Wills and trusts are foundational estate planning tools. While each is used to distribute your hard-earned assets to your loved ones, they do so in different ways. Each also has its own distinct uses and advantages.
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.
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In some instances, AI-generated content may be a helpful tool for friends and family members struggling with the emotional process of creating an obituary, but AI also presents some peculiar and even disturbing problems.
Owners of high-net-worth estates typically monitor and amend their estate plans regularly. They understand that the responsibility of financial stewardship will ensure continued wealth for many generations.
You may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require long-term care at some point in their later years.
If your parent did not prepare for incapacity and name a person to act as their power of attorney, you won’t be able to create a legal document after they are mentally impaired. You will need to claim guardianship.
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.
As they grow older, your parents may prefer to continue living in their home rather than moving to a long-term care facility. They are not alone in this; more than three-quarters of adults over the age of 50 say they would prefer to age in place.
You might be tempted to download a free power of attorney form when looking for estate planning services online. But will that be enough to ensure the document is legally recognized?