Access to affordable medical care is increasingly more important during a health pandemic. One of the bills passed by Congress in response to the coronavirus pandemic increases Medicaid funding for states. The bill also includes a provision preventing states that accept the additional money from terminating eligible Medicaid benefits while the current coronavirus pandemic continues.
Quite a lot, really:
Elder law in Bucks County is not something that is only meant for senior citizens. Sooner or later, anyone who has a family or who is worried about controlling their health or their financial situation could use the services of an elder law attorney.
Would you turn down $100,000 if someone offered you that sum?
You might be doing just that if you make the wrong choices regarding your Social Security.
A recent report by the financial planning firm United Income found that very few seniors are making the optimal financial decisions about Social Security and are losing out on more than $100,000 per household as a result. The average Social Security Recipient would receive nine percent more in retirement income if they made the right decisions.
No one likes to imagine their own death, let alone their own funeral
But planning for this inevitability can make things much easy for your loved ones during an already stressful time, while ensuring your wishes are carried out.
The concept of the “half-birthday” is not something most of us think about after childhood. You do not find many adults saying, “I am 56 and a half.”
However, if you have a non-Roth individual retirement account (IRA) or 401(k), there is an age you’ll want to keep track of: 70 ½.
The IRS has announced that the estate and gift tax exclusion will be raised from the current amount of $11.38 million to $11.58 million in 2020. This means that you will be able to leave $11.58 million to your heirs without your estate having to pay any federal estate or gift taxes. For a married couple the exclusion is $23.16 million.
The gift tax exclusion, in which each of you can give $15,000 per year to as many individuals as you may choose without having to file a federal gift tax return, will remain unchanged in 2020.
People are having children later and later in life. Janet Jackson gave birth to a son at 50, while Steve Martin discovered the joys of parenthood at 67 (decades after starring in the movie Parenthood).
But becoming a parent later-in-life has its challenges, including certain estate planning and retirement considerations.
When someone you love has dementia, life can be frightening. Add firearms into the mix, and things can become even scarier.
Nearly half of all Americans over 65 either own a gun or live with someone who does. This can be troubling, as people with dementia are at an increased risk for suicide, and firearms are the most common suicide method among dementia patients.
In addition, people with dementia who have access to a firearm may put family or caregivers at risk if the person with dementia becomes confused about other people’s identities or mistakes them for an intruder.
Social Security survivor’s benefits provide our significant others with financial safety after we are gone. But in order to realize the most from these benefits, survivors need to know the appropriate time to file a claim.
It’s not a pleasant scenario, but still one worth thinking about: You become sick one day, so sick that you’re incapacitated, unable to speak for yourself.
In that situation, who will make medical decisions on your behalf?
That’s where a healthcare proxy comes in.