Tag: Elder Law
“Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.” A survivorship clause in a will or a trust says that beneficiaries can inherit only if they live a certain number of days after the person who […]
“It’s hard to imagine being stripped by a court of the right to make decisions about finances, medical care and other matters. It’s even harder to imagine that happening without representation or the advice from a lawyer.” In many states, if a person is deemed unable to conduct their own affairs, a court appoints a […]
“The Social Security hell morphed into Medicare hell and, will, not doubt, morph into federal income tax hell and then state income tax hell.” A cautionary report about a man who simply wanted to apply for Social Security appears in a recent article from Forbes, “A Social Security Application Mistake or A Malicious Policy with […]
“When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.” Whether the reason is Alzheimer’s, Parkinson’s or any number of illnesses that lead to dementia, it’s hard for families to think about legal or financial concerns, when a […]
“The Inspector General of Social Security, Gail S. Ennis, is warning the public about fraudulent letters threatening suspension of Social Security benefits due to COVID-19 or coronavirus-related office closures.” As if the elderly didn’t have enough to endure, now comes word that scammers who typically prey on seniors are upping their game. Stating that Social […]
“Have you priced nursing homes lately? In Texas, you are looking at an average annual cost of $50,000. We are on the low end; nationally, the average annual cost is closer to $75,000. New Jersey costs a whopping $109,500 annually.” Medicaid provides several programs funded through a state-federal agreement, explains the article “Planning a must: […]
“States can differ dramatically when it comes to long term care regarding availability, quality, government benefits, retirement communities and cost.” What if your parents live in Oklahoma, you live in Nebraska and your brothers and sisters live in New York and California? Having the important conversation with your aging parents about what the future might […]
“You’ve probably received one: A recorded call warns of a problem with your Social Security number. To fix it and avoid legal action, you’re told, you must call back immediately—and pay up.” You’d think everyone would know to ignore these calls. However, these criminals are so convincing, says The New York Times in the article […]
“A strong long-term care plan spells out where you would like to live, how you plan to get around, and who will oversee your financial and health decisions when you’re incapacitated.” Starting to plan for elder care should happen when you are in your 50s or 60s. By the time you are 70, it may […]
“A suspicious email, a strange phone call from an unknown number, an overzealous financial adviser, a close family member: what’s the connection between all these people and things? It’s financial elder abuse.” Financial elder abuse is defined as the “fraudulent or otherwise illegal, unauthorized or improper act or process of an individual, including a caregiver […]
