Articles on "Money & Legal"

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, […]

August 13, 2013 8:11 pm

To Trust or Not to Trust?

By Susan Piette, Esq. In discussing estate planning with my clients, I am regularly asked about living trusts or more precisely, “revocable living trusts.” Many people have heard of them but readily admit they really don’t understand the marketing information that they have either received in the mail or heard on the radio or at an event. So, to trust or not to trust – why would someone want a revocable living trust?  Before answering that question, let’s discuss what […]

August 1, 2013 1:10 pm

AARP launches video series to mark Medicare’s 48th anniversary

AARP is launching a three-part video series to mark Medicare’s 48th anniversary. The goal of the videos is to shift the Washington dialogue toward commonsense solutions and away from Medicare changes that would cut benefits or force seniors to pay more. The first video, Medicare: Commonsense Solutionts for Rx Drug Costs, focuses on reducing drug costs. The second video will address coordinated care and go live on Friday, August 2; the last video will address fraud and go live August […]

July 22, 2013 2:41 pm

FILIAL SUPPORT ACT

By E. Garrett Gummer, III, Esquire (CELA)  The Pennsylvania Filial Support Act permits an indigent person or any agency involved in the care of the indigent person, such as a nursing home, to make a claim against you for their care and for financial assistance if you are the spouse, the child, or the parent of the indigent person. The amount of your liability will be determined by the court. A petition for relief under the Act can be filed […]

May 28, 2013 2:32 pm

Research – Debt of the Elderly Increases

American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and debt as a percentage of assets in 2010, according to research by the nonpartisan Employee Benefit Research Institute (EBRI). The EBRI analysis notes that the driver of debt for families with a head age 55 or older was housing debt: Almost three-fourths of debt payments go to pay for housing debt among these families; among those age […]

March 25, 2013 1:13 am

New Study: Simple and Low Costways for Communities to Assess Their Livability and “Aging

Communities in the U.S. can follow a relatively simple and low cost initial set of indicators to determine if their services meet the needs of an aging population.  These indicators can be measured using information that is readily available and adaptable to local governments, providing a low-cost way for local governments to begin to examine the specific needs of their aging populations. According to the study, Livable Community Indicators for Sustainable Aging in Place, from the MetLife Mature Market Institute […]

February 28, 2013 8:20 pm

Debt Levels Spike for Oldest Americans

American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and the percentage with debt payments greater than 40 percent of their income in 2010, according to new research by the nonpartisan Employee Benefit Research Institute (EBRI). In contrast, families headed by those with ages just before normal retirement age (55–64) and just after (65–74) had very small changes in these debt measures and in some cases improvements. […]

February 20, 2013 1:44 pm

Study Reveals Most Expect to Outlive Retirement Savings

On average, people across the world expect retirement to last 18 years — but they expect savings to run out after 10. The findings are based on a survey of 15,000 working and retired people in 15 countries. Respondents were asked for their expectations of length of retirement, and to estimate savings based on their own definition. That could mean total income after retirement, or savings excluding state and occupational pensions. Of those who say they haven’t saved for retirement, […]