've signed up for. You might also be required to do things like putting a small sign with your business' name on the front of your business premises (your house), or to start writing your company registration number on business-related letters you send. dallas cpa
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