Trusts can avoid an expensive, public, and lengthy probate process before your beneficiaries can inherit after you pass. Or, you might be in the classic “trust fund” situation, where you’re concerned that your children won’t be able to manage money wisely.
The aging population of the United States is widely reported as the bulk of the baby boomer generation is already retired or nearing retirement. However, what has not been widely reported is how the rest of the nation will provide care for this large, aging population.
In estate planning, a letter of instruction is vital. It is an informal document that will give your loved one’s important information about personal and financial matters after your death.
We, as humans, typically don’t like to think about the possibility of something harmful happening to us or a loved one. Because of this, we rarely think about how to protect ourselves and our loved ones if the worst were to happen.
Most of us look forward to a retirement filled with leisure and relaxation, but many older Americans are facing financial difficulties that are destroying their retirement dreams.
The Biden Administration could bring monumental changes to the current landscape for older Americans. Biden has outlined what he would like to accomplish for older Americans, and this article is intended to summarize some of those plans.
Operation Protect Veterans is a national anti-fraud campaign that alerts veterans and their families who have a long history of being targeted for financial abuses, often leveraging a veteran's sense of duty and loyalty to fall prey to scams.
A geriatric care manager is a highly-skilled advocate for older adults and is specially trained to help identify resources to make managing your loved one's daily life easier. A GCM is sometimes referred to as "aging life care professional" or "senior care manager," as some find the term geriatric to be outdated. When is it appropriate to employ a care manager for your aging parent or loved one?
If you haven’t prepared and organized your financial information for when you are no longer capable, then it may burden your loved ones in the future. If you are prepared, then it will ensure proper management of your financial situation and afford control over your end of life and legacy.
Although elder abuse events are significantly underreported, elder abuse is a prevalent issue in our country and it manifests itself in many different ways. The National Council on Aging estimates a range as high as five million older adults experience abuse every year, which is about one in ten seniors.
Probate is the legal process for authenticating a deceased person's will, reviewing their assets, paying their outstanding debts and taxes, and distributing what remains to their inheritors. After an asset-holder dies, the court will appoint a valid will's executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle probate. Probate law varies by state, but there are steps in the process that are common.
Only available to individuals who meet certain asset requirements, Medicaid is a joint federal and state program that help them pay for long-term care (LTC) costs. Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones. The Medicaid system is still one of the best options to afford long-term care. Medicaid crisis planning is a strategy that can help you qualify for Medicaid without experiencing financial ruin.
If your estate plan is all set, it should take care of your home, savings, and investments, making sure that your family will get those valuable estate items fairly and efficiently. Your plan will also protect your legacy from your children’s potential divorces or bankruptcies. What could go wrong?
Due to the Coronavirus Pandemic, we are forced, as individuals, to assess our values, assets, priorities, and our health.