What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.
In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.
In late March 2024, U.S. Sen. Bob Casey (D-PA) introduced the Boosting Benefits and COLAs for Seniors Act. The Act centers on changing the formula that the SSA uses to calculate Social Security benefits for older adults.
While joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can expose you to their creditors and affect Medicaid planning.
AARP reports that Baby Boomers are the generation with the highest divorce rates. Divorce among older adults in the United States has been on the rise since 1990. By 2019, 36 percent of divorces involved people 50 and older.
Storing important documents in digital form provides convenient copies that can be accessed by trusted individuals involved in your estate planning. They will also need access to online accounts in emergencies.
Failing to maintain and make new meaningful connections as older adults age can lead them toward a deep sense of loneliness. This can affect their mental and physical health, including increased risk of heart disease, Parkinson’s disease, dementia.
Four in 10 people believe they do not have enough assets to make a will, according to a new survey. This statistic reflects a common misconception about estate planning: that it is only for the wealthy.
Professional estate planning considers eventual probate and estate administration to avoid common problems. However, should disputes arise, an experienced litigator can protect and guide you in probate court.
To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to “spend down” your extra assets to meet the $2,000 limit.
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