Instead of spending their golden years enjoying family, traveling, pursuing hobbies, or simply enjoying life, many seniors are having to struggle with crushing debt loads. According to the Employee Benefit Research Institute, a nonprofit organization, the number of senior households living with debt increased dramatically between 1992 and 2007. During that time, senior households with consumer and housing debt increased from about 54% to 63%. Also during that same time period, the average … [Read more...] about Senior Debt Load Increasing
Elder Law
Myths About Medicaid Payments for Long-Term Care
If historic trends continue, it's estimated that about 43% of baby boomers will need some type of nursing home or extended living care at some point after they reach the age of 65. Daily costs for nursing home care can exceed $300 per day, making paying for such care very difficult for many people. That's why about 50% of all nursing home residents use Medicaid to pay for long-term care costs. However, not everyone qualifies for Medicaid, and there are many myths surrounding the program and what … [Read more...] about Myths About Medicaid Payments for Long-Term Care
Study Reveals Concerns About Elder Financial Abuse
A new survey conducted by a Washington-based nonprofit organization has revealed that many professionals are concerned about the growing extent of financial elder abuse in the nation. The Investor Protection Trust surveyed 762 professionals who routinely work either directly with the elderly or with financial services. Surveyed workers include financial planners, state securities regulators, social workers, and others. The survey revealed that 70% of these workers believe that financial … [Read more...] about Study Reveals Concerns About Elder Financial Abuse
Missouri Lawmakers Approve Elder Law Expansion
Along with other states, Missouri may soon expand its elder law protections by adopting a new law that makes specific types of elder abuse a crime. Lawmakers in the Missouri legislature have approved a bill that would include financial elder abuse as a crime punishable as a felony offense. The bill has received wide support from lawmakers of both parties, and is now waiting to be signed into law by Governor Jay Nixon. Currently, Missouri law makes it a felony offense for anyone to knowingly or … [Read more...] about Missouri Lawmakers Approve Elder Law Expansion
Maryland Adopts New Elder Abuse Prevention Law
Banks and credit unions in Maryland will soon be required to report any suspected instances of financial elder abuse beginning this October. Under the terms of the new law, financial institutions with Maryland customers 65 or older must contact state officials any time they suspect the customer has been victimized by some sort of financial abuse. The law requires the financial institution to call state representatives within 24 hours of discovering the suspected abuse. If the bank or credit … [Read more...] about Maryland Adopts New Elder Abuse Prevention Law
New Jersey May Join Majority of Anti-”Granny Snatching” States
Proposed legislation in New Jersey would, if passed, cause the state to join at least 30 other states in preventing episodes of so-called “granny snatching." In some situations, an elderly person needs someone else to make decisions on his or her behalf. Whether it's because of Alzheimer's disease or other causes of cognitive decline, elderly people often need an adult guardian to make their decisions for them. The trouble in this situation occurs when one state names a guardian, then a family … [Read more...] about New Jersey May Join Majority of Anti-”Granny Snatching” States
Learning From Mike Wallace – 3 Incapacity Planning Steps
When famed journalist Mike Wallace died in April at the age of 93, he left behind a lifetime of hard-nosed investigating and aggressive interviews. He also, in the final years of his life, suffered what an estimated one out of eight baby boomers will suffer from: dementia. This disease, as well as other medical conditions, can rob us of our mental faculties, which is why it's important to begin planning for the possibility now. Lesson 1: Have someone else ready to make decisions for you. If … [Read more...] about Learning From Mike Wallace – 3 Incapacity Planning Steps
Elder Abuse Scams – 3 Red Flags
Red Flag 1: You must act now. Con artists often use a false time pressure in order to try to get you to agree to a deal that you otherwise would never consider. If someone is offering you a limited time offer, or tells you that you must act immediately or you will miss the opportunity of a lifetime, simply walk away. The false time pressure is a tool specifically designed to get you to not think and to give in to your instincts, which are usually wrong. Red Flag 2: Keep it quiet. A legitimate … [Read more...] about Elder Abuse Scams – 3 Red Flags
Elder Abuse Risks With In-Home Caregivers
As an estimated 10,000 or more Americans reach the age of 65 every day, the potential threat of elder abuse becomes more and more pronounced. Though incidents of abuse are not as widely reported as those of domestic violence, it's estimated that about one in 10 elderly people will suffer some kind of abuse at some point in their lives. Those who are under the care of at-home caregivers are especially at risk, given that the caregiver is around the elderly person more often than most other … [Read more...] about Elder Abuse Risks With In-Home Caregivers
Talking To Aging Parents About Money
For an aging parent, the change from being independent and caring for others, to becoming someone who relies on others on a daily basis, is often fraught with highly charged emotions and difficult transitions. When you add the difficult topic of money to the mix, bringing up financial discussions with your aging parent can sometimes feel almost impossible. Let's look at several tips you can use in order to have a positive discussion about the topic. Tip 1: Set out your desires. When you … [Read more...] about Talking To Aging Parents About Money
