Older adults lose an estimated $20 billion each year from financial abuse by family, friends, and caregivers. In many cases, the perpetrators of elder financial abuse are not strangers but trusted individuals, often family members.
Elder law attorneys understand the challenges of planning long-term care amidst the shifting care environment. Evaluating costs and developing strategies to pay for long-term care before you actually need it is crucial.
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will. Even fewer have designated powers of attorney, a living will, or health care directives.
To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to “spend down” your extra assets to meet the $2,000 limit.
Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
In 2023, recipients of Social Security benefits saw the biggest increase in decades in their monthly checks. Although their payouts will indeed rise again in 2024, the cost-of-living adjustment (COLA) will be considerably more modest.