So what happens when a spouse passes away with the former sub-trust estate plans from 20+ years ago? The trust administrator endures headaches and could spend a lot of time on unnecessary sub-trust allocations or administration complications.
Are you taking care of a family member and paying for their living expenses out of your own pocket? Some may think getting reimbursed for such expenses can be as simple as writing a check, but hasty actions could have long-term effects on benefits from federal and state assistance programs and have the potential to be viewed as financial abuse.
Gerontologist Mary Winners outlines how to prepare critical documents that provide guidelines for the care of an aging family member. Winners uses the acronym GIFT as a simple way to trach the process. “G” is for gathering information. The “I” is for involving everyone – professionals, family members and so on. The “F” is for follow through on everything, especially all document requirements. Lastly, “T” is a reminder that family members need to tell everyone where all the documents are kept, as well as any other pertinent information.
To watch Forms 101: Mary Winners on Important Documents, click here.
The so-called sandwich generation– those caring for their children and their aging parents — are being squeezed more than ever these days.
The retirement savings their parents were depending on are being decimated, while health care and other costs associated with caring for them skyrocket. Add to that steep college tuition bills and the strain on the family budget is, well…overwhelming. According to a 2005 Pew Research Center report, 13% of baby boomers (about 9.75 million) are in such a situation.
It’s the holiday season again and you haven’t seen your parents face-to-face since this time last year– has it been that long already? You are looking forward to a visit with your whole family: your mom, dad, siblings, aunts and uncles, cousins and everyone else in between. Although you’ve kept in touch over the phone, you worry about your parents since it’s hard to tell if everything is going smoothly for them.
Fortunately, with the implementation of an accounting system, bookkeeping and daily money management, seniors will discover the peace of mind that will liberate their lives and health from unnecessary stresses. With sound daily financial practices, seniors find greater independence.
In 2014, Social Security is expected to pay $863 billion in benefits to more than 59 million Americans. The government agency plays a vital role in the livelihood of so many individuals, but the complexity of the rules governing the program’s benefits remains a major source of confusion. For many, Social Security is synonymous with retirement benefits. It is not unusual for a person to be unaware of other categories of benefits such as disability, dependent’s, and survivor’s benefits. Knowledge about Social Security benefits can be empowering during inevitable periods of life transition.
A discussion on the concept of In-home Health Medical Services, exploring the advantages of the service, on Medicare coverage and obtaining the benefit, HMOs versus PPOs, and the team approach. Lindsay Leonard interviews Dr. Robert Zylstra, M.D. from Central Coast House Calls.
Many parts of life planning require a discussion of uncomfortable topics. Drafting your advance health care directive is no exception. No one likes to talk about “end of life” preferences. However, having an advance health care directive can ensure that your preferences are carried out when you are unable to make your own health care decisions. An Advance Health Care Directive is a legal document outlining your health care choices.
It’s difficult to think about what will happen upon your death. However, careful life planning can make things much easier for your survivors and ensure that your wishes are carried out. While creating a will has often been recommended as an estate planning tool, creating a living trust is often a reasonable option as well. Consider some advantages and disadvantages to creating a living trust.