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:
There are over 60 million Americans covered by Medicare and virtually all of them are in the high-risk category for being negatively impacted by the coronavirus that causes the respiratory illness COVID-19.
A special needs trust is a type of trust that helps preserve a disabled person’s eligibility for federal and state benefits by keeping assets out of the person’s name.
Millions of senior adults fall each year resulting in death, injuries and health-related expenses. With increased longevity, many seniors are living longer with chronic diseases such as diabetes, heart conditions and dementia-related issues.
While some may attempt to use these three terms interchangeably, they should not be used that way because each type of planning has a very different set of objectives.
When you first think of the term dementia, memory loss is often the symptom that comes to mind. Dementia presents itself with issues involving language and speech, problem-solving capabilities and changes in mood and behavior.
A pre-marital or prenuptial agreement can be an effective way to determine how each spouse's assets will be divided upon the dissolution of the marriage or distributed upon the death of a spouse.
Who benefits from estate planning? Estate Planning is something anyone who has legal capacity should consider. Some people may only require a basic estate plan, such as powers of attorney for property and medical care.
In many areas in and around Baltimore, nursing-home care ranges between $9,000 and $13,000 per month. This can drain a life savings very quickly causing many seniors to attempt to “age in place” as long as possible, meaning they attempt to stay in their home with health care aides.
