Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72). There are some exceptions. In the case of an IRA or where a person is a 5 percent owner of the business that sponsored a retirement Read More

Although Medicaid and Medicare are both public health insurance programs, they have essential differences. Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes. History of Medicaid and Medicare Congress amended the Social Security Act in 1965, creating health care programs for Read More

If the years since the COVID-19 pandemic have taught us anything about isolation, it is loneliness makes life much harder. A recent study found that loneliness can not only decrease a person’s quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a separate study showed that levels of loneliness increased disproportionately among seniors 75 and older amid the Read More

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 preparing meals when recovering from an illness or injury. Although original Medicare does not offer food benefits, some Medicare Advantage plans Read More

A power of attorney is a document that grants various powers and responsibilities to a trusted third party or “agent” who can act on your behalf. This document usually only allows an agent to make non-medical decisions on your behalf. A power of attorney can be a valuable planning tool that lets you decide in advance who will manage your affairs should you become unable to do so. It can also be a way to Read More

It is tough to know when you should step in and help your parents with their finances or if you should at all. You may go back and forth about when and if to take over or even offer help. Deciding whether your parents still have the cognitive ability to manage their money is a difficult call to make. A recent report reveals why it may be important for you to get involved. The Study Results An analysis published in Read More

If you are considering preparing a will, this is a great first step in planning for the future. After reflecting on the basics, such as whom you want to be in charge of administering your wishes, you may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should avoid. Personal Preferences or Desires Sometimes it is best not to state personal Read More

Dementia is a general term that refers to severe memory loss and problems with thinking, behavior, and social skills that interfere with daily life. According to the National Institutes of Health, this neurological condition affects one in seven adults over age 71. Alzheimer’s disease is a type of dementia and makes up 60 percent to 80 percent of dementia cases, per the Centers for Disease Control and Read More

After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many alternatives to a traditional funeral service and burial. If you are seeking to lay your loved one to rest in a nontraditional way, the following are some modern alternatives to traditional funeral arrangements: Cremation Perhaps the most recognizable Read More

In helping clients prepare for their future, estate planning and elder law attorneys use many acronyms. Understanding some of the common medical and legal terms in this field can give you added confidence in your approach to planning for your own future or that of your loved ones. 1. AEP (Accredited Estate Planner) — An AEP is an estate planning professional who has attained a graduate-level designation in Read More