Legal

Trusting others also makes the elderly a target for scammers. The “grandparents” scam is one that seems to always be around. The “grandparents” scam is when an older person receives a call, usually in the middle of the night, from someone claiming to be their grandchild. The caller claims they’re in trouble and need money immediately and to not tell mom and dad. They play on your emotions. The caller will usually ask the victim to buy gift cards and scratch off the back of the card to reveal the ID number, and then have them read the number over the phone. This is a scam that has been going on for years. ...

Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes by thousands of dollars or allow them to receive a refund.  ...

One common situation is estate planning for a blended family or an unmarried couple. Here’s an example: A couple remarried in their 50s. They each had children from their first marriage. The husband died 20 years later. He had wanted to provide for his second wife, so he signed a will that stated that all of his assets were left to his wife with the understanding that, on his wife’s death, those assets would go to his children. Read more to find out what happened. ...

The growing student loan crisis is getting a lot of attention from policymakers. But did you know that, as Boomers age, many of them are bringing student loan debt with them into their older years? Some of it is their own, while other debt is from cosigning student loans for children and grandkids. What happens to that debt after you're gone is the topic of this column, provided by the Cleveland-area law firm Solomon, Steiner & Peck. ...

Finding yourself sick in a foreign hospital is never part of your vacation plans, but you need to consider that possible risk when taking an overseas vacation.If you need a physician’s services after the inpatient stay or an ambulance trip or plane ride home, Medicare will not cover that cost. If the stay is covered, you still need to pay for covered services plus the co-insurance or deductibles you would normally have to pay. ...

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. ...

We get it; long-term care insurance isn't easy to understand and not always appreciated. But financial experts say we need to consider purchasing a policy when we reach our 50s. Here's a great summary of what to consider if you're in the market for this type of insurance. ...