Posts Tagged Elder Law

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

On September 3, 2020   /   Blog  
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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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Worried About Running Out of Money In Your So-Called “Golden” Years? You Are Hardly Alone

On August 27, 2020   /   Blog  
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Worried About Running Out of Money In Your So-Called “Golden” Years? You Are Hardly Alone

Americans are living longer than ever before. That’s great news, but it has a downside—the possibility of outliving our life savings. According to the Social Security Administration, a 65-year-old man can expect to live to age 84, on average, while a woman of the same age may make it closer to age 87. So if you retire at the age of 62, your nest egg may have to last for at least 20 years. Sure, Social Security will provide an income stream, but the amount is not enough for most retirees to live comfortably. Little wonder, then, that according to a survey by the Transamerica Center for Retirement Studies, the most frequently cited retirement concern among Americans is outliving their savings and investments. In the survey, 44% or respondents across all ages expressed this fear, as compared to 41% of retirees. In addition, 47% of retirees believed they had not

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How To Choose A Professional Home Care Provider, Continued

On August 20, 2020   /   Blog  
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How To Choose A Professional Home Care Provider, Continued

When choosing a home care provider, it’s important to ask for references. Suitable references include doctors, discharge planners and other patients or their family members. Be sure to contact the references and ask questions such as: Do you refer clients to this provider often? Do you and the provider have a contractual relationship? If so, do you require that the provider meets special standards for quality care? What feedback have you received from patients under the care of this provider? Do you know if this provider has cared for people with conditions similar to those of my loved one? If so, can you provide me with contact information for these individuals? To learn more about finding and choosing the right professional home care provider, visit the National Association for Home Care & Hospice. The cost of care. Of course, one of the factors you must consider in obtaining professional care

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How To Choose A Professional Home Care Provider

On August 13, 2020   /   Blog  
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How To Choose A Professional Home Care Provider

Perhaps you have realized that you simply can’t continue to provide adequate care to your loved one. Or maybe your loved one lives far away and your responsibilities at home won’t allow you to serve as caregiver. In either case, you may need to turn to a professional home care provider. The question is, how do you choose the right person for this important task? The National Association for Home Care & Hospice (NAHC) has created a valuable checklist with questions you should ask providers and others who may be familiar with the provider’s history. Here are some of the questions NAHC recommends. How long has the provider served the community? Does the provider have literature explaining its services, eligibility requirements, fees, and funding sources? Does the provider have what is known as a “Patient Bill of Rights” outlining the responsibilities and rights of the provider, caregiver and patient? How

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How to Protect Against Identity Theft

On August 6, 2020   /   Blog  
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How to Protect Against Identity Theft

It is estimated that someone’s identity is stolen every two seconds. Security expert Frank Abagnale offers some suggestions on how to prevent it from happening to you. Lock your mailbox. If your mailbox doesn’t lock, you can buy one that does for about $40 Don’t leave valuables in your car, particularly your laptop, mobile phone and wallet Shred sensitive documents, don’t just throw them in the trash or recycling bin. Micro-cut shredders, which shred documents into confetti, are available for around $30 Use a password to secure your smartphone. Avoid obvious passwords, such as your birthday, pet names and sequential numbers like 1,2,3,4 Change the password on your computer regularly, at least once every three months. In addition, use strong passwords on all your financial accounts Don’t share your Social Security number unless it is absolutely necessary Don’t carry your Medicare card unless you are going to a health care

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Brain Health, Myths Versus Reality, Continued

On July 30, 2020   /   Blog  
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Last time we discussed the myths, and the realities, of keeping your brain healthy and boosting memory. Now let’s look at some more examples. Myth: You can’t stop Alzheimer’s disease. While there is currently no cure for Alzheimer’s disease, research suggests that eating well, staying engaged with others, reducing stress and stimulating your brain with new activities can slow the onset of symptoms by several years. In a study by Rush University in Chicago, making just one change—eating plenty of fruits and vegetables while consuming less meat and sweets—can reduce the risk of Alzheimer’s and other types of dementia by as much as 53 percent. Myth: Brain games make you smarter. 70 of the world’s leading brain scientists released a statement in 2014 rejecting the idea that computerized brain training can improve cognitive powers. Until we know more, you are better off using proven bran boosters such as meditation and

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Brain Health: Myths Versus Reality

On July 23, 2020   /   Blog  
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Brain Health: Myths Versus Reality

You’ve no doubt heard plenty of stories about how to keep your brain healthy and boost memory. A recent article on AARP’s website explored this subject and distinguished between myth and fact. Here are some the highlights. Myth: Brain aging is inevitable. Although the brain does shrink with age, exercise has been shown to increase brain mass. Researchers at the University of Pittsburg and the University of Illinois asked 120 older, relatively inactive people to either walk or stretch three times a week. The researchers then took MRIs of the subjects’ brains. It took one year for the walkers to increase the size of their hippocampus by two percent, in essence reversing the shrinkage associated with one to two years of aging. In addition, people who exercise regularly may also have less amyloid (plaques found in the brains of people with Alzheimer’s disease). Myth: Supplements can boost your memory. Substances

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Protecting Yourself Against The High Cost of Long-Term Care, Continued

On July 16, 2020   /   Blog  
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Protecting Yourself Against The High Cost of Long-Term Care, Continued

Last time, we looked at the cost of long-term care and two strategies frequently used to cope with it. Now let’s look at several other options.  Life insurance. Some insurance companies have begun to offer life insurance policies that can help pay for long-term care services. The options include combination life/long-term care products, accelerated death benefits, life settlements and viatical settlements. Combination products are relatively new and the features change constantly as the products evolve. Annuities. You may choose to enter into an annuity contract with an insurance company to help pay for long-term care services. In exchange for a single payment or a series of payments, the insurance company will send you an annuity, which is a series of regular payments over a specified and defined period of time. There are two types of annuities, Immediate Annuities and Deferred Long-term Care Annuities. You can learn more about long-term care

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Protecting Yourself Against The High Cost of Long-Term Care

On July 9, 2020   /   Blog  
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Protecting Yourself Against The High Cost of Long-Term Care

Thanks to improvements in medical science and healthier lifestyles, Americans are living longer than ever before. Unfortunately, many of us will require long-term care at some point in our lives, and one in five of us will require long-term care for at least five years. According to Genworth Financial, the median cost of long-term care nationwide ranged from $51,480 to $102,200 per year in 2019, depending on the type of care needed.  (Care costs also vary widely based on where you live. To see the cost of care in your area, visit https://www.genworth.com/about-us/industry-expertise/cost-of-care.html.) The median cost of in-home care provided by a home health aide was more than $52,000 in 2019, while care in a nursing home can easily top $100,000 per year. Worse, experts predict that the cost of nursing home care will more than double over the next twenty years. Tragically, many families exhaust their life savings within

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Estate Planning and Alzheimer’s Disease

On July 2, 2020   /   Blog  
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Estate Planning and Alzheimer’s Disease

While everyone should have an estate plan, it is especially important for families living with Alzheimer’s disease. If you or a loved one has recently been diagnosed with Alzheimer’s, and you do not have estate planning documents like a will, Power of Attorney, or advance directive, please contact our office as soon as possible. Estate planning documents require the person who signs them to have the legal capacity to understand the documents’ consequences. In most cases, someone who has just received a diagnosis of Alzheimer’s can understand the meaning and importance of a given document and therefore has the legal capacity to sign it. However, the ability to understand the implications of legal documents may decline as the disease progresses. We can guide you through all the legal ramifications surrounding an Alzheimer’s diagnosis, including medical and asset protection planning, advance directives and guardianship. We understand what you are going through

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