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Writing a letter of intent (LOI) for your special needs child can help bring them family continuity and comfort after you are gone. As a parent, the most valuable asset your child has is you and your ability to care for them. You, like no other, fully understand the nuances of your child’s coping mechanisms and what can trigger adverse outcomes. A letter of intent is meant to convey these broad personality traits as well as practical details of your child’s life so that in your absence, another family member… Read More

There has been an explosion in the numbers of Americans rushing to make their will online. Understandably, the coronavirus pandemic has created the scramble to set up wills and end-of-life-directives. However, online do it yourself (DIY) wills are often deemed invalid as they do not comply with all of the legal requirements of your state. According to Caring.com, the prevalence of will and estate planning has been on the decline since 2017 but this trend is quickly reversing itself with the advent of the coronavirus pandemic. So, who needs a will?… Read More

The COVID-19 pandemic continues to spread across America and disrupt day to day lives. Those who are age 65 or higher experience a higher virus fatality rate, and the Centers for Disease Control and Prevention (CDC) continue to recommend that older adults stay at home as much as possible, especially those with underlying health conditions. While at home, in senior living facilities and communities, the recommendations are for remaining largely isolated and keeping physical contact with other people to a bare minimum. For those seniors in nursing homes and assisted… Read More

In response to the COVID-19 outbreak, the Centers for Medicare & Medicaid Services (CMS) recently announced that it has increased access to Medicare telehealth services. This means that Medicare beneficiaries can receive more benefits from their doctors without having to travel to a healthcare facility. The terms “telehealth” and “telemedicine” refer to the ability to exchange medical information from one site to another through electronic communication to improve a patient’s health. With the rapid rise of COVID-19 cases, there is the urgency to expand the use of technology to help… Read More

You have probably heard about the astronomical costs of nursing-home care if you become seriously ill or injured. You might also know that Medicare would cover only a minimal amount of those costs. Private insurance doesn’t seem like a good bet either, if you’ve heard horror stories about skyrocketing premium costs and difficulties in even obtaining long-term care (LTC) insurance in the first place. There may be a better way. “Hybrid” policies essentially combine life insurance or an annuity with LTC coverage. The benefits can be known as “accelerated death… Read More

We are living in confusing and scary times. The senior population has been identified as the most at-risk demographic for COVID-19. Information coming out about COVID-19 is very fluid, which can also contribute to overall stress. Thankfully there are ways to try and manage stress and stay as healthy as possible during this time thanks to advice from several federal agencies monitoring the situation and the impact of COVID-19 on the senior population. This article highlights some of the advice provided from those agencies monitoring this situation closely. For those… Read More

Caring for a seriously ill spouse can trigger relationship challenges. In the process of change, you can lose your best friend, your love, and your future as you both had imagined it. Promises will change from words spoken in oath on your wedding day to deeds of care in your mostly, but not exclusively, older years. The new caregiver morphs from a loving spouse into their new role, which is an entirely different sort of relationship of primary service. In more tragic cases, the caregiver can become distant to the marital… Read More

Couples often bring children into a marriage from a prior marriage or union and then have children together. This is often referred to as a blended family. Blended families highlight the need for careful estate planning to make sure the needs of each spouse are met, as well as the needs of each parents’ children. If one spouse is significantly younger, this sometimes means that the older spouse’s children are close in age to the younger. There can also be sibling rivalry between children of a parent and step-children. These… Read More

Anyone can become either temporarily or permanently disabled. Some projections are estimating that Americans in their 20s today have an approximate 30 percent chance of experiencing a disability profound enough to cause them to miss three or more months of work before retiring. Despite the risks, most Americans do not carry short or long-term disability insurance. Close to half of all mortgage foreclosures are due to owners being struck with a disability, and fewer than 15 percent of people who purchase life insurance opt for disability insurance. The Social Security Administration (SSA)… Read More

The gift tax is a tax on the transfer of assets, cash or property, to another without receiving something of equal value. The asset has to be of a certain value for the tax to apply; otherwise, it falls under the gift tax exclusion, either annual or lifetime. If the gift is above a certain value, you will have to fix out a tax form, but you may still be able to avoid the tax. The value is based on the IRS definition of “fair market value.” If the asset… Read More