Posts Tagged Elder Law

November is National Family Caregivers Month

November is National Family Caregivers Month

In 2015, President Obama officially proclaimed November as National Family Caregivers Month. It is a time to recognize the selfless efforts of caregivers across the country and rededicate ourselves to making sure our caregivers have the support they need to maintain their own well-being and that of the people they love. Caregiver Action Network (CAN) is the nation’s leading family caregiver organization. It is working to improve the quality of life for the more than 90 million Americans who care for loved ones with chronic conditions, disabilities, disease, or the frailties of old age. If you are a caregiver, you can find an abundance of helpful information on CAN’s website, http://caregiveraction.org.

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The Changing Landscape of Care Giving In The United States

The Changing Landscape of Care Giving In The United States

With Americans living longer than ever before, many of us will eventually require long-term care. It has been estimated that at least 70 percent of people over the age of 65 will need long-term care at some point in their lives. When most people think about long-term care, and who provides it, nursing homes and assisted living facilities come to mind. However, the vast majority of long-term care in the U.S. is provided by family members. In fact, eighty percent of those receiving care obtain the care they need at home, from children, siblings and other members of the family. A recent study by the AARP suggests that this system will be undermined in the future by demographic changes. Baby Boomers are now in their fifties and sixties, and many of them provide care for aging parents. Boomers in their 50s frequently take time off from work to care for

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A Designer Has Created Tableware To Help People With Dementia

A Designer Has Created Tableware To Help People With Dementia

Alzheimer’s and other neurodegenerative diseases can make even basic tasks extraordinarily difficult. Designer Sha Yao saw this firsthand when her grandmother was diagnosed with Alzheimer’s disease. In response, she created Eatwell, a seven-piece tableware set. It features bright, primary colors, which Yao chose based on a Boston University study that showed individuals with cognitive impairment consumed 84 percent more liquid and 24 percent more food when they were served in brightly-colored containers. Other features of the tableware set include cups and bowls with angled bases. This allows contents to shift naturally to one side and make them easier to drink or scoop up. The accompanying spoons are ergonomically designed to correspond to the contours of the bowls. In addition, the tableware set has holes with flaps at the edge of the tray where a napkin, bib or apron can be tucked to prevent spills. The set’s drink-ware features wide bases, reducing

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Five Key Factors To Consider When Choosing A Nursing Home

Five Key Factors To Consider When Choosing A Nursing Home

If you have made the difficult decision that nursing home care is the best option for your loved one, you must decide on the nursing home itself. Here are some of the issues to consider when choosing a nursing home. Location, location, location. This may seem obvious, but one of the most important aspects of an individual’s quality of life in a nursing home is receiving frequent visits from members of the family. When the nursing home is nearby, it’s easier for you and the rest of your family to visit. Similarly, if the nursing home is located relatively close to where your loved one lived previously, his or her former neighbors and friends will be more likely to visit. Special services. On the most basic level, if your loved has specific physical needs, the nursing home must be able to address them. And what about emotional or spiritual needs?

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The Financial Difficulties Faced By Widows

The Financial Difficulties Faced By Widows

Losing one’s husband is difficult enough in and of itself. Unfortunately, many widows must also contend with the financial consequences of the loss of their husbands. According to government figures cited in a New York Times article, the household income for widows typically drops 37 percent after a spouse dies, far more than the 22 percent income decline experienced by men who lose their wives. The assets of widows also tend to fall substantially more than those of widowers. This is compounded by the fact that women typically live longer than men. Census figures indicate that one in four women from 65 to 74 are widows. By the age of 85, three out of four women are widows. To make matters worse, even couples with estate plans often fail to address the need for adequate income that will be faced by a surviving spouse. Talking about income, especially with regard

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One Of The Most Important Conversations You Should Have With Your Family

