Many seniors rely on caretakers to assist them with daily living. These caretakers may be paid or unpaid, family or no relation. Regardless of the situation, many caretakers give so much time and energy to those in their care that they often neglect their own needs.
Lending money to family members can be a very effective way for wealthier family members to help less wealthy family members buy homes, start businesses or get out of debt without the burden of outright gifting. There are rules they must be followed or the loan could be treated by tax authorities as a gift.
The United States Department of Veterans’ Affairs (VA) offers financial assistance for burial and other related costs for veterans, their spouses and their dependent children.
The process of building a family through adoption creates new legal family ties while simultaneously severing old ties. These legal ties create a host of rights and interests in the context of estate planning which impact more than just the parties involved in the adoption.
The Federal Trade Commission (FTC) issued an alert recently warning residents of long-term care facilities and their families that some facilities may unlawfully require residents who are on Medicaid to sign over their $1,200 pandemic relief checks. This is unlawful and those payments should be returned to the patients.
An advance directive is a set of instructions someone prepares prior to illness that sets out healthcare wishes. A living will, a type of advance directive, is a legal document that instructs your health care providers on the types of treatment you want or do not want should you become incapacitated.
Older workers lost their jobs or were forced into early retirement due to the COVID-19 crisis at unprecedented rates. The unemployment rate for people over the age of 55 quadrupled to over 12 percent, but many experts fear that number is actually much higher.
Most of the media coverage surrounding the Coronavirus Aid, Relief and Economic Security (CARES) Act lists out the aid designated for small businesses. The act also provides almost a billion dollars in grants specifically for seniors and those with disabilities negatively affected by COVID-19.
Due to the COVID-19 pandemic, the stock market dropped significantly causing many to lose significant savings set aside for retirement. Federal law typically requires those age 70 ½ to take annual required minimum distributions (RMDs) from the following types of retirement accounts:
