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Beneficiary designations are necessary for individual stocks

A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can override them. POAs can be overridden. However, the “who” and “how” depends on whet...

Every three months, those with original Medicare receive a claims statement called a Medicare Summary Notice. As Medicare.gov explains, this notification describes all the services or supplies that providers or suppliers attributed to Medicare during the preceding three months. The document sh...

Yes. Any account in your husband's name will have to stay below $2,000, so it's necessary to separate your own funds.    

An important part of special needs planning is protecting your loved one from financial abuse. A True Link card is a tool you may not have considered before, but it could save your family member from exploitation and predatory banking practices. Although True Link offers many benefits to its c...

If you are enrolled in a Medicare Advantage plan but would like to make a change, you can likely take advantage of the Medicare Advantage Open Enrollment Period.  This Open Enrollment Period occurs each year between January 1 and March 31. What Is Medicare vs. Medicare Advantage? Medicare is a...

Probably, yes. While the contract may not permit involuntary transfers, it probably also requires payment. Absent payment by Medicaid or another source, it probably can discharge and move your mother. However, to be sure, you will need to consult with an elder law attorney or resident advocacy o...

According to a recent national study, nearly a quarter of Americans aged 50 and older say they – or a loved one – needed long-term care in 2022. The findings further suggest that seniors and their caregivers could benefit from more consumer-friendly information and guidance about long-term care...

When a person has petitioned the court for guardianship over you or your loved one, the case's end result will determine your or your loved one's rights. If the court appoints a guardian, the ward can lose the legal ability to make decisions. Depending on the type of guardianship, the guardian...

The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and distributing assets to your beneficiaries. At the same time, there are rules abo...

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 of it – from your 2023 income. If your total eligible medical expenses (including your LTCI policy premium) f...

A power of attorney is a powerful planning document that enables you (the principal) to give another person (the agent or attorney-in-fact) the power to act for you while you are alive. Because it is often prepared in the context of estate planning, many believe it gives their agents the power...

The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will affect people with disabilities on several fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff. The ...

The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff. Here is a brea...

Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in institutions but want to live at home. However, it is not a permanent program and is due to expire in September 2023. Advocates are pushing for...

Despite support from both sides of the aisle and appeals from disability advocates across the country, proposed legislation intended to offer greater financial support to millions of older adults and people with disabilities is not part of Congress' year-end spending package. Supplemental Securit...

If we have learned anything these past few years, it's that life is fleeting. Amid such uncertain times, many of us have realized what – and who – truly means the most to us. Estate planning allows you to reflect on your family, your priorities, and what actions you can take now to secure your f...

It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with the new year upon us, there are some silver linings — in particular for seniors. Here are five reasons for se...

Recent news stories may have made you aware of the “step-up in basis” and the current administration's desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may a...

Early on in the pandemic, nursing homes across the country found themselves at its devastating bull's eye, with residents and staff of these facilities making up roughly 30 percent of all COVID-19 deaths in the U.S. between May 2020 and February 2021. A government watchdog's newly released repor...

For people who rely on multiple medications, the expenses accumulate. According to the Kaiser Family Foundation, eight out of 10 adults say prescription medication costs are unreasonable. Three in 10 adults on four or more drugs report difficulty affording them and say they had skipped or reduced...

Yuletide is just around the corner. They say it's the most wonderful time of the year. However, you should take care of yourself during the holiday, especially if you are a senior. Proper nutrition is key to maintaining good health. This is especially true during the holiday when there are many ...

Since it was established in 2005, the Medicaid Money Follows the Person (MFP) Program has given people with disabilities the choice between living in a long-term care facility or receiving care in their home or a community-based setting. MFP helps provide the necessary support that allows people...

Many people living with a disability must make ends meet on a very fixed income, often limited to Social Security Disability Income (SSDI). Paying a student loan on a fixed income can be a huge hardship someone in this situation. If you are permanently unable to work due to a disability, you may ...