If there’s any lesson to be learned from the recent debacle in Washington, D.C., it’s this: Don’t run your personal finances the way the U.S. government does. “Don’t live beyond your means, and don’t increase your debt levels, especially when heading into retirement,” said Greg Rosica, a tax partner in the personal financial services group at Ernst & Young and a contributing author to the Ernst & Young Tax Guide 2011. “Don’t emulate the federal government.” – “How the Debt Deal Will Affect Retirees” I suppose it goes without saying that the past few weeks have been a rather tumultuous…
Here’s what’s important: it doesn’t matter if you have a diagnosis for your aging parent or not. It matters how your aging parent functions. It matters how you deal with what you see.
Hospice care can provide a great benefit to many families and their dying loved ones, and Medicare has been generally praised for its support through reimbursements to providers over the past 28 years. However, according to a recent article by Kaiser Health News and The New York Times, there is growing concern now about misuse of the program by for-profit hospice providers. Hospice care is intended to provide dying patients with palliative care in their own homes, or in a hospice facility or nursing home. But, as hospice has moved into the mainstream, concerns about excessive costs and misuse have…
Over the next quarter century, the number of older Americans is projected to grow from 12 percent to 20 percent of the total population, and various estimates indicate that lesbian, gay, bisexual, and transgendered individuals will comprise 7–10 percent of that older population. By the year 2030, the LGBT community age 65 and above is expected to almost double, from 2.5 million to as many as 4.7 million. In honor of Gay and Lesbian Pride Month, AARP has launched a new portal within their website dedicated to LGBT elders. The portal is designed to accommodate and offer advice on the…
As it turns out, Sophia, Blanche, Dorothy and Rose were ahead of their time! Yes, those Golden Girls of the 1980s were on to something that has become a growing trend of aging baby boomers. When the four savvy women decided to move in together and build a sort of ad-hoc “family,” they were simply doing (more than three decades ago) what an increasing number of seniors are doing, or considering doing, today. Sociologists and popular social critics alike have been discussing the erosion of the nuclear family for years but here is a new twist: what is to become…
As you grow older, your legal needs increase dramatically. You need to think about protecting your aging parents, your family, securing your assets for the future, and planning for your own future retirement and ongoing needs. With all these things to consider, you need a life care planning lawyer, not just an elder law attorney, who has the knowledge and experience to guide you through this confusing aging maze. With some basic tips, you can find an excellent life care planning lawyer that will give you peace of mind through sound advice. All life care or elder law attorneys are…
Most lawyers do not concentrate only elder care issues. Asking the right questions at a consultation can help you choose the right elder care attorney for your needs. What Elder Care Services Does The Firm Provide? Many law firms state they handle elder care cases. However, most firms do not have lawyers or staff who specifically work in the needs of the elderly. Therefore, ask about the firm's attorney and staff, what specifically do they do, Medicaid, Asset Protection, Life Care Planning, Care Advocacy, Veterans Benefits? The State of Maryland and the Federal Government has numerous laws affecting the elderly….
The Life Care Plan includes the services of an elder care attorney and an elder care coordinator, who work together, to enhance your, your loved one, or family member’s quality of life.
The VA is now requesting documentation of all assets transfered prior to the date of a veteran’s application to show that all of these rights have been relinquished.
Every month, the IRS quietly makes a mostly-unheralded announcement of the current Applicable Federal Rate (AFR) for determining the present value of an annuity, an interest for life or a term of year, or a remainder or reversionary interest under Section 7520. Ha! If you made it through that sentence, then you already know why this announcement goes mostly un-noticed by most mainstream media! However, if you are charitably-inclined, or want to make a large, nontaxable gift to your heirs, it could be very important for you to know that the November rate is set at an all-time low of…
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