“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations. At the end of their life, a decedent has some legal duties that must be fulfilled through a representative. For example, decedents remain…
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift Tax…
A Medicaid Asset Protection Trust (MAPT) is one option a person may consider to protect their assets from Medicaid and nursing homes or long-term care. A MAPT is an irrevocable trust created during your lifetime. The primary goal of a…
A diagnosis of dementia, a category of diseases affecting memory and thinking that includes Alzheimer’s disease, can feel overwhelming and upsetting. You might worry that you will lose control over your life and ability to make your own decisions. Fortunately,…
As people age, accessing healthy meals can become more challenging. According to Feeding America, one in five older adults was food-insecure in 2020. Some older adults struggle with affording healthy foods, whereas others have difficulty going to the grocery store and…
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. What Are Spousal Impoverishment Rules? Spousal impoverishment is a concern for…
Choosing the correct home care provider for your aging parents is a huge responsibility. This person will be looking after the needs of those who taught you to walk, talk, and care for yourself. To ensure your parents are well…
As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain. The…
The U.S. Department of Health and Human Services (HHS) has recently started to focus on finding ways to support family caregivers by assisting them with resources to maintain their health, well-being, and financial security while they act as caregivers. As…
It is tough to know when you should step in and help your parents with their finances. You may go back and forth about when to take over. Deciding whether your parents still have the cognitive ability to manage their…