Takeaways Pet trusts are legal tools that provide for the care of pets after their owners’ deaths. A pet trust includes a trustee – someone to manage the money set aside for the pet’s care – and a caretaker who would be responsible for the pet’s day-to-day needs. Pet trusts ensure that your beloved companion
The official average cost of one day of nursing home care in Pennsylvania (2025) is $399.80. This amounts to over $12,000 each month or close to $146,000 a year! And, to the surprise of many, Medicare and health insurance don’t pay for this. There are helpful financial products persons can buy when healthy and before
A Medicaid asset protection trust (MAPT) allows someone who requires long-term nursing home care to qualify for Medicaid benefits to pay for that care without first going broke. Medicaid is the only government program that pays for long-term care. Medicare and private health insurance don’t. Financial products such as long-term care insurance and life
Did you ever wonder what happens to most inheritances after they are received? An Ohio State University study determined that those who receive an inheritance spend half. One-third of those who receive an inheritance spend it all within two years and end up with negative savings. Unfortunately, a typical inheritance does not provide sustained financial
Two or more people can co-own a bank account. There are pros and cons to this arrangement — some of which most people are unaware. George Vasiliadis, an attorney with the law firm of Vasiliadis Pappas Associates, notes that “as with so many other estate planning tools, joint bank accounts are sometimes used when better
Takeaways Full Social Security Retirement Age (FRA) is 67 for those born in 1960 or later, not 65 as it once was, due to legislation adjusting for increased life expectancy. Claiming Social Security benefits before FRA results in permanently reduced monthly payments. Your plans for retirement should consider your health, work plans, and other income
Takeaways Actor Bruce Willis’ diagnosis of aphasia and frontotemporal dementia (FTD) highlights the importance of incapacity planning. Incapacity planning involves creating legal documents to manage financial and medical affairs if one becomes unable to make decisions. Financial documents include a durable financial power of attorney and a revocable living trust. Medical documents include a living
An ABLE (Achieving a Better Life Experience) account is a must-have savings tool for persons with special needs. It supplements but does not replace needed public benefits while often providing greater flexibility than available under a supplemental needs trust. George Vasiliadis, an attorney with the law firm of Vasiliadis Pappas Associates, notes that “in Pennsylvania,
According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 will need some form of long-term care during their lives. “Long-term care” refers to those services and supports that might become necessary to perform everyday tasks and personal care needs. Everyday tasks, sometimes called “instrumental activities of daily
Takeaways Many older Americans shy away from cryptocurrencies as an investment vehicle for their retirement. Millennials and Gen Z also view cryptocurrencies as risky — but as a risk worth taking. We’re living in an increasingly digital world where virtually all areas of our life are penetrated by technology. Not surprisingly, younger Americans who have
