A Creative Way to Craft Your Estate Planning Legacy

Takeaways Estate planning isn’t just for the ultra-rich; trusts are valuable tools for anyone looking to structure wealth transfer, protect assets, and minimize conflict, regardless of the inheritance size. Proactive communication is key. Families should discuss estate plans, asset division, and intentions with heirs to set expectations and prepare them for managing their inheritance. The […]

When to Fire a Trustee

Takeaways A trustee is a crucial position with significant responsibilities, and while they are chosen for their trustworthiness, they can be removed if they fail to uphold their duties. The authority to remove them may rest with the creator of the trust, the beneficiaries, or the court, depending on the trust’s structure and state law. […]

Jump-Starting Savings With Trump Accounts

Takeaways Through Trump Accounts, the federal government will provide a one-time seed contribution of $1,000 for eligible American children born between January 2025 through December 2028. The accounts are tax-deferred, and families can contribute up to $5,000 per year per child. Tucked into the One Big Beautiful Bill Act (OBBBA) enacted in July 2025 is […]

What Is the Generation-Skipping Transfer Tax?

Takeaways The generation-skipping transfer (GST) tax applies primarily to very large estates that transfer wealth to grandchildren (or unrelated individuals 37.5+ years younger), ensuring at least one layer of transfer tax is paid. The new One Big Beautiful Bill Act permanently increases the GST exemption to $15 million per person starting in 2026 (up from […]

How to Prevent Long-Term Care Insurance Claim Denials

Takeaways Understanding your long-term care insurance policy and its specific requirements (benefit triggers, covered services, elimination periods) is crucial to preventing claim denials. Common reasons for claims denials include insufficient medical documentation, preexisting condition exclusions, failure to meet elimination period requirements, and administrative errors. To help prevent denials, make sure you thoroughly understand your policy, […]

Some Older Adults May Qualify for a New $6,000 Tax Break

Takeaways A new, temporary federal tax deduction of up to $6,000 is available annually for taxpayers age 65 and older from 2025 through 2028. This deduction is an addition to the standard deduction and may help lower your taxable income, potentially reducing your tax bill by hundreds of dollars, depending on your tax bracket. Seniors, […]

2027 Will Bring Lower Prices for 15 Medicare Part D Drugs

Takeaways Lower prescription drug prices will begin in 2027. The cost of 15 high-priced Medicare Part D drugs, used to treat conditions such as cancer and diabetes, will be significantly lower starting in 2027. Expect significant savings. These price cuts are projected to save Medicare patients about $685 million in out-of-pocket costs. Common medications will […]

Potential Changes to SSDI Benefits May Affect Older Adults

Takeaways Potential changes to Social Security Disability Insurance (SSDI) rules, especially those concerning age-based accommodations, could make it harder for older workers (over age 50) to qualify for benefits. The SSDI system is facing administrative challenges, including long wait times for application decisions and planned reductions in local field office assistance. Older adults who anticipate […]

High Earners Over Age 50 Will Lose a 401(k) Tax Break

Takeaways Starting in 2026, employees aged 50 and older who earn over $145,000 must make 401(k) catch-up contributions on an after-tax (Roth) basis, losing the immediate pretax deduction. Affected high earners should check if their employer offers a Roth 401(k) option and review their overall retirement and tax strategy to maximize savings despite the rule […]

Can Oregon Launch Universal Health Care in the U.S.?

Takeaways Oregon is seeking to establish a statewide, single-payer health care system after Vermont failed in its attempt. The state is moving slowly and carefully, setting up a board to design the system. This includes figuring out how to include Medicare users and how to pay for it. A single-payer system means everyone gets coverage, […]

Giving to Grandkids? Consider Gift Tax, 529 Plans, and More

Takeaways Grandparents should clarify whether financial assistance for their grandkids is a gift or a loan. Consider 529 plans for education funding to ensure fairness and tax benefits. Grandparents should also ensure their own financial security, especially regarding potential long-term care costs. Grandparents often are particularly generous to grandchildren as they see their family’s legacy […]

Your Unpaid Medical Debt Won’t Be Erased From Credit Reports

Takeaways A recent federal court ruling reversed a rule that would have removed medical debt from credit reports, meaning this debt can continue to negatively impact credit scores. Older adults are disproportionately affected by medical debt due to fixed incomes and health issues, facing reduced borrowing opportunities and financial instability. While federal protection is now […]

Probate Law: A Look Across States

Takeaways Probate is a legal process for settling an estate. It can be costly and time-consuming but can often be avoided through various estate planning tools. Probate laws and avoidance strategies, such as transfer-on-death deeds and joint ownership, vary significantly by state, making it crucial to understand local regulations and update plans regularly to prevent […]

