Most seniors want to stay at home as long as they can. The little-known Program for All-Inclusive Care of the Elderly (PACE) allows persons to do just that instead of going into a nursing home. Program History PACE’s inception dates to the 1970s when the federal and state governments were developing community-based services for some
The Social Security cost-of-living adjustment (COLA) in 2027 is a 3.6 percent increase. Does COLA Only Affect Retired Workers? Each fall, the Social Security Administration (SSA) announces changes to the annual cost-of-living adjustment for the forthcoming year. Based in part on the consumer price index, the COLA has an impact on Social Security payouts for
“Probate” refers to the process by which a deceased person’s estate is distributed. Assets pass to beneficiaries named in the decedent’s Will or, if there is no Will, to heirs as determined by the law of the State where the decedent lived. In both situations, in Pennsylvania, that process begins at the County Court House
Takeaways Many high-net-worth families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the
Takeaways You do not need to have every estate planning decision finalized before meeting with an attorney. A basic inventory of your assets can help you avoid overlooking important property or accounts. Identifying potential beneficiaries and an executor can make the conversation with your attorney more productive. Blended families, minor children, beneficiaries with disabilities, and
Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning
An executor is the person named in a Last Will & Testament who is responsible for managing the administration and distribution of the estate of a deceased individual, the “decedent”. For persons who die without a will, the court appoints an administrator to perform that function. Although the time and effort involved will vary with
Many older adults have life insurance that they no longer need. With children grown and no debt, the purpose for which the insurance was acquired no longer exists. Life insurance is an asset that many older adults have. According to Vital Life, 57 percent of Americans aged 65 and older have life insurance policies. In
Takeaways When a child turns 18, parents no longer have automatic access to their medical records or financial accounts. Powers of attorney with HIPAA authorization provisions can help parents assist in an emergency. These documents should be completed before the student leaves for college When your child turns 18, something changes that most families don’t
Takeaways Long-term care is common and expensive — and for many families, a few years of paid care can erase decades of savings. Medicare does not pay for long-term care. Medicaid does, but poverty is the price for admission into the Medicaid program. Elder Law attorneys who do Medicaid planning (not all do) can help
