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Credit counseling services provide various resources to help solve your money problems.
From starting a budget to educational programs on money management, counselors discuss your entire financial situation and help you develop a personalized plan.
The determination between alimony and child support is not always obvious.
If payments are reduced on the happening of a contingency relating to the child such as turning a specific age, starts to work, marriage, death, leaves school or income levels, then the amount of the reduction is presumed to be child support and the remainder is considered alimony if it meets the requirements.
Money received for child support is not included as income, and money paid for child support is not deductible.Unfortunately, Medicare is not structured to pay for long-term care.Medicaid, a federal insurance program for low-income individuals, will cover nursing home care, but you may not be able to qualify for that care until you have exhausted your existing assets.Of course, there’s no way to know with certainty if or when you will need nursing home care, but giving gifts to your family members well ahead of time helps protect the money from creditors seeking to collect after your death.In the case of Medicaid, any assets you transfer within the five years prior to entering a care facility are subject to seizure after your death.