Financial Planning

Financial Planning

Medicaid’s Gift to You & Your Children

Medicaid rules are complicated and sometimes work against well-intentioned family members. But did you know that there are circumstances in which someone can transfer their home to a relative without incurring a Medicaid penalty? Read more to learn about this gift to families. ...
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Rest in Peace (and make it easy on your family, too)

If you've ever planned a funeral for a loved one, you know how tough it can be. That's doubly true when you're left to guess about their preferences. And paying for it is another story. Take the hassle out of funeral planning for your own loved ones by doing it yourself. ...
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Don’t Fall for These Common Scams

Scammers posing as legitimate organizations or private individuals keep finding new ways to trick well-meaning people out of their money.Recently, the Federal Trade Commission (FTC) found that instead of using wire transfer or gift cards, an increasing number of older adults are mailing cash to these fraudsters, with a median individual loss of $9,000. According to reports, the scammers often ask seniors to divide the bills into envelopes and place them between the pages of a magazine, then send them using various carriers, including UPS, FedEx, and the U.S. Postal Service. ...
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Estate of Affairs: Why 60 is a Good Time to Review Your Plans

Your children are probably grown. You may have grandchildren. And, hopefully, you've accumulated some wealth. The people you appointed to step in in the event of incapacity when you were 35 may not be in a position to assist when you're 65. You may have retired or are contemplating doing so. ...
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After the Hospital, Now What?

 

As you travel the back roads for your weekly luncheon with mom, you think about the tasks to be completed that day:  A trip to the grocery store. A quick stop at the bank. Shuttling kids to and from sporting activities.

 

Your mind continues to compose the list as you pull over for an ambulance with lights and sirens blaring. As you round the corner of your parents’ street, you see your father and several neighbors in the driveway; your heart skips a beat.

 

Your father says mom walked to the mailbox, twisted her ankle, fell and hit her head. She laid in the driveway for about 20 minutes before dad went looking for her. The paramedics insisted on taking mom to the hospital for a quick review and assessment. And so, the ride begins.

 

Changed Plans, Many Decisions

The next three hours are spent providing insurance information, reviewing past medical history, answering questions about the incident, undergoing multiple tests and waiting to see the emergency department physician. Mom appears to be fine and so your mind starts to revamp the list from this morning: the groceries can wait until tomorrow, hit the ATM on the way home, my sister may be able to shuttle the kids around. Then, the doctor arrives. Test results show abnormalities and the physician recommends that mom stay for observation and additional tests.

 

Many of us will experience similar situations like the one described. Most of us desperately try to avoid a trip to the hospital, so we avoid talking about the possibility, making us unprepared to traverse this emotional rollercoaster ride. Nearly one in five Americans will visit an emergency department at least once a year, according to the U.S. Centers for  Disease Control and Prevention. We must get out of our comfort zone, do research, and be prepared for an unexpected hospital stay as well as what follows.

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Gift Cards: A New Way to Contribute to ABLE Accounts for Special Needs Individuals

A Gift of Independence card can be a way to celebrate or reward a family member or anyone else with special needs who has opened an ABLE account.  The cards are offered in denominations from $25 to $200. There is no expiration date for redeeming the funds. ...
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You Graduated When? Dealing with Student Loan Debt as You Age

 The number of older borrowers increased by at least 20 percent between 2012 and 2017. Some of these borrowers were borrowing for themselves, but the majority was borrowing for others. The study found that 73 percent of student loan borrowers age 60 and older borrowed for a child’s or grandchild’s education. ...
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How Parents Can Provide for a Caregiver-Child

A caregiver agreement (also called a personal care contract) is a contract between a parent and a child (or another family member) in which the parent agrees to reimburse the child for caring for the parent. These agreements have many benefits. They provide a way to reward the family member doing the work. They can help alleviate tension between family members by making sure caregiving is fairly compensated. ...
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