As the baby boomer generation ages, there is an increase in people who do not have a spouse or children who will take care of them in their old age. There are increased risks for a person to become diagnosed with Alzheimer’s, dementia, and other disabilities that diminish a person’s ability to care for themselves. […]
For the first time in five years, seniors and retirees will not be receiving an annual raise in Social Security benefits in 2016 due to a decline in inflation driven by falling gas prices. While the Consumer Price Index has fallen over the last year causing the cost-of-living-adjustment (COLA) to remain unchanged, many expenses that […]
On November 2, 2015, President Obama signed into law a federal budget agreement that will throw a wrench into retirement plans for many married couples. Two different Social Security “strategies” will take the brunt of it: file-and-suspend and restricted application. What is file-and-suspend? If you were born between 1943 and 1954, your full retirement age […]
The short answer is YES! One of the ways that you can protect a loved one’s assets and establish Medicaid eligibility is through a properly drafted trust. This type of trust can minimize the deterioration of an estate by safeguarding assets for loved ones and establish Medicaid eligibility. Certain trusts allow individuals with income over […]
If you’re loved one has been diagnosed with dementia or Alzheimer’s disease, researching their long-term care options as early as possible is essential. One care option that has become increasingly more common is memory care. What Is Memory Care? To know if your loved one could benefit from memory care, you’ll first have to understand what type of […]
Adult children often help their parents make medical and health care decisions. If you are also helping your parents with money management and bill paying, this makes you a financial caregiver. Your main role as a financial caregiver could include: determining the right long-term care that meets a loved one’s needs helping them with money […]
Without a doubt, most individuals 65 or older (at least 70% of them to be exact) will require some form of long-term care during their golden years. Dealing with the costs of such care can be overwhelming, which is why certain insurances exist to help ease the burden. It can often be difficult to decipher […]
As the need for affordable long-term care continues to rise, our elderly loved ones are looking for ways to get nursing home care and provide a financial future for their family. Many find comfort in the benefits that Medicaid offers, however some may find that gifting assets away can jeopardize their Medicaid long-term care coverage. […]
With 10,000 Baby Boomers turning 65 years old every day, taking care of our loved ones has become even more pressing than ever. Many individuals have come to a point where their elderly relatives are unable to safely care for themselves or require higher levels of caregiving. To provide the best decisions for this stage of life or to prepare for […]
It is important to start thinking about, and prepping for, the unexpected. Many people will wait until they become older to think about end of life issues, but accidents and disability can be these tough decisions in front of families sooner than they anticipated. Advance directives help to ensure that your preferences for medical treatment are […]