Lady Bird Deeds: A Different Kind of Life Estate
If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property.
What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
8 Frequently Asked Questions on Last Wills and Testaments
Last wills and testaments (also known simply as wills) are not just for the wealthy.
Do You Need a Spendthrift Trust?
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
When Does Someone Need Financial Guardianship?
When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money.
Innovative Long-Term Care Housing Solutions for Seniors
America has three major housing issues for seniors: affordability, physical accessibility, and access to medical care and other services. There is a need for creative solutions to housing.
Medicare Extra Help Program Set to Expand in 2024
Seniors and disabled citizens will receive more access to the Medicare Extra Help Program as of the beginning of 2024.
Home Health Services Underutilized by Seniors, Study Shows
Although Medicare funds some home health care services, a recent study has found that Medicare beneficiaries are underutilizing the program’s home health care options.
Do You Need a HIPAA Release?
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ privacy.
3 Common Probate Questions: Estate Planning Basics
Some assets transfer directly to heirs after a person’s death. Other assets must go through a process known as probate.
Modifying an Irrevocable Trust Through Trust Decanting
Many individuals are concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with the idea that such a trust can never be changed.
6 Facets of Estate Planning That LGBTQ+ Couples Should Know
For LGBTQ+ couples, estate planning may be more important than they realize.
Some States Testing Out Medicaid Coverage for Healthy Food
Under a federal pilot program, a number of states are using Medicaid funds to cover healthy food costs for Medicaid recipients.
The Consequences of Not Paying Your Property Taxes
Many seniors wish to leave their home to their heirs. However, they may often lose track of their finances and fail to pay certain obligations, such as their property taxes.
An Epidemic: Substance Abuse a Growing Problem Among Seniors
More and more seniors are facing a substance use disorder problem that in large part has remained silent.
On Medicare? What You’ll Pay for Now That the PHE Has Ended
The COVID-19 Public Health Emergency offically ended in May 2023. Certain policies that were implemented in early 2020 during the PHE will now expire.
Should I Explore Qualified Longevity Annuity Contracts?
A QLAC is an annuity that you purchase with funds from an IRA, 401(k), or 403(b) account and that guarantees you will receive retirement income on a set schedule.
Why You Should Designate Beneficiaries
A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, and ensuring you have listed a beneficiary for each of these.
VT Law Now Permits Nonresidents to Access Assisted Suicide
Vermont has become the first state in the U.S. to update its end-of-life choice law to make it legal for nonresidents to pursue medically assisted suicide.
Do You Need a Trust?: Estate Planning Q&A
Trusts are legal arrangements used in estate planning, alongside wills and advance directives.
Will Robotics and AI Be the Future of Elder Care?
Innovations in robotics and artificial intelligence may have the potential to provide support on this front, allowing seniors to continue living at home as they age.
Which Should I Choose? Nursing Home Care vs. Hospice Care
End-of-life care decisions are never easy, but many Medicare recipients are being forced to choose between nursing home or hospice care, although neither by themselves may be ideal for a patient nearing the end of life.
Affordable Housing Options for Low-Income Older Adults
Finding inexpensive, safe, and accessible housing can be challenging. However, several affordable housing options are available for older people with low incomes.
Is “Aging in Place” Right for Me?
For those who wish to maintain their independence and continue living at home as they grow older, taking certain steps to protect their physical, mental, and financial welfare is essential.
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
There…
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
There…
Limited Power of Attorney in Estate Planning
Powers of attorney that only allow an agent to do certain things are commonly referred to as a limited power of attorney.
Don’t Wait Until You’re Sick to Create an Estate Plan
While financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
When Should I Include a Pour Over Will in My Estate Plan?
If you wish to maintain control during your lifetime over the assets you place in a trust, you may choose to establish a revocable, or “living” trust – most likely, along with a pour over will.
What Does Having Power of Attorney With Dual Agents Mean?
Many power of attorney forms allow for a variety of options in designating who may act as your agent. Depending on the rules of your state, this can be one person or more than one person.
Bill Advocates for Seniors Who Seek At-Home Medicaid Care
Seniors who need assistance with certain daily activities are eligible for Medicaid Long-Term Services and Supports. Unfortunately, many who qualify for these services but wish to receive them in their homes end up on extended waiting lists.
Study: Certain Social Risks May Cause Early Death in Seniors
Using survey data from more than 8,000 adults aged 65 and older, researchers have identified eight social factors that may lead to early death in older adults.
