The Social Security Administration has announced a 1.6 percent increase in benefits in 2020, nearly half of last year’s change. The small rise has advocates questioning whether the government is using the proper method to calculate the cost of living for older Americans and those with disabilities. Cost-of-living increases are tied to the consumer price … Continue reading
Category: Estate Planning
When Inheriting Property, Consider Your Options
Inheriting property from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you inherit property: move in, sell, or … Continue reading
Will Trump’s Immigration Policy Cause a Shortage of Caregivers for the Elderly?
As the population ages, the need for caregivers is growing, but the Trump administration’s immigration policies, whatever you may think of them, could have a negative impact on a caregiving industry that is already facing workforce shortages. The Supreme Court is currently considering President Trump’s decision to end the program that protected young undocumented immigrants … Continue reading
Special Ownership for Married Couples: Tenancy by the Entirety
Married couples have a special way to jointly own property in some states that has advantages over regular joint ownership. If you are married and own property jointly, you should make sure you have the right form of ownership. Joint tenants must have equal ownership interests in the property. If one of the joint tenants … Continue reading
IRS Issues Long-Term Care Premium Deductibility Limits for 2020
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the … Continue reading
How to Get Good Hospice Care: Hard-Won Advice from the Pennsylvania Nurse Prosecuted for Aiding Her Father’s Death
In February 2013, Barbara Mancini was arrested in Pottsville, Pennsylvania, and charged with aiding the attempted suicide of her dying 93-year-old father, Joseph Yourshaw. Ms. Mancini, a registered nurse in Philadelphia, had handed him his prescribed morphine at his request. After Mr. Yourshaw took the morphine, his hospice nurse called 911. The hospice nurse and the police … Continue reading
Home Care Costs Rise Sharply in Annual Long-Term Care Cost Survey
When it comes to long-term care costs, the charges for home care are now rising faster than those for nursing home care, according to Genworth’s 2019 Cost of Care survey. In the past year, the median annual cost for home health aides rose 4.55 percent to $52,624, while the median cost of a private nursing home room … Continue reading
Five Tips for Starting Retirement Planning in Your 50s
When it comes to retirement planning, many Americans find themselves underprepared. A majority of baby boomers (born between 1946 and 1964) and Generation X’ers (born between 1965 and 1978) often end up without retirement savings or don’t have realistic expectations about post-retirement costs. According to the Insured Retirement Institute, only 25 percent of boomers are confident … Continue reading
What To Do If You Are Appointed Guardian Of An Older Adult
Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one’s well-being and you have a duty to act in his or her best interest. If an adult becomes mentally incapacitated and is incapable of making responsible decisions, the court will appoint a substitute decision … Continue reading
What To Look For In A Pre-Paid Funeral Plan
Prepaying for your funeral is one way to ease the burden on your family following your death and make sure your wishes are carried out. But pre-paid funeral plans come with risks, so you need to exercise care when purchasing a plan. Funerals are expensive and can take a lot of effort to plan. To … Continue reading