A 2023 Retirement Income Literacy Study conducted by the American College of Financial Services revealed that most adults ages 50 to 75 lack knowledge about retirement income. With this lack of knowledge came a lack of confidence about achieving the best possible retirement outcomes. It is clear from the this study that improvements must be made in retirement financial literacy. Just 15 percent of Americans have access to defined-benefit retirement plans. As a result, most workers must make independent decisions about retirement savings. As people age, they must also shift their thin ..read more

As we observe Elder Law Month, it’s the perfect opportunity to prioritize planning for your inevitable golden years. Preparation can seem daunting, but it doesn’t have to be. Here are the top three actions you should consider ensuring that your future is as secure and stress-free as possible: Draft Your Legal Documents Early Procrastination is the enemy of preparation. Begin by drafting essential legal documents — a will, durable power of attorney, and an advance healthcare directive. A will clarifies your wishes regarding asset distribution, and a durable power of attorney appoints someone to ..read more

Since the 1960s, Medicaid has provided health care coverage for low-income people across the United States. For millions of seniors, Medicaid offers financial assistance, helping them to cover the cost of long-term care services. Today, this joint federal-state program also benefits other qualifying populations with limited income, including children and people with disabilities. Qualifying for Medicaid You may not foresee yourself applying for Medicaid in the future. Yet in reality, research shows that roughly one in seven seniors are likely to require long-term care at some point later ..read more

More than 70 percent of adults in the U.S. report being dissatisfied with the health care system, according to TIME Magazine. Navigating the medical services network can be stressful and overwhelming, particularly for older adults facing increasingly complex health needs. The American Psychological Association reports that distress is common following a diagnosis. Those experiencing additional stressful life events or who have a history of depression have even higher levels of distress. Often, responding to a diagnosis or managing a chronic condition involves coordinating care w ..read more

This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/aQgwbQkJtC0 How can SSI be helpful to parents of children with special needs? Supplemental Security Income Program (SSI) can be invaluable to parents who have a child with special needs. The challenges parents face when they have a child with special needs can be overwhelming. But there are a various resources and services that are available to support these parents caring for their child. Supplemental Security Income (SSI) is a Social Security Benefit for people with limited income and resources who are six ..read more

Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on April 10th, 2024 to discuss “SSI for Children with Special Needs” Vincent J. Russo discusses how a parent can determine if their child qualifies for SSI, how much can a child receive from SSI, and how does a child on SSI qualify for Medicaid Benefits. You do not want to miss this informative episode. CLICK HERE to read the SSI for Children with Special Needs blog post. For more information on these topics and more, you can download for free our Planning Guides from our law firm website at vjrussolaw.com ..read more

Most older adults want to remain in their homes and communities as they age rather than move into assisted living facilities or nursing homes. For those who wish to maintain their independence and continue living at home as they grow older, taking certain steps to protect their physical, mental, and financial welfare is essential. What Does It Mean to Age in Place? The Centers for Disease Control and Prevention defines aging in place as a senior’s “ability to live in one’s own home and community safely, independently, and comfortably, regardless of age, income, or ability level.” According to ..read more

Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on April 3rd, 2024 to discuss “Providing for your Pet’s Future without You” Vincent J. Russo discusses how to plan for your pet after you die and the pros and cons of a Pet Trust. You do not want to miss this informative episode. CLICK HERE to read the Providing for your Pet’s Future without You blog post. For more information on these topics and more, you can download for free our Planning Guides from our law firm website at vjrussolaw.com Vincent can be found on past CFN Live episodes by cl ..read more

This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/WW9rL3xNUl8 Our pets are part of our family, and we need to consider them when implementing one’s estate plan. What are the options when my pet passes away? Although you can’t leave money directly to a pet, there are several things you can do to make sure your pets stay well cared for when you can no longer take care of them. Here are some options: Leave your pet (and some money) to someone in your Will or Living Trust. Sign up with a charitable organization’s program to provide or find a home for your pet ..read more

Even if you have a long-term care insurance policy, you may likely be hoping that you won’t ever have reason to use it. Regardless of what the future holds, there’s one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible. What Is Long-Term Care Insurance? Long-term care insurance, or LTCI, can help you prepare for covering the cost of care in a nursing home facility or other setting when and if you need it. Unfortunately, the likelihood that you’ll need long-term care services at some point is high. In fact, about ..read more