Survey Highlights Inheritance Expectation Gap

Takeaways There’s a notable “inheritance expectation gap” between older adults’ plans to leave inheritances and younger adults’ expectations of receiving them, as revealed by a recent LegalZoom survey. Older generations generally plan to leave more in terms of value and variety of assets (money, real estate, personal possessions, investments) than younger generations anticipate receiving. Open […]

Protecting Loved Ones From Funeral Debt

Takeaways The median cost of a funeral (viewing and burial) is over $8,000 in the United States and over $6,000 for cremation, according to 2023 data. A recent survey revealed a sharp increase in funeral-related debt, with 37 percent of Americans taking on debt to cover a loved one’s funeral expenses. Most Americans surveyed (57 […]

Annual Gift Tax and Estate Tax Exemptions for 2026

Takeaways The federal estate tax exemption for 2026 will increase to $15 million per individual, with married couples exempt up to $30 million. The annual gift tax exclusion will remain at $19,000 per individual for 2026, with a lifetime gift and estate tax exemption of $15 million. The Internal Revenue Service (IRS) has released the […]

Will a Revocable Living Trust Reduce Your Estate Tax?

Takeaways Federal estate taxes are not a universal burden. They are only applicable if your combined assets, which include both gifts made during your lifetime and assets transferred at the time of your death, exceed a high threshold ($13.99 million, as of 2025). This means that most estates will not be subject to federal estate […]

Estate Planning: Funding Your Revocable Living Trust

Takeaways A revocable living trust is a valuable estate planning tool that helps manage finances during life and incapacity and provides financial security for loved ones after death – primarily by avoiding the legal process known as probate. “Funding” a trust means transferring ownership of your accounts and property to the trust during your lifetime, […]

Estate Planning During a Divorce: Four Key Considerations

Takeaways Review and update legal documents. Divorce necessitates reviewing and updating existing legal documents such as wills, trusts, health care proxies, and powers of attorney, as well as potentially retitling jointly owned assets. Understand the implications on your life insurance policies. Life insurance policies are crucial during divorce, ensuring continued financial support and providing for […]

8 Estate Planning Myths Debunked

Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning […]

Social Security Spousal Benefits and Survivor Benefits

Takeaways Social Security provides spousal benefits to eligible spouses of retired or disabled workers, potentially up to half of the worker’s full retirement benefit. Survivor benefits are available to family members, including spouses, children, and dependent parents, after a worker’s death, offering financial protection similar to life insurance. Social Security is best known as a […]

2.8 Percent COLA Increase for 2026 Social Security Benefits

Takeaways Social Security benefits will increase by 2.8 percent in 2026 due to the annual cost-of-living adjustment (COLA). This increase applies to Social Security and Supplemental Security Income (SSI) recipients, with payments starting in January 2026 for Social Security and December 31, 2025, for SSI. The average retired worker’s monthly benefit is expected to increase […]

Affordable Housing Is Getting Scarce for Older Adults

Takeaways Older adults across the United States are increasingly struggling to find affordable housing and facing rising rents, the risk of homelessness, and a lack of accessible units. Federal housing assistance programs are vital but under threat from potential policy changes, proposed budget cuts, and the exhaustion of emergency funds, which could worsen housing instability […]

Private Equity and Nursing Homes: What Families Need to Know

Takeaways Private equity firms are increasingly acquiring nursing homes, which can lead to quality-of-care issues, staffing cuts, reduced services and supplies, and financial strategies that prioritize profit over resident care. Families should research ownership, staffing levels, inspection reports, visit facilities, ask questions, and consider nonprofit or community-based options. Home-based support services and home modifications can […]

Get Social Security Benefits by Check? Prepare for Change

Takeaways The Social Security Administration’s move to phase out paper checks for benefits payments requires most recipients to switch to electronic payments by September 30, 2025. This transition aims to enhance efficiency, security, and cost savings, with options for electronic payments including direct deposit and the Direct Express® debit card. As of October 2025, the Social Security […]

Why Bruce Willis’s Family Moved Him into a Separate Home

Takeaways Making the difficult decision to move a loved one into a care facility often becomes necessary when home care can no longer meet complex health or safety needs, or when caregiver burnout occurs. This transition, while emotionally challenging, can provide a tailored, safe environment for the loved one while allowing family members, especially children, to […]

6 States to Pilot Prior Authorizations for Original Medicare

Takeaways A new pilot program will introduce prior authorizations for certain Original Medicare services in six states, effective January 2026. According to proponents, the program will reduce wasteful spending and unnecessary care by leveraging new technologies, including artificial intelligence, to expedite the prior authorization process. Critics are expressing concerns about potential limitations on patient access […]

