In late 2022, the federal government passed legislation known as the SECURE 2.0 Act. Provisions in this bill have made it easier for people to fund certain annuities that can delay taxes on their retirement funds until the age of 85.First, What Is an Annuity?
Why You Should Designate Beneficiaries
According to WealthCounsel, over a third of Americans have experienced or witnessed familial conflict when someone dies without an estate plan. While most people believe having an estate plan is important, only a third have a plan in place, per Caring.com’s 2023 Wills Survey.
While most adults...
Will Robotics and AI Be the Future of Elder Care?
Adults 65 and older constitute the fasting-growing age demographic in the United States. When it comes to elder care, this expanding population is facing a scarcity in people equipped to support them as they get older.
One estimate predicts a shortage of 151,000 paid direct care workers and 3.8...
Avoid Foreclosure With Repayment Plan for Reverse Mortgages
Using reverse mortgages, adults 62 and older may draw upon home equity to support their needs and remain in their homes.
Many older adults with reverse mortgages have a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration insures HECMs, and the U.S. Department of Housing and...
6 Facets of Estate Planning That LGBTQ+ Couples Should Know
Estate planning is an important consideration for all couples. However, for LGBTQ+ couples (or former couples), it may be more important than they realize to review their circumstances and see whether they have an estate plan that accurately reflects their wishes.
In 2015, the U.S. Supreme Court ruled...
Is “Aging in Place” Right for Me?
Most older adults want to remain in their homes and communities as they age rather than move into assisted living facilities or nursing homes.
For those who wish to maintain their independence and continue living at home as they grow older, taking certain steps to protect their physical, mental,...
When Does Someone Need Financial Guardianship?
When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money.
Depending on the jurisdiction, financial guardianship may also be called guardianship of the estate or conservatorship.
In cases where individuals need help with personal and financial...
Don’t Wait Until You’re Sick to Create an Estate Plan
In the wake of the pandemic, rising inflation, mass shooting tragedies, and other events, more people recognize that they need to plan for the future. Yet while financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
Why Hire an Elder Law Attorney?
Elder law attorneys may specialize in estate planning, incapacity planning, and end-of-life care for seniors. These practitioners are essential because they work to protect a vulnerable population. To plan for their future and their care, seniors and their families should consider hiring an elder law attorney.How Can an...
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, you are responsible for ensuring health care providers respect their preferences for care.