According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms.
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers. So, are there ways to avoid potential tax impacts to you or your loved ones?
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s "enhancement" was to make it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
Elder law attorneys may specialize in estate planning, incapacity planning, and end-of-life care for seniors. They also help older adults remain in their homes as they age and protect them from abuse.
The Social Security Administration (SSA) website hosts a wealth of online tools that offer you convenient access to benefits information. To make the most of these tools, simply create a my Social Security account online. It is free to set up a mySSA account.
Some Medicare Advantage beneficiaries receive Medicare flex cards, pre-paid debit cards for qualifying expenses, as part of their benefits. The U.S. government does not issue Medicare flex cards. This benefit is only available on select Medicare Advantage plans, a private alternative to Medicare.
America has three major housing issues for seniors: affordability, physical accessibility, and access to medical care and other services. There is a need for creative solutions to housing. Innovative long-term care housing for seniors tries to solve these problems. These new potential living arrangements for seniors may provide older people with the care, protection, and resources they need to age peacefully.
Although Medicare funds some home health care services, a recent study has found that Medicare beneficiaries are underutilizing the program’s home health care options. Many older adults do not receive the home-based clinical care or home-based long-term services and supports that could benefit them.
Creating a spendthrift trust for your loved one can limit their spending and protect wealth. While this type of trust may come at the expense of their autonomy, it can provide them with greater financial security.
Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning.
Although in some situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
Life estates are ways for you to transfer property to another party while retaining the right to live there until you pass away, or some other event occurs. As the grantor of the life estate deed, you become a life tenant of the property.
When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money.
Seniors and disabled citizens will receive more access to the Medicare Extra Help Program as of the beginning of 2024, the federal government announced. This expansion of benefits could enable up to 3 million people to reduce their prescription drug costs.
When Geraldine Tyler, age 94, relocated to a senior community, she stopped paying property taxes on her home. After the property was foreclosed on, the county where Tyler’s home was located sold the property for $40,000 to recover about $15,000 in unpaid property taxes. Tyler received none of the remaining profits from the sale. Tyler took her case to the U.S. Supreme Court, arguing that Tyler’s local government violated the U.S. Constitution by keeping more money than it was owed and not returning surplus funds to her.
Under a federal pilot program, a number of states are using Medicaid funds to cover healthy food costs for Medicaid recipients. Ultimately, the trial program seeks to determine whether nutrition support can help prevent and manage certain chronic illnesses related to diet.
Estate planning is an important consideration for all couples. However, for LGBTQ+ couples (or former couples), it may be more important than they realize to review their circumstances and see whether they have an estate plan that accurately reflects their wishes.
When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known as their estate.
If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, they could be denied these details.
A trust is a legal document that you can set up to give assets to someone else. Trusts can be revocable or irrevocable. If you (the grantor) choose to create a revocable trust, you can modify it at any point during your lifetime. With irrevocable trusts, however, you generally cannot make any changes once you establish this type of trust.
Vermont has become the first state in the U.S. to update its end-of-life choice law to make it legal for nonresidents to pursue medically assisted suicide.
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan.
In late 2022, the federal government passed legislation known as the SECURE 2.0 Act. Provisions in this bill have made it easier for people to fund certain annuities that can delay taxes on their retirement funds until the age of 85.
Safe housing that meets older adults’ needs is essential to healthy aging in communities. Many seniors with low, fixed incomes struggle to balance housing expenses with the costs of health care, transportation, and groceries.
End-of-life decisions are never easy. One of the most important decisions you may make regarding health care as you age could be whether you need a nursing home or hospice care. To make the best choice for you and your family, it helps to know the difference between the nature of the care provided through a nursing home as compared with hospice.
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