Taking on the responsibility of providing full-time care for an aging or disabled loved one can be a rewarding experience. Being a primary caregiver helps you rest assured that your loved one is receiving compassionate care from someone who will…
Many adult children wonder what their aging parents may need and how can they can help provide it for them. You may constantly worry about your parents or other older loved ones, especially if you live far away from them.…
When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved one becomes incapacitated and cannot communicate with health care providers, you are responsible for ensuring…
A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person’s estate and to their…
An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you pass away. Choosing an executor…
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your…
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away. These individuals are known as personal representatives, administrators, executors, or executrixes. Executor vs. Executrix An executrix is a female executor. Trix is a…
Estate planning, or legacy planning, entails preparing your affairs for the future, including death and other life events. While older adults might give more thought to estate planning, it is an essential tool at any age. Why It’s Important With…
Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct. Understanding the differences between assisted living and nursing homes is…
A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can override them. POAs can…