One Of The Most Important Conversations You Should Have With Your Family

As an estate planning and elder law firm, we strive to provide all of our clients with the tools and strategies they need to prepare for whatever comes along, including wills, trusts, advanced directives, and more. While it is vitally important for you to have these documents, it is equally important to talk to your family about them. It is entirely possible that your children and other loved ones would like to know, for example, how you want to be cared for in the event of incapacity or an end of life situation. But do your loved ones know that you have made your wishes clear through advanced directives and the thinking behind the choices you made? Do they know that you have created a power of attorney that allows a person of your choosing to make medical and/or financial decisions on your behalf? Even if they understand that you

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What You Need To Know About Financial Elder Abuse

What You Need To Know About Financial Elder Abuse

Let’s start with a definition. Financial elder abuse, also known as material exploitation, is the illegal or improper use of an elderly person’s funds, property, or assets. Examples of this type of abuse include, but are not limited to:   Cashing an elderly person’s checks without authorization or permission Forging an older person’s signature Misuse or theft of an older person’s money or possessions Deceiving or coercing an older person into signing any document, such as a contract, will, title, etc. Telemarketing scams. This can involve making exaggerated claims about investment returns, scare tactics and other fraudulent acts to get seniors to send the perpetrator money or credit card information The improper use of conservatorship or power of attorney   It is estimated that every year some five million seniors fall victim to financial elder abuse. The number of victims may well be considerably higher. Many seniors are unaware that

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Should Seniors Enroll In A Medicare Advantage Plan Or Stick With Traditional Medicare?

Should Seniors Enroll In A Medicare Advantage Plan Or Stick With Traditional Medicare?

An article by Wendell Potter on medicareresources.org discusses the advantages and disadvantages of Medicare Advantage plans versus traditional Medicare in providing adequate care to seniors. For some people, particularly those without serious illnesses, Medicare Advantage may be the best choice. This is because some Medicare Advantage plans offer benefits not provided by original Medicare, such as dental coverage, vision coverage, hearing aids, gym memberships and more. However, elderly Americans with serious ailments might be better off sticking with Medicare. Similarly, people who are already enrolled in a Medicare Advantage plan and develop a serious ailment might want to drop the Medicare Advantage plan and return to traditional Medicare. Why? Medicare provides what the article refers to as “unfettered access” to treatments and physicians. That is, people on Medicare have greater access to doctors and facilities of their own choosing. Another potential problem with Medicare Advantage plans is they empower Utilization

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Reverse Mortgages Seem To Be Winning New Respect

Reverse Mortgages Seem To Be Winning New Respect

Ten years ago, many financial advisors dismissed reverse mortgages out of hand. Their reasoning was that reverse mortgages, which give homeowners an advance on their home equity and allow them to delay repayment until the home is sold, were risky and only for people in desperate financial straits. However, several safeguards have led some advisers and researchers to reevaluate reverse mortgages and explore when and how they might be used in financial planning. For example, the Reverse Mortgage Stabilization Act of 2013 prevents homeowners (in most cases) from taking all of their equity at once, which could reduce the default rate on reverse mortgages by half. Instead, homeowners with reverse mortgages must wait at least one year to take a lump sum. Other regulations require homeowners to show that they are able and willing to pay their property taxes and home insurance. In 2014, almost 12% of reverse-mortgage borrowers in

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Worried About Running Out of Money In Your So-Called “Golden” Years? Continued

Worried About Running Out of Money In Your So-Called “Golden” Years? Continued

In this post, we continue our discussion of protecting your nest egg in retirement. Tap retirement accounts in the proper order. Lacking a sound withdrawal strategy can be costly. According to Carrie Schwab-Pomerantz, Chief Strategist for Consumer Education at Charles Schwab, the most tax-efficient approach is to first draw down the principal from maturing bonds and certificates of deposit, since they are no longer bearing interest. After that, if you are 70½ or older, you should take your required minimum distributions (RMDs) from traditional tax-deferred accounts, like IRAs and 401(k) plans, with a focus on assets that are no longer appropriate for your portfolio or overweighted. This is because you will be subject to severe penalties from the Internal Revenue Service if you fail to take your RMDs on time. Next, you’ll want to sell from taxable accounts, since you only have to pay taxes on their capital gains. (It

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