In Maryland and across the country, baby boomers and other older Americans are drowning in debt, say credit counselors and economists. A growing number of older people in our region are seeking financial assistance and help finding work, as well as filing for bankruptcy. From 1992 to 2007, the percentage of households of people in their mid-50s and older with housing and consumer debt rose from 53.8 percent to 63 percent, according to the Washington-based Employee Benefit Research Institute's research using government data. The problem is even more acute for those 55 to 64, with 81.7 percent carrying debt. Over…
According to an analysis of data from the University of Michigan done by the Employee Benefit Research Institute, poverty rates have increased every year since 2005 for older Americans and are worst among the oldest of the elderly. In 2009, 15 percent of Americans over the age of 85 were living in poverty and 6.0 percent of them fell into poverty after turning 85. The data suggests people are spending their retirement savings too quickly and falling into poverty as they grow older. Sudipto Banerjee, EBRI research associate and author of the report, said, as people age, their personal savings…
Care giving often leaves families struggling to answer questions including: Where will my parents live now? Who will be there to assist them? Who will make health and financial decisions for them if they can't make them on their own? Who will pay for their care? What about their will and estate? These kinds of questions can shed light on years of unattended and estranged relationships while challenging family members to create workable and mutually acceptable solutions to collectively care for their loved one. Here are some options to consider as your family works to "share the care:" Hold a…
Founded by Public Safety Officers, Project Lifesaver International (PLI), is an organization whose sole mission is to provide a timely response to save the lives of adults and children with Autism, Alzheimer’s, Down syndrome, Dementia, and other conditions, who wander. Started in 1999, PLI has offered public outreach programs to educate others about wandering. They have also provided equipment, training, certification and support to law enforcement and public safety officials through the country. These trainings include in-depth information on the use of specialized electronic search and rescue equipment technology and most importantly, how to communicate with people with cognitive or…
People with aging parents may find it difficult to have a discussion about the prospect of transitioning them into a senior residence, particularly an assisted living community. Many adult children should expect to face some resistance from their parents who may feel they are not ready to give up their independence and/or move from their home. However, there are potential warning signs that one should consider while evaluating the particular circumstances. The following are some examples when having a discussion on the topic might be necessary: The refrigerator is empty or filled with spoiled food, which may be a sign…
Some mistakenly dismiss elder law as something with which they need not concern themselves until they personally need help getting by each day. However, at the Elder Law office we work with many local residents on these issues decades before they need care themselves. That is because many adult children are forced to deal with these concerns on behalf of their parents–many of whom have serious health concerns that arise quite quickly. With demographic changes leading to a boom in the elderly population, the need to care for aging parents is catching more and more adult children by surprise. According…
A Wall Street Journal article this weekend asked some tough questions about the availability of Medicaid nationwide. At the Elder Law office we realize that many local residents are understandably concerned about the program in our state–it is an essential lifeline for many seniors. The latest WSJ article suggest that some states are making it harder for individuals to receive Medicaid help to pay for long-term care costs–however, the "crack down" on Medicaid expenditures is advancing very differently in certain states. According to the Kaiser Family Foundation, Medicaid now accounts for about 40% of long-term care spending nationwide. The program…
The program, "Family Matters," focuses on financial planning for multigenerational households. At the Elder Law Office we work with many local families in this situation, often with aging parents who move in with adult children when their health deteriorates. One of the first episodes of the program delves directly into elder law issues. The program shares the story of a family that was forced to make many adjustments when a woman's 84-year old father needed a caretaker. The woman explained that the adjustment was not easy. Not only did the job of caretaker not come naturally, but figuring out how…
A federally funded National Institute of Justice study found that about ten percent of Americans over sixty had been targeted for some form of financial exploitation. Also, a Met-Life study last year estimated the annual loss from this financial abuse was nearly $3 billion. Scammers target everyone, but seniors often make the ideal target because some have disabilities, may be less knowledgeable about the Internet or tech issues, and often live more isolated lives. To top it off, after a lifetime of building and working, many seniors can be counted on to have some assets and savings used to fund…
If you are a Caucasian woman, aged 35 or older, possibly married, very likely working full or part-time—then there is a good chance that you are also (or will soon be) serving as a caregiver for an aging parent or relative. At least this is what a recent report released by the National Alliance for Caregiving, AARP, and MetLife indicates. The entire report, entitled “Caregiving in the U.S., A Focused Look at Those Caring for Someone Aged 50 or Older” is 73 pages long, but you needn’t read the entire thing to get an insider’s peek at the state of…
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