Articles on "Money & Legal"

October 20, 2014 3:20 pm

Caregiver Tips in Helping with Medicare

By Ross Blair, PlanPrescriber.com 1. Manage Timelines Effectively: Medicare eligibility begins for U.S. citizens and legal residents when they turn 65. A person has a seven-month initial enrollment period that begins three months before their birthday month and ends three months after. During this initial enrollment period, a person can enroll in Original Medicare (Parts A&B), a prescription drug plan (Medicare Part D) or a Medicare Advantage plan. If a senior wants to enroll in a medigap (Medicare supplement insurance) policy, […]

Protect Your Assets–Elect Non-crisis Planning for you or your Loved One
October 20, 2014 3:02 pm

Protect Your Assets–Elect Non-crisis Planning for you or your Loved One

by Susan Piette Are you getting older? Are your parents? Do you and/or they have a plan? Consider Joe and Helen. They met just after he was discharged from the Army. They married, raised two boys and a girl, worked hard their entire lives, retired with a nice nest egg of funds, and looked forward to time with their daughter’s children who lived a few hours away. Their first son lived out of state, had a well-paying job and was […]

Prepare Legal Documents–Advance Directives that Put your Affairs in Order
October 20, 2014 2:00 pm

Prepare Legal Documents–Advance Directives that Put your Affairs in Order

Advance directives (living wills, powers of attorneys, and health care proxies) are legal documents that express an individual’s wishes with regard to medical decisions. They are intended to provide direction to a designated “agent” to speak on behalf of a person who is unable to speak for himself due to a physical or cognitive injury. Finding an Agent An agent under an advance directive has legal authority to make any decisions and take any actions for the individual who appointed […]

Don’t Let the Taxman Crash your Retirement
August 18, 2014 1:27 pm

Don’t Let the Taxman Crash your Retirement

Nobody loves the taxman, and yet people pay him more than they have to. Instead of maximizing annual contributions to a traditional IRA or a 401(k) account, they pay the taxes now instead of deferring them until they retire. That’s a critical mistake. Let’s pretend you can save enough to max out your 401(k) this year. Yes, it can seem impossible for some to cough up the $23,000 (standard maximum contribution of $17,500, plus the $5,500 catchup addition for workers […]

Elder Law Changes
April 29, 2014 9:40 pm

Elder Law Changes

know the laws and the numbers Beginning in 2014, there were some changes to a variety of laws that may interest elders and their loved ones. The following updated laws are particularly relevant for seniors and their families who are attempting to plan for the future. Gift and Estate Taxes: The annual gift tax exclusion continues at $14,000. This means a wealthy relative can give away gifts totaling $14,000 per year, per individual, and the benefactor will not incur a […]

March 18, 2014 1:31 pm

Shocking Mail Fraud and the Elderly

Britain’s police revealed some shocking photos of the extend of mail fraud that was uncovered investigating an 87 year old lost £90,000 after criminal gangs sent her endless fraudulent letters following the death of her husband ‘The scams usually involve the victims receiving letters and sometimes phone calls from overseas claiming that they have either won money and need to send a percentage of the “winnings” to claim their prize or that they should send money in with competition entries. ‘Sometimes the […]

February 26, 2014 4:10 pm

Two Words that Cost Thousands in Medicare Bills – NBC News

Great coverage on the topic of “under observation” and the impact it can have on our clients. It’s not something they teach doctors in medical school. And it’s probably not something you’d know to look for if you were suddenly rushed to the hospital in an emergency. But when a doctor decides to write the words “under observation” on a Medicare patient’s chart, it can have lasting consequences. Those two little words can be the difference between spending thousands of […]

Generosity Runs Deep in Boomers
December 18, 2013 6:33 pm

Generosity Runs Deep in Boomers

During the last five years, three out of five Americans age 50 and older have provided financial assistance to members of their family, including adult children, parents, grandchildren, siblings or other relatives, according to a new Merrill Lynch study. Conducted in partnership with Age Wave, “Family & Retirement: The Elephant in the Room” is an in-depth study exploring modern family interdependencies and the challenges Boomers face in balancing them with their own retirement plans and financial security. Conducted in August […]

Maximize Social Security Benefits
December 18, 2013 3:01 pm

Maximize Social Security Benefits

Too many people end up getting less than what’s due to them from Social Security when they retire because they don’t know the rules and the real financial impacts, says independent retirement advisor and CEO of Nature Coast Financial Advisors Gary Marriage, Jr. “There’s a lot of talk about the future of Social Security, but we still have this benefit, and if you’re 50 or older, you should be planning to make the best use of it,” Marriage says. Waiting […]

Power of Attorney–An Important Document for You
November 6, 2013 4:31 pm

Power of Attorney–An Important Document for You

By E. Garrett Gummer, III, Esquire (CELA) While your will lets you appoint the person, your executor, who will be responsible for the disposition of your assets after death, a durable power of attorney lets you appoint the person, your agent, who will manage your financial and medical affairs if you become disabled or incapacitated during your life. You can give your agent many powers, including, but not limited to, the power to pay bills, make gifts, make bank deposits, […]