The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income. Because women typically live longer
Many people believe that if they are single, they don't need a will or other estate planning documents. But estate planning for singles is just as important for single people as it is for couples and families. Estate planning allows you to ensure that your property will go to the people you want, in
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." Trusts fall into two basic categories: testamentary and inter vivos. A testamentary trust is one created by your will, and
Medicare's Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Now is the time to start shopping around to see whether your current choices are still the best ones for you. During this period you may enroll in a Medicare Part D (prescription
Every adult is assumed to be capable of making his or her own decisions unless a court determines otherwise with a guardianship or conservatorship. If an adult becomes incapable of making responsible decisions, the court will appoint a substitute decision maker, usually called a "guardian," but called a "conservator" or another term in some
The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation. High unemployment rates mean Social Security shortfalls could begin earlier than projected. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with
What are Reverse Mortgages? Under our "system" of paying for long-term care, you may be able to qualify for Medicaid to pay for nursing home care, but in most states there's little public assistance for home care. Most people want to stay at home as long as possible, but few can afford the high
Choosing a nursing home for a loved one is a difficult decision and it can only be made more confusing by the various rating systems. A recent study found that using both Medicare’s Nursing Home Compare site and user reviews can help with the decision making. The official Medicare website includes a nursing home
If you plan to move states, can you take your Medicare and Medicaid plans with you? The answer depends on whether you have original Medicare, Medicare Advantage, or Medicaid. Medicare If you have original Medicare (Plans A and B), you can move anywhere in the country and you should still be covered. Medicare is
There are many unknowns when planning your estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all. When planning an estate you want to be able to consider all the angles, but there are inevitably