Baby Boomers and Beyond: Working Far Past Retirement Age

Takeaways A growing number of Americans are working past traditional retirement age, often due to financial necessity but also for engagement and purpose. Working later in life has significant implications for financial planning, health care, and estate planning, requiring careful consideration of taxes, benefits, and legal documents. Many Americans are worried they won’t have enough […]

How to Know When to Update Your Estate Plan

Takeaways Your estate plan should be updated regularly, particularly after major life events (e.g., marriage, divorce, birth of a child, death of a loved one), significant financial changes (e.g., increase or decrease in wealth, real estate transactions), or other notable shifts (e.g., moving states, changes in tax laws, health changes). Regular reviews, even without specific […]

One Common Estate Tax Error That Could Cost You

Takeaways Many families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the deceased […]

What Most People Don’t Know About Durable Powers of Attorney

Takeaways A durable power of attorney is a legal document that allows a trusted individual to make financial or health care decisions on your behalf even if you become unable to handle your own affairs. This document provides long-term safeguards, ensuring your affairs are managed without court intervention. Though you are likely in good health […]

Finding a Reputable Funeral Home

Takeaways Amid past incidents of misconduct, it’s crucial to thoroughly vet funeral homes by checking licenses, reviewing morticians’ credentials, and visiting facilities in person. Federal law mandates upfront cost disclosure, and consumers can file complaints with state agencies, the attorney general, or the Federal Trade Commission for deceptive practices or unreasonable fees. Funeral homes are […]

How to Know When to Update Your Estate Plan

Updating your estate plan regularly helps ensure that your assets are distributed as you intend, your beneficiaries are properly provided for, and your chosen decision-makers are still able and willing to serve.

How Charitable Remainder Trusts Fit into an Estate Plan

A charitable remainder trust is an estate planning tool that blends philanthropy with financial strategy, allowing you or your beneficiaries to receive income for a set term while remaining assets eventually go to a charity.

Estate Planning for Pets? 3 Famous Pet Inheritance Stories

A pet trust is a legal tool that can be put into place to ensure that your dog, cat, or other companion animal receives care even if you are no longer there to provide it. Consider three famous pet trust cases and the lessons you can learn so your furry family members can be protected through your plan.

How Older Adults Can Stay Safe During Heat Waves

The United States set a record for heat-related deaths in 2023, while the summer of 2024 saw record-breaking high temperatures. Hot weather poses a particularly significant risk for vulnerable populations such as older adults.

How Mental Health Apps Can Help Older Adults

Older adults can be especially susceptible to depression, as well as other mental health issues. Check out a few of the many mental health apps that can aid with emotional well-being.

Sharing Your AI Voice With Loved Ones in Your Estate Plan

Voice, especially, is deeply tied to memory and emotion. By incorporating an AI voice model into estate plans, individuals are leaving behind not just a record of their existence, but a sensory, profoundly personal experience of their presence.

Scam Email Targets Social Security Recipients

If you or a loved one are receiving Social Security benefits, be careful of downloading email attachments. You could receive a dangerous email from hackers pretending to be the Social Security Administration (SSA), and the email looks convincing.

Fighting an Assisted Living Discharge

When you move into an assisted living complex, you expect to spend the rest of your days there. However, many assisted living residents suddenly find themselves facing eviction from their homes when their health deteriorates. 

Could the Trump Admin Privatize Social Security?

There is an ongoing debate about privatizing Social Security, with some advocating for individual ownership and market-based approaches, while others support maintaining its current structure.

Congress Considering Full Repeal of Estate Tax

The Death Tax Repeal Act of 2025, introduced in the House of Representatives and the Senate this past February, is the latest GOP-led effort to permanently repeal the taxation of property transfers at death.

Generation Gaps Among Americans in Retirement Planning

Financial concerns and preparation strategies vary among different generations of Americans. From baby boomers entering retirement to Gen Zers just beginning their careers, members of each generation face unique obstacles and approaches while planning for their retirement years.

10 Ways the Elderly Can Avoid Financial Abuse

Increased dependency due to illness, disability or cognitive impairments can make seniors susceptible to financial abuse.  Here are some steps seniors or their loved ones can take to prevent financial abuse.

Pros and Cons of a Medicaid Asset Protection Trust

A MAPT is one option a person may use to protect their assets from Medicaid and nursing homes or long-term care. Consider some pros and cons of MAPTs to see if this long-term care strategy is right for you.

An Elder Care Lawyer Can Help You Get Medicaid Home Care

Takeaways

Many seniors prefer to age in place with home care assistance.
Medicaid can provide financial assistance for home care, but eligibility requirements vary by state and can be complex.
Elder care lawyers can help seniors navigate Medicaid planning, the application process, and…

Protecting Your Parents’ Assets From Nursing Home Costs

Takeaways

Nursing home care costs have been rising over time, with many older Americans who require long-term care unable to afford it.

