Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or specific bequests (such as sentimental items) upon…
When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money. Depending on the jurisdiction, financial guardianship may also be called guardianship of the estate or conservatorship. In cases where individuals…
In the wake of the pandemic, rising inflation, mass shooting tragedies, and other events, more people recognize that they need to plan for the future. Yet while financial planning has been at the top of many Americans’ minds, a vast…
Hospice care is a type of health care that patients with terminally ill conditions rely on at the end of their lives. This type of care focuses on pain management and emotional, spiritual, and familial support for patients nearing the…
Seniors who need assistance with everyday activities such as dressing, bathing, and eating are eligible for Medicaid Long-Term Services and Supports (LTSS). Unfortunately, hundreds of thousands of people who qualify for these services – but wish to receive them in…
It is easy to burn out when you are responsible for providing full-time care to an aging or disabled loved one. In some cases, caregiver burnout can result in resentment toward the individual they care for, despite their love for…
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…