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...
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...
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.
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.
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...
A recent study found that loneliness can not only decrease a person’s quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a...
Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.
As the individual who made...
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
After this time ends, the CLAT’s remaining assets are distributed to non-charitable beneficiaries, usually a grantor’s...
“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 representative. For example, decedents remain obligated to satisfy certain debts incurred during their life...
In November 2022, the Centers for Medicare and Medicaid Services (CMS) announced that Medicare coverage will be expanded to include medically necessary dental services.
This change in Medicare rules will allow people with life-threatening conditions to receive dental care and operations related to conditions approved by CMS. The provisions...