What Is Hospice Care at Home?
Hospice care is a type of health care that patients with terminally ill conditions rely on at the end of their lives.
2023 AARP Report Recommends Supports for Family Caregivers
A new AARP analysis gives a glimpse into the experiences of family caregivers and offers recommendations on policies and practices that policymakers should enact in support of caregivers nationwide.
Are Wills Public Record?: Estate Planning Q&A
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record?
Estate Planning for Your Digital Legacy
Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of comprehensive estate planning.
What to Know About Being a Health Care Proxy
When you assume the role of surrogate decision-maker, it is crucial to understand the patient’s wishes and values.
Estate Planning Basics: What Is a Beneficiary to a Will?
People create wills to establish what happens to their money and assets when they pass away. In these documents, they can name beneficiaries – individuals who will receive those assets upon the person’s death.
Aging Care: 6 Tips for Caring for Elderly Parents
You may worry about your older loved ones, especially if you live far away from them. You can, however, take some simple steps to ensure their safety as they age.
What Is Respite Care? Can It Help With Caregiver Burnout?
It is easy to burn out when you are responsible for providing full-time care to an aging or disabled loved one.
Does Medicaid Cover Self-Measured Blood Pressure?
Self-monitoring one’s blood pressure can help in controlling hypertension. Depending on your state, Medicaid may cover part of the cost.
Becoming a Family Caregiver for an Ailing Loved One
Full-time caregiving is a significant time commitment. Fortunately, family members who want to serve as caregivers may have options to help cover the expense.
3 Things to Know About Being an Executor
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
Estate Planning Basics: What Is an Executrix?
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away.
Estate Planning: An At-a-Glance Overview
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is an essential tool at any age.
What Is a Qualified Personal Residence Trust (QPRT)?
The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person’s estate and to their heirs while reaping lower transfer tax consequences.
Medicaid Expansion: What Might It Mean for You?
The debate among lawmakers on further expanding Medicaid in some 11 states continues to evolve.
This Tax Season, Seniors Can Get Free Assistance
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.
Deducting Long-Term Care Insurance Premiums in 2023
Are you a taxpayer who has purchased long-term care insurance? 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.
What Is IRMAA and How Does It Affect My Medicare Premiums?
Once Medicare kicks in, we may assume our medical insurance premiums will be fixed. However, many people don’t realize there are special rules regarding how much they pay for Medicare Parts B and D if they are in a higher income range.
Appointing an Executor? Here’s What an Executor Cannot Do
If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role seriously. As part of your decision-making, you may also consider the things they would be prohibited from doing.
Who Can Override a Power of Attorney (POA)?
Powers of attorney can be overridden. However, the “who” and “how” depends on whether the principal is of sound mind.
Medicaid Funeral Assistance May Help Pay for Funeral Costs
Many people are unaware that there is coverage to help families lay their loved ones to rest. Depending on your state, Medicaid may cover some funeral costs and other final expenses.
Does Power of Attorney End at Death?
Although every state’s laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of attorney ends upon a person’s death.
How Medicaid’s Money Follows the Person Program Aids Seniors
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.
Highlights of How the Omnibus Bill Will Benefit Older Adults
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.
What Is a Health Savings Account? Will Medicare Affect Mine?
A health savings account may help you save money on medical expenses, depending on your insurance type.
What Does the Term “Decedent” Mean?
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations.
Step-Up in Basis and Why It Matters in Estate Planning
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you.
What Are the Benefits of Having a Testamentary Trust?
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
Support a Charity – and Your Loved Ones – With a CLAT
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
Protecting Spouses of Medicaid Applicants: 2023 Guidelines
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.
Medicare Will Now Cover Medically Necessary Dental Care
In November 2022, the Centers for Medicare and Medicaid Services announced that Medicare coverage will be expanded to include medically necessary dental services.
Does Medicare Pay for Assisted Living?
Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from assisted living.
What to Do When Medicare Denies Coverage
If Medicare refuses to cover your care, do not assume this means you will have to take on the financial burden.
5 Smart Estate Planning Strategies for High-Net-Worth Families
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all solution for estate planning
Utilizing a 1031 Exchange to Avoid Capital Gains Taxes
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you.
Alternatives to Traditional Funeral Arrangements
After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many alternatives to a traditional funeral service and burial.
What Not to Include in Your Will
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.
