Legal

Legal

Do I Need a Trust Agreement for Estate Planning?

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. ...
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Until Debt Do We Part. What Happens to Your Debts When You Die?

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. ...
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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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Medicare & Overseas Travel – Not Always a Combination for a Worry-Free Vacation

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. ...
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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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What a Good Long-Term Care Insurance Policy Should Include

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. ...
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Am I Legally Required to Support My Adult Child with Disabilities? Maybe.

What's your legal obligation to support an adult child with disabilities? When does your responsibility end and should it? A consultation with an attorney that deals with special needs issues is a good place to start to get clarification on this sensitive issue. ...
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Get as Much as You Give with Volunteering

 

Volunteering your time and energy helps strengthen your community and helps others. Plus, researchers are finding definitive links between volunteerism and important emotional and physical benefits.

Why Do It?

Volunteering decreases the risk of depression and dementia for both the volunteer and the recipient. It provides increased social interactions and a greater sense of purpose and accomplishment for both. The National Institute on Aging reported that participating in volunteer activities lowers the risk of dementia and other health problems.

Successful aging requires physical activity. Helping with a local sports team or walking as a companion to help another promotes physical and mental fitness. Older volunteers experience greater life satisfaction and increased perceived health.

The anti-depression effects and physical activity also can help reduce stress. This can help boost the immune system, promote better health and cut the risk of disease.

Giving your time to others also can make you feel like you have more time to give. A Wharton College study found that volunteers felt more capable, confident and useful. This feeling boosts self-esteem and makes you feel like you can accomplish even more. Plus, folks who volunteer by giving not only time but also money can feel wealthier, again boosting mental health.

 

Face Time

Social isolation is a major problem for older adults, and volunteerism can help you make new friends and strengthen existing relationships. A strong social network can aid in practicing social skills and aging successfully.

Studies also point out the benefits of intergenerational relationships. Many high school students are encouraged to volunteer to bolster college applications. Seniors who volunteer can engage with this younger generation of volunteers, creating lasting friendships and shared experiences.

Retirement can be difficult for seniors, especially when someone is forced out at a relatively young age. Starting a new “career” by volunteering fills the void left by not having a workplace to go to every day.

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