Family members of all kinds have fought over money matters since time immemorial, but it may be worse for cash-strapped caregiving families. The costs of caregiving activities, including hiring aides, buying supplie, and covering medical and pharmacy copays, negatively affect family caregivers’ pocketbooks and morale.
There are many options, but the best use of the money is different for each widow and her unique circumstances.
One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.
As they get older, many — even most — Americans prefer to remain in their own homes as long as they can, AKA “age in place.” However, to do that, many will need to make their residences safer and easier to navigate, by making home modifications.
If caregiving looms in your future — and it likely does if you’re a daughter, an only child or the one (if you are, you know what I mean) — take time now to protect your financial life.
ABLE accounts are a way for people with disabilities to save and spend money, while protecting their access to public benefits.
New research, published in JAMA Network Open shows that using a comprehensive approach to engage patients in Advance Care Planning (ACP) during the COVID-19 pandemic effectively improves the opportunity for ACP discussions and documentation as well as equitable healthcare delivery.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