With proper planning, seniors may be able to rely on Medicaid to pay for this care – and still…

Wendy Williams Case Shines Spotlight on Guardianships

Takeaways

Guardianships may be necessary to protect individuals with cognitive impairments, but they can also limit personal freedom and autonomy.

Wendy Williams’ guardianship case highlights the importance of legal representation and proactive estate planning.

Dementia is on the rise and is affecting millions of…

Per Stirpes vs Per Capita: What Do These Mean in a Will?

Takeaways

“Per stirpes” and “per capita” are terms used in estate planning that refer to the distribution method for the assets of a deceased person to their heirs.

The distinction can significantly affect how assets are shared among family members. When…

Spring Cleaning for Your Estate Plan: Review and Revise

Takeaways

Regularly reviewing and updating your estate plan is crucial to ensure that your money and property will be managed and distributed according to your wishes and that your health care preferences are followed.
Changes in life events, financial status, health, and…

Green Burials, Eternal Reefs, and Your Estate Plan

Takeaways

The evolution of burial practices reflects shifts in cultural values, religious beliefs, environmental awareness, and technological advancements.
Eco-friendly and innovative body disposition methods, such as green burials, reef burials, and space burials, are gaining popularity.
As societal attitudes continue to evolve, the…

Wealth Building With Cryptocurrency: A Generational Divide

Takeaways

Many older Americans shy away from cryptocurrencies as an investment vehicle for their retirement.

Millennials and Gen Z also view cryptocurrencies as risky — but as a risk worth taking.

We’re living in an increasingly digital world where virtually all areas of…

Four Key Medicare 2025 Changes You Need to Know

Takeaways

Updates to Medicare coverage in 2025 include higher costs for Parts A and B, a new option to pay for Part D prescription drugs on a monthly basis, and a cap on out-of-pocket costs for prescription drugs. In addition, Medicare…

Staying Safe in Winter Weather: Tips for Older Adults

Winter can be an enjoyable time of the year, with holidays, time with family, and winter scenery. But it can bring challenges, especially for older adults. Keeping a home warm enough can be expensive, staying warm while outside is more…

The Social Security Fairness Act: Will It Affect You?

Takeaways

President Biden has signed legislation that will boost monthly benefits for nearly 3 million people in 26 states who rely on Social Security.

The Social Security Fairness Act abolishes two decades-old rules that have reduced or altogether axed benefits for some…

New Law Supports Home Care, Caregivers for Military Veterans

Takeaways

Legislation signed in January 2025 seeks to secure better access to home- and community-based care for military veterans.
The bipartisan Dole Act also focuses on coordinating assistance for family caregivers of veterans.

On January 2, 2025, President Biden signed into law the…

Estate Planning in the Face of Natural Disasters

Takeaways

Natural disasters such as wildfires, floods, and hurricanes highlight the importance of disaster preparedness in estate planning.

Such events can destroy crucial estate planning documents, leading to complications like probate delays, disputes, and difficulty accessing medical care. Proactive steps that include…

When, Why, and How to Talk About End-of-Life Care

Takeaways

Having an open, honest discussion with your loved ones about what you would prefer for your end-of-life care can be helpful in preparing for the unexpected.

Talking about death, especially one’s own death, remains a topic that most people avoid thinking…

Transfer-On-Death Accounts: A Useful Estate Planning Tool

Takeaways

A transfer-on-death (TOD) account may be a simple and straightforward way for you to pass your wealth or property on to your loved ones after your death.
TOD accounts can help your loved ones receive your financial assets upon your death…

Will You Owe a Gift Tax This Year?

The rules surrounding taxes on gifts often create confusion. With the 2025 tax season kicking off, be sure you understand the nuts and bolts of the gift tax, including when a gift tax form needs to be filed.
What Is the…

Deducting Long-Term Care Insurance Premiums in 2025

The population of older adults in the United States has been growing steadily in recent years. According to the U.S. Census, the number of Americans who are age 65 and older grew more than 9 percent in just three years,…

What to Know About Medicare Annual Wellness Visits

Medicare is a program with many benefits but also with a great deal of complexity. Knowing about the options available to Medicare beneficiaries will help you understand and navigate the system. Let’s look at Medicare’s annual wellness visits.
What Are Annual…

Unpaid Family Caregiving Is Worth a Six-Figure Salary

As the population ages, the number of people affected by Alzheimer’s disease and other forms of dementia continues to rise. In turn, families increasingly find themselves providing unpaid care to loved ones with cognitive impairments. This caregiving role, though essential,…