Everyone should have a will, whether or not your estate includes a trust.
About four times per year I am contacted by an individual who found himself or herself unintentionally disinherited by a deceased parent. It is very sad when that happens because more often than not there is absolutely nothing that can be done to repair the situation because what happened was perfectly "legal".
According to the National Institutes of Health (NIH), hearing loss affects one-third of older adults. As difficulty hearing can lead to communication challenges and social withdrawal, it can also increase the risk of dementia. Dementia includes diseases affecting memory, thinking, and the ability to perform daily activities and affects 55 million people worldwide, per the World Health Organization.
An Alzheimer’s or dementia diagnosis can be a challenging journey for the person and family alike. When the diagnosis occurs, a ticking clock begins on the timeline for getting proper and sound notarizations done for crucial legal documents.
Housing options and the associated costs are among the top priorities for many seniors. Today, the housing market is unpredictable, while many seniors currently living independently may also have concerns about continuing their lifestyles. Moving to an independent living facility may be the best choice to accomplish your financial goals and maintain your way of life.
Most seniors want to stay at home as long as they can instead of moving into a nursing home. The little-known Program for All-Inclusive Care of the Elderly (PACE) provides care and services to some nursing home-eligible seniors and disabled individuals, enabling them to remain in their home far longer than they might otherwise be able to do.
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
Death doulas are available for people who are approaching the ends of their lives, whether it is because of advanced age or illness. The service these professionals provide can help families and individuals who need additional supportive care. Adding a death doula to your end-of-life care plan may help you and your family feel like someone has your back as you face this trying time.
Estate planning is crucial when managing valuable assets and ensuring the smooth transfer of wealth to future generations. There are various types of estate planning tools available, some of which may be more useful depending on your circumstances. For some, a qualified terminable interest prop...
Starting on January 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). A married couple filing jointly can double this amount and gift individuals $36,000 apiece in 2024.
The American Hospital Association estimates that half of Americans suffer from chronic conditions like heart disease, diabetes, and cancer. Following a diagnosis, many experience concerns about the kind of care they will receive. They may worry about how invasive it will be, and how it will affect their quality of life. Fortunately, you can proactively decide what treatments would – or would not – suit your preferences.
Creating a living will ensures your future health care decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness.
Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although “generation” is part of the phrase, it doesn’t refer to people born at a specific time. Typically, these family caregivers will be in the 30- to 40-year-old age range, providing for their families and balancing care duties between the needs of children and parents.
When working with an attorney to prepare for your future and address the challenges associated with aging, you will likely come across the term “incapacitated.”
According to the Social Security Administration (SSA), 69.1 million people benefit from Social Security programs, such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
In 2023, recipients of Social Security benefits saw the biggest increase in decades in their monthly checks. Although their payouts will indeed rise again in 2024, the cost-of-living adjustment (COLA) will be more modest – just 3.2 percent, versus the nearly 9 percent boost in 2023.
In 2023, seniors were happy to see their Medicare Part B standard monthly premiums and annual deductibles go down for the first time in more than a decade. Unfortunately, that’s not the case for 2024, when these charges will be back on the rise.
Increasing food prices have become a concern for many Americans. If you are a senior on a fixed income, you may worry that you will not have the money to fill your fridge. The Supplemental Nutrition Assistance Program (SNAP) exists to help people make ends meet. It is a food stamp program that supplies enrollees with a monthly allotment that they can use for groceries.
I get a lot of questions about how to fill out beneficiary designation forms for IRAs, 401Ks, 403Bs and other similar tax-advantaged retirement savings accounts. My purpose in writing this particular post is to handle one and only one frequently asked question, which is how do joint revocable living trusts fit into the picture for a married couple?
During the COVID-19 pandemic, states could not take away Medicaid coverage from any residents enrolled in this program. In recent months, however, this has been changing. If you are on Medicaid, be sure to take some time to understand whether your coverage may be at risk.
Many older adults can no longer safely live on their own. However, they may not need the highly specialized care of nursing homes. Intermediate care facilities present one option for older adults who cannot live independently but require daily assistance.
The No Surprises Act is a federal law enacted to protect patients from unexpected medical bills incurred on or after January 1, 2022. It aims to address the issue of surprise medical billing, which can occur when patients receive unexpected charges for their medical care. The Act applies to out-of-network emergency services, out-of-network air ambulance services, and certain out-of-network care received at in-network facilities.
Preparing and organizing your financial information for when you are no longer capable will bring peace of mind to you today. At the same time, it may relieve your loved ones’ burden in the future. You’ll ensure proper management of your financial situation and remain in control over your end-of-life care and legacy. The goal is to make and maintain accurate financial records.
Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics.
After losing a spouse or longtime partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate plan.