Do you have a family member who is receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.
spouses, also receive a monthly benefit from Social Security. Spouses can collect Social Security benefits based on their fellow spouse’s work records. These benefits are also available to divorced spouses who meet certain criteria, even after an ex-spouse has remarried. Divorced spouses are entitled to survivor benefits as well in some situations.
At first glance, life insurance may not seem related to the distribution of money and property in your estate plan. However, it can be an integral and important part of a well-drafted estate plan. In addition to providing a sizable sum of money to your heirs, a life insurance policy offers other benefits.
Many people are familiar with a will as a means of distributing assets. A will is a legal document that outlines how a person's assets and property should be distributed after death. It allows individuals to specify who will receive belongings and in what proportions. Wills also designate guardians for minor children and can help minimize family disputes over inheritance. In some ways, a trust can be even more effective for asset distribution.
Estate planning for blended families is key to a smooth inheritance process. Probate rules and intestate succession law may not treat inheritance the same for stepchildren and biological children. Open communication about your estate plan is also helpful in managing the expectations of your heirs.
More and more elders are choosing to pass on their wealth to heirs while they’re still alive. The growing popularity of “giving while living” comes as good fortune for the many young people who are currently unable to afford a home. And for older homeowners, gifting home equity and other assets before death can be part of their estate planning strategy.
A contingent beneficiary is a type of beneficiary. If the first, or primary, beneficiary passes away, cannot be found, or does not want the asset, the contingent beneficiary may be next in line to receive it. Your contingent beneficiary is typically your second choice. Think of a contingent beneficiary as a backup beneficiary.
What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? People of any age can lose capacity. They may have an accident, suffer a serious injury, or develop a disability at any point. A living will, a component of an advance health care directive, can outline your wishes so your loved ones can make informed decisions about your care in an emergency.
Probate is the legal process of formally recognizing a will after a person dies, naming or validating an executor to administer the estate, and distributing assets to intended beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state taxes.
Whether your children are graduating with high school diplomas or completing higher education, it’s important to help them plan for their financial futures. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare them.
Elder financial abuse is a significant issue affecting many older adults nationwide. It involves someone exploiting or misusing an older person’s finances or assets for personal gain. Often, the perpetrator is in a position of trust, such as a family member, abusive partner, or paid caregiver.
The challenges of providing quality care to an ever-larger senior population are numerous. Policy changes, investments in the health care workforce, technological advancements, and more may all be necessary. To ensure you have a plan in place for your care, connect with your elder law attorney sooner rather than later.
Cost and health considerations have led to a push for expanded coverage of weight loss drugs under public and private health insurance plans. While Medicare is forbidden to cover weight loss drugs, it can cover certain medications, including Ozempic and Wegovy, when they’re prescribed to treat conditions other than weight loss.
Your parent may or may not have prepared for his or her elder years with a durable financial and medical power of attorney. If not, a guardianship or conservatorship may be necessary to protect your parent's best interests.
Wills and trusts are foundational estate planning tools. While each is used to distribute assets to beneficiaries, they do so in different ways. Each also has its own distinct uses and advantages. They’re often used together to close gaps in an estate plan and prepare for multiple scenarios that might otherwise cause unexpected burdens for heirs.
Today, an increasing number of people are planning their own funerals or memorial services. They may also designate their funeral preferences in detail and sometimes even pay for funeral ceremony in advance.
When a loved one passes away, it’s important to obtain several certified copies of the death certificate. This document is necessary to handle the financial and legal affairs of the deceased person.
Joint bank accounts serve as a useful estate planning tool for passing money to loved ones outside of probate and planning for disability. But while they can achieve these goals, and are useful in certain circumstances, joint accounts also present risks.
Across the country, assisted living costs an average of $4,401 monthly, increasing by 8 percent from 2021 to 2023. During this timeframe, average assisted living costs grew in 30 states, remained about the same in six states, and fell in 15 states.
If you are a homeowner who is falling behind on your real estate taxes, you may end up facing foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford. Before your situation becomes more serious, be su...
Amid recent reports from such prominent news outlets as The New York Times and Associated Press about the negative impact of Medicaid estate recovery on families, the idea of ending this practice altogether has resurfaced.
A bill is floating in Congress to change the formula used to calculate Social Security benefits for older adults. If passed it would mean bigger payouts for seniors.
The end of a marriage often changes your desires and expectations for retirement, as well as long-term care and estate planning. After a gray divorce, it’s a good idea to take steps to update your estate plan.
Among your key estate planning documents are your trust, will, living wills, powers of attorney, and medical directives. Securing these somewhere your survivors can easily access them is crucial. Consider storing other information, like birth certificates, marriage licenses, and medical records, in a secure spot as well.
Small business owners have one more item on their compliance to-do list owing to the new Corporate Transparency Act (CTA).
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