Recently proposed legislation seeks to offer financial relief for unpaid family caregivers. Introduced in November 2023, the Lowering Costs for Caregivers Act of 2023 is the result of a bipartisan effort to lessen the costs of family caregiving. The American Association of Retired Persons (AARP) has also endorsed the bill. If the act becomes law, it would amend the Internal Revenue Code to allow medical bills that you pay for your parents to count as qualifying medical expenses for health flexible spending arrangements (FSAs) or health reimbursement arrangements (HRAs). This would include heal ..read more

Despite the considerable level of stress that can come with serving as a unpaid caregiver, a new study now suggests that taking care of a loved one may in fact lead to increased longevity among older women. The findings, published in The Journal of the American Geriatrics Society, revealed that women who said they were taking care of a loved one on a regular basis had a mortality rate 9 percent lower than that of non-caregivers over the course of the study. While the study did not find a direct connection between caregiving and reducing risk of death, its authors describe the association as ro ..read more

Because of their disability, a person receiving Supplemental Security Income (SSI) may not have worked long enough to qualify for Social Security Disability Insurance (SSDI) benefits on their own work record. Therefore, once they meet the government’s strict physical or mental disability requirements and fall under SSI’s income and asset caps, the SSI recipient might assume that they will never obtain SSDI benefits in the future. However, this is not always the case. In fact, many SSI recipients who became disabled prior to turning 22 years old may begin to receive SSDI benefits when on ..read more

Your most valuable property may be your home, which is true for many people. You likely want your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if your health declines and you need expensive long-term care. You may be aware that Medicaid can pay for these services. However, Medicaid rules say you can own no more than around $2,000 in assets to be eligible – now what? Medicaid Planning Using an Irrevocable Trust One solution is to take your home out of your name while reserving your right to live in it. This is ..read more

Children with disabilities present a unique challenge for parents who are looking to engage in estate planning. For one, you will want to optimize your estate to use, enhance, and enrich assets for your child. At the same time, maintaining their enrollment in public benefits programs is no doubt going to be essential. To ensure you meet both of these objectives requires careful planning. An experienced attorney can prepare a special needs trust to accomplish these and other goals you may have for your child. How a Special Needs Trust Works Qualifying for means-tested assistance programs, such ..read more

More than 65 million seniors across the country benefit from Medicare, a government health insurance program. When Does Medicare Start? At age 65, you become eligible for Medicare if you are a U.S. citizen. You do not have to wait until you retire to apply for the program. You can enroll in Medicare beginning three months prior to your 65th birthday. You can also do so during the month of your 65th birthday or during the three months that follow.  Can I Get Medicare at Age 62? Certain individuals may be able to secure Medicare coverage earlier than age 65. For instance, if you have end-s ..read more

To secure the maximum amount in monthly Social Security retirement benefits, Americans must wait until full retirement age to start receiving their payouts. Results from a 2023 survey show that most of today’s workers know about this stipulation – and yet the vast majority say they’re willing to file for their Social Security benefits early anyway. UK-based wealth management company Schroders surveyed 2,000 working Americans to learn more about their readiness for and perspectives on retirement. The results showed that a mere 10 percent of respondents said they plan to hold off until age 70 to ..read more

Choosing the right person to serve as trustee of a special needs trust (SNT) is a key task when creating such a trust. It may also prove to be one of the most challenging. Trustees are responsible for the following: managing the day-to-day operations of the SNT, making distributions to the trust’s beneficiary, investing the trust’s assets, and paying the trust’s bills. This, in turn, helps ensure that the special needs trust’s beneficiary remain eligible for public benefits programs. The law is not particularly strict about who may serve as trustee. The trustee must be over 18 years of age a ..read more

Social Security Disability Insurance (SSDI) provides financial assistance to workers who become disabled and their families. The Center on Budget and Policy Priorities reports that 7.4 million Americans received Social Security disability benefits in 2023. Unlike Supplemental Security Income (SSI), which supports people with disabilities or of advanced age who have limited means regardless of work history, SSDI is an earned benefit. Before becoming disabled, the worker must have paid into the Social Security program through taxes to be eligible for benefits. When you apply or reapply for SSDI ..read more

Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will, and even fewer have designated powers of attorney, a living will, or health care directives. These legal documents help guide your representatives to provide the end-of-life wishes you seek. Estate planning also reduces the burden your loved ones face and lessens the potential for conflict among your family members after you are gone. Whether you own a little or a great deal, every senior should have an estate plan. Your estate comprises your home, real estate, veh ..read more