When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.
Long-term care, often called custodial care, is a range of services and support to meet health or personal care needs over an extended period of time. This is non-medical care provided by non-licensed caregivers.
The topic of Social Security is fraught with misinformation, which can prevent people from enjoying the full monies they are entitled to collect.
The marketing brochure, website, and lobby might be lovely, but you should base your decision about a long-term care facility on much more data than those things.
Social Security benefits have long been a critical part of Americans’ retirement income plans. After all, the monthly benefits provide a stream of income that is adjusted for inflation annually and can’t be outlived. With the decline of pensions and increasing life spans, Social Security is now playing a larger role in shoring up retirees’ nest eggs.
Eight years ago America’s baby boomers, people born between 1946 and 1964, began to retire. At nearly 75 million, they represent one of America’s largest elder care challenges. Millennials, now in their 30s, will need to begin thinking about how to look after their parents as medical, financial and mental health needs arise.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
See something…say something! Don’t ignore signs of your loved ones changing caregiving needs.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.
Lawyers are among the most reviled service professionals in American culture. We’re so disliked that even lawyers don’t have a lot of friends who are