What You Need to Know About Medicaid’s Personal Needs Allowance
Seniors living in Medicaid-funded nursing homes receive a personal needs allowance – a monthly stipend the Medicaid recipient can use to pay for needs that Medicaid does not cover.
Resources for Caregivers of Older Adults with Dementia
Although caring for people with dementia can be challenging, a variety of resources can help caregivers assist their loved ones.
Savings for Seniors: Lower Medicare Part B Premiums in 2023
For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline.
Comparing Traditional Medicare and Medicare Advantage
Recent research examined the differences between traditional Medicare and Medicare Advantage.
What Are Medicaid Asset Protection Trusts?
Medicaid imposes strict rules on how much money and assets an applicant can have. To qualify for Medicaid, you must fall under the asset limit, which is $2,000 in most states.
Even with greater than $2,000 in assets, however, you…
Do Frequent Flier Miles Expire When You Do?
Accumulated frequent flier miles can be valuable assets, but what happens to those miles after somene dies? Can a spouse or other heirs inherit them, or do the miles simply evaporate like a contrail?
What Is the Difference Between a Springing and Non-Springing Power of Attorney?
You may have heard of the terms “springing” and “non-springing” power of attorney and wonder what they mean.
No Will? You’re Putting Your Kids at Risk
As the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications.
What Is a Life Estate?
A life estate often comes up in discussions of estate and Medicaid planning. It is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.
Majority of Adult Children Cannot Support Boomer Parents, Surveys Find
A recent survey finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses.
How Much Long-Term Care Insurance Should You Purchase?
A number of considerations go into how much long-term care insurance any consumer should buy.
Can a Nursing Home Hold Friends or Family Members Responsible For a Resident’s Care?
If your loved one is entering a nursing home, you may worry whether you could be liable for their care.
Four Provisions People Often Forget to Include in Their Estate Plan
Even if you’ve created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have a big impact later on.
How You Can Help Your Loved Ones by Planning Your Funeral Arrangements
Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from incurring extraneous costs.
How Long Should I Hold on to Important Documents?
There are some documents that you will want to hang on to forever and some that you should keep for a few years.
Don’t Yet Want Your Heirs to Know About Your Assets? Use a Quiet Trust in Your Estate Plan
In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable – and this is where a “quiet” trust may be helpful.
Plan Ahead Before Seeking Nursing Home Care: Avoid Unnecessary Debt for You and Your Family
Unfortunately, neither health insurance nor Medicare covers long-term care. Medicaid could become your only option, so do what you can to plan ahead.
Are You Missing Out on Benefits? Identify the Programs Available to Seniors Like You
Many retirees meet the requirements for federal and state benefits programs, yet do not know they are eligible and miss opportunities to receive assistance.
Miller Trusts Can Help You Qualify for Medicaid
Even a modest monthly income may disqualify you from Medicaid. A Miller Trust may help you resolve this dilemma.
Be Cautious of Generic Health Care Proxy Forms
If you have ever been admitted to the hospital, you have likely been asked to sign a health care proxy form.
The Powers and Responsibilities of Representative Payees
Do you have a friend or loved one who receives Social Security and is unable to manage her payments? If so, you can request that the Social Security Administration name you as the representative payee for that person.
Keeping Your Emergency Contacts and Medical Information Updated for First Responders
If medical personnel are able to access your medical history during an emergency, it could mean the difference between life and death.
It Pays to Be a Smart Shopper When Buying a Medigap Insurance Policy
Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be a smart shopper.
When Is a Nursing Home Eviction Legal, and What Can I Do?
Nursing home evictions, or involuntary discharges or transfers, disrupt the lives of residents, leading to homelessness, separation from familial support systems, and loss of care. As federal law covers all federally funded nursing home residents, nursing home evictions are legal only in particular instances.
What You Should Consider Before Scattering a Loved One’s Ashes
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.
How Changes to Portability of the Estate Tax Exemption May Impact You
The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
The Ins and Outs of Estate Sales
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, quickly and efficiently, those items that you do not want or need.
Is a Grantor Retained Annuity Trust Right For You?
Grantor Retained Annuity Trusts (GRATs) are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes.
What Is an Executor?
An executor, also called a personal representative, is the person responsible for managing the administration of a deceased person’s estate.
Three Estate Planning Options for Your Art Collection
Collecting art or other valuable items can be a passion for many people. Once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
How to Deal with an Estranged Child in Your Estate Plan
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan.
