Category Archives for 2017
When Should You Stop Managing Your Own Money
Some time ago an article in Next Avenue, www.nextavenue.org, a trendy new website for seniors, reprinted with permission an article from MarketWatch.com, and addressed a common question with no easy answer – how do you handle your finances as you age? The article, titled “At What Age Are You Too Old to Manage Your Money?” […]
Continue readingA Social Security Representative Payee -Not the Same As Power of Attorney
If you are caring for an elderly parent who is no longer able to handle his or her finances or you are handling Social Security funds for your minor child who is entitled to benefits because of disability, the death of your spouse, or your reaching full retirement age or otherwise becoming eligible for Social […]
Continue readingCreative Ways to Gift to Children and Spouses
Christmas holiday time is one when most of us think of gift giving. There are ways, longer range, to consider personalized gifts to family and friends. Most clients know when planning their Wills who they want to name as their primary or most important beneficiary. They do struggle, though, sometimes for years, as to how […]
Continue readingTax Reform – How It Would Affect You
As year 2017 comes to a close either the U.S. Congress will pass tax reform or it will not. The conclusion at the time of this writing is yet unknown. Congressional Republicans expect to act by Christmas and, if the proposed Tax Cuts and Jobs Act does not pass before the end of the year, […]
Continue readingRetire Without A Mortgage
Other than health care, one of the most substantial drains on retirement funds can be an outstanding mortgage. Years ago when homes were less expensive and older adults rarely moved, mortgage issues were less common. Today, mortgage debt among retirees seems more likely than in the past. Here are some plans, some of which take […]
Continue readingWhy Obamacare Is So Hard To Replace Part 2
Earlier this year, February 21, 2017, I wrote a column titled “Why Obamacare Is So Hard To Replace.” As most everyone knows, the various attempts of the Republican House of Representative and Senate to pass alternative health care plans to replace Obamacare failed thereafter as every Democrat and some Republicans voted against them. Now as […]
Continue readingCan Children Be Responsible For Their Parents’ Bills
When parents enter a nursing home or assisted living, adult children are often confused regarding their responsibilities. Does it matter whether one of them signs Dad in and is considered a “responsible party?” How about signing as “indemnitor?” Is it safe to be agent under power of attorney and does biological relationship alone bring with […]
Continue readingAre Inheritances Protected And Other Medicaid Myths
Suppose you are married and inherited a substantial sum from Aunt Jane that you dutifully placed in a separate account in your name only. Your husband (or wife) has become chronically ill and you believe that eventually he/she will need to receive Medicaid benefits either in a nursing home or at home under the Medicaid […]
Continue readingShort Term Care Insurance Fills Some Long Term Needs
So, let’s assume that you are 69 or 70 years old. You always intended to buy long term care insurance but figure now that ship has sailed. You are too old, you think, or maybe it will be too expensive now. You have a few minor health issues and do not know whether you will […]
Continue readingIt Is Medicare Open Enrollment Time Again
It is Medicare Open Enrollment time again and that means time for another refresher on what that expression means. If you are age 65 or over you are probably by now being bombarded with mail urging you to purchase a plan. It is important to know the facts behind the glossy brochures and whether you […]
Continue readingWhat Happens to Your Debts When You Die
You might have sizeable debt when you die or you might be totally debt free. In either case your heirs and the Executor of your Will need to know what to do. Here are some guidelines to help. Your debts do not die with you. We all might wish that our credit card debt or […]
Continue readingIs It Realistic to Stay At Home Indefinitely?
When healthy adults are asked would they rather stay home or move to a nursing home, the answer is obvious. When residents of facilities are asked if they would like to come home, the answer is typically the same. Studies demonstrate that most people would rather stay home and “age in place.” The exceptions I […]
Continue readingWhat Happens When You Run Out of Money In a Continuing Care Retirement Community (CCRC)?
When clients ask me to review an agreement to enter a Continuing Care Retirement Community (CCRC), the most frequently asked question is “what happens if I run out of money?” The issue may be presented in another way such as “what are the major risks?” or “Will I have to move if I run out […]
Continue readingConsider Mediation for Elder Disputes
Sometimes families reach a stalemate where a parent’s future and the management of assets is involved. Warring family members can challenge who cares for Mom or where parents should live when they cannot live at home, or whether frail elder parents can stay at home with outside assistance when they are unable to care for […]
Continue readingHow to Handle Lower Social Security Benefits for Women
When a husband and wife come into my office and we review assets and income, very often I would find the husband’s Social Security to be $2,400 a month or more and his wife’s benefit at $1,000 or less. They might both have been employed outside the home. What is the reason for the difference? […]
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