Anyone living in a blended family situation faces several estate planning concerns that non-blended family households do not share. Whether you have recently entered into a new marriage or have been living as a blended family for some time, there are several issues you will need to think about when making your estate plan. Here is a brief list. Issue 1: Inheritances Many parents of stepchildren want to leave those stepchildren some form of inheritance upon their death. However, your … [Read more...] about 3 Estate Planning Issues You Need to Think About if You Have Stepchildren
Financial Planning
The Best Retirement Choice May Be Not to Retire
You Keep Yourself Happy Work can be fulfilling. The chance to work with other people, help solve problems, build something, contribute to a goal, and organize other people, all offer a sense of purpose and fulfillment. Even when work is a chore, it's also a way to feel like you've accomplished something and that you're needed. Also, if you stop working and suddenly find yourself out of sorts, you'll probably make life a lot less happy for your family and loved ones. You Keep Yourself … [Read more...] about The Best Retirement Choice May Be Not to Retire
Estate Planning Myths: Who can Have Power of Attorney
Myth 1: Only my lawyer can be a power of attorney Much of the confusion surrounding powers of attorney and what they do comes from the name. Powers of attorney are just a kind of document, one through which you can choose someone else to make legally enforceable decisions on your behalf. The person you choose becomes known as your “attorney-in-fact.” However, that is merely a title, and it conveys no requirement that the person you choose must be a lawyer. You can choose anyone you like as long … [Read more...] about Estate Planning Myths: Who can Have Power of Attorney
Protecting Your Elderly Father From Financial Predators
Of all the potential problems facing elderly parents and the children who worry about them, one of the more difficult situations to deal with is when an elderly parent, typically a father, falls prey to a financial predator. Often referred to as “gold diggers,” financial predators seek to exploit an elderly parent's loneliness, isolation, and fear to their own financial gain by promising hope of a new romantic relationship. If you are concerned that your parent might fall victim to financial … [Read more...] about Protecting Your Elderly Father From Financial Predators
Senior Debt Load Increasing
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
Veteran’s Aid and Assistance Pension Benefits FAQ
Question 1: What is the veteran's AA pension? The veteran's Aid and Attendance pension program, also referred to as veteran's AA, is a disability pension aimed at assisting disabled veterans or their spouses who live on limited income. The program provides monthly payments to veterans or their spouses who require in-home caregivers or who live in a nursing home or assisted living environment. If you are a permanently or totally disabled veteran, or a veteran age 65 or older, you may qualify for … [Read more...] about Veteran’s Aid and Assistance Pension Benefits FAQ
Financial Questions When Diagnosed With a Terminal Illness
As a recent article in Forbes Magazine points out, people who are diagnosed with terminal illnesses have several financial issues they should address. Though it's not always possible to address them quickly or easily, getting advice from your accountant, estate planning attorney, and other professionals will go a long way in ensuring that your family is looked after once you die. Here are a couple of questions you'll want to answer if you've been diagnosed with a terminal disease. Question 1: Is … [Read more...] about Financial Questions When Diagnosed With a Terminal Illness
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
Who Pays for a Deceased Person’s Bills?
Executors. Once a person—called a decedent in estate planning and probate circles—dies, someone else has to step in to manage all the property issues. This person is called an executor or personal representative. The executor is responsible for telling all the decedent's creditors about the death and letting them file claims. If there's enough property in the estate to cover the debts, the creditors get paid. If there's not, some of them won't get their money back. In no event, however, does an … [Read more...] about Who Pays for a Deceased Person’s Bills?
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
