A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you — the “principal” — for financial purposes when and if you ever become incapacitated due to dementia or some other reason.
Two years after the passage of the Achieving a Better Life Experience (ABLE) Act, four states — Florida, Nebraska, Ohio and Tennessee -– have ABLE plans up and running, and all but Florida allow out-of-state beneficiaries to open accounts.
When people retire they often have more time to travel. Although Medicare coverage is generally not available when beneficiaries are overseas, what about coverage for those exploring our own varied and scenic land?
Passing down a Roth IRA can seem like a good idea, but it doesn’t always make the most sense. Before converting a traditional IRA into a Roth IRA to benefit your heirs, you should consider the tax consequences.
Seniors with pricier homes now have an increased ability to get a jumbo reverse mortgage in order to raise cash for retirement. As the housing market has improved, jumbo reverse mortgages are becoming more popular even though they carry some risk.
While it is illegal for a nursing home to discriminate against a Medicaid recipient, it still happens. To prevent such discrimination, nursing home residents and their families need to know their rights.
In many states, seniors have the right to decline jury duty based on their age. But the age limits and rules vary by state and by type of court, so if you are summoned for jury duty, check with the court to determine if you are exempt.
