What to Know About Being a Health Care Proxy
When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved one becomes incapacitated and cannot communicate with health care providers, [...]
Estate Planning: An At-a-Glance Overview
Estate planning, or legacy planning, entails preparing your affairs for the future, including death and other life events. While older adults might give more thought to estate planning, it is an essential tool at any [...]
Estate Planning for Your Digital Legacy
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an [...]
What Is a Qualified Personal Residence Trust (QPRT)?
A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a [...]
Limited Power of Attorney in Estate Planning
A power of attorney (POA) is a document that authorizes one or more parties (known as the “agent” or “attorney-in-fact”) to act on behalf of a person (referred to as the “principal”). Most powers of [...]
What Is IRMAA and How Does It Affect My Medicare Premiums?
As we near retirement, we may assume that once Medicare kicks in, our medical insurance premiums will be fixed. However, many people may not realize that there are special rules regarding how much they pay for [...]
What Is Memory Care, and What Are Its Benefits?
Memory care is specialized care for patients living with Alzheimer’s disease, dementia, or other conditions that cause memory loss. Hospitals and nursing homes may have memory care units or a separate entity dedicated to this service. [...]
Does Medicare Cover Physical Therapy?
Physical therapy helps elders recover from injuries and illnesses, manage chronic conditions, and prevent future injuries. It can be an essential component of health care for older adults. Medicare covers physical therapy (PT) when it [...]
The Ins and Outs of Estate Sales
Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute those items that you do [...]
Becoming a Family Caregiver for an Ailing Loved One
Taking on the responsibility of providing full-time care for an aging or disabled loved one can be a rewarding experience. Being a primary caregiver helps you rest assured that your loved one is receiving compassionate [...]
What Does the Term “Decedent” Mean?
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations. At the end of their life, a decedent has some legal duties that must be fulfilled through a [...]
Deducting Long-Term Care Insurance Premiums in 2023
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part [...]
Does Medicare Pay for Assisted Living?
Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from [...]