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The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and distributing assets to your beneficiaries. At the same time, there are rules about what the person in this role is not permitted to do.

When it comes to filing your 2022 federal tax return for the 2023 tax season, you may be able to access several forms of assistance for free.

As we near retirement, we may assume that once Medicare kicks in, our medical insurance premiums will be fixed. However, many people may not realize that there are special rules regarding how much they pay for Medicare Parts B and D if they are in a higher income range.

A health savings account may help you save money on medical expenses, depending on your insurance type. If you are eligible, you can use your health savings account (HSA) to cover certain medical costs.

Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct.

Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income.

Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in institutions but want to live at home.

The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts.

Long-term care insurance helps you prepare for financial costs associated with aging, such as nursing home care, assisted living, or in-home care. Yet long-term care insurance policies vary widely in terms of the amount of coverage and how long the protection lasts.

Doctors, nurses, and hospital staff work hard to care for their patients when they are sick or hurt. However, even when a procedure is done to save a patient’s life, a hospital cannot act without patient consent. If a patient cannot speak for themselves and express their wishes, the hospital relies on what is known as a health care proxy form.

A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.

A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their property after the trustee’s death. A testamentary trust is a part of the testator’s last will and testament.

Older adults have access to hundreds of federal and state benefits programs. Many retirees meet the requirements for these aids, yet do not know they are eligible and miss opportunities to receive assistance.

Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it.

Many senior citizens may need the services of a nursing home or at-home care at some point in their life. You might assume that government assistance or health insurance will step in and cover the cost if you cannot afford these services. Unfortunately, neither health insurance nor Medicare covers long-term care.

Traditional Medicare does not pay for assisted living, but Medicaid might.

Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming, and knowing what you are allowed to do to fulfill your loved one's wishes is important, but it can also be confusing. If the person you lost wanted to be cremated and have their ashes spread, you should know where you can scatter their ashes to make sure that putting your loved one to rest is done appropriately.

In November 2022, the Centers for Medicare and Medicaid Services (CMS) announced that Medicare coverage will be expanded to include medically necessary dental services.

Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.

If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. Because these exchanges allow you to defer taxes or limit taxes owed at the time of a sale, you can use the money that would have been spent on taxes to increase your real estate portfolio, rental income, and personal wealth.

A Grantor Retained Annuity Trust (GRAT) ­is a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes. High-net-worth individuals and couples can use GRATs to freeze the value of their estates and transfer any increase in the value of their assets to their heirs, with minimal tax consequences.

As a beneficiary of Medicare, you have the right to appeal a denial.

Estrangement refers to a breakdown in a relationship, such as a relationship with a spouse or family member, where there is no longer any communication, or communication has become hostile, and the individuals lead separate lives. Although estrangement can significantly impact individuals’ lives, it is not a legal term and, in many cases, might not have a legal effect.

If you are considering preparing a will, this is a great first step in planning for the future. After reflecting on the basics, such as whom you want to be in charge of administering your wishes, you may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should avoid.

Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute those items that you do not want or need quickly and efficiently.