Private-pay nursing home care costs between $9,500 and $12,000 per month in Montgomery, Bucks, and Philadelphia Counties. Some nursing facilities provide more intensive care, such as those with ventilators, and can cost over $22,000 per month. Without proper planning these expenses can quickly erase a lifetime of savings. At the
Four of every ten Americans have at least one step-relative in their family – either a stepparent, a step or half sibling or a stepchild — according to the Pew Research Center. The National Center for Family and Marriage Research estimates that about one-third of all weddings in America create stepfamilies. With that in mind, it may be necessary to approach estate planning with step families.
The bankruptcy trustee and the couple’s creditors argued against the exemption, saying that the money in the inherited IRA was not considered “retirement funds.” The matter eventually went before the Supreme Court, where Justice Sonia Sotomayor illustrated three differences between traditional IRA holders and inherited IRA holders:
If you file for benefits at full retirement age and continue working, Social Security will not reduce your monthly benefit. But if you file early (before full retirement age) and continue to work, your monthly benefit will be permanently reduced. And that amount will be further reduced if you earn more than the annual “earnings test,” or threshold, which is $14,460 in 2012. Until the year you reach full retirement age, Social Security withholds $1 for every $2 earned above the year’s threshold until you reach full retirement age.
Most retirees’ goals are to enjoy retirement, with such methods as travel, entertainment, and spending time with the children and grandchildren. This is what retirees want, rather than worrying about having enough money available for home healthcare or assisted living if needed, without the fear of running out of money, losing a majority over night in the stock market, or worse, leaving a spouse impoverished due to a skilled care event (the cost of which averages $10,000.00 per month).
Elder abuse tends to take place where the senior lives, so it is likely that elder abuse can occur in institutional settings, especially long-term care facilities. Abuse of elders takes many different forms, some involving intimidation or threats against the elderly, some involving neglect, and others involving financial chicanery.
Generally when creating a Power of Attorney, you want to appoint someone who you trust, who will act in your best interests, and who will handle your affairs with trust and honesty. However, if your Agent is no longer acting in your best interests, you need to take action.
A guardianship is a legal proceeding in which a guardian is appointed to exercise the legal rights of an incapacitated person.
There are two ways to contest a will, a Caveat Prior to Probate Decree, and an Appeal from Probate Decree.
Long term care insurance is not necessarily intended for the sick, but rather, it is designed for individuals who may need assistance with activities of daily living, such as bathing or eating. Because of this, the insurance is not restricted based on age, but is available to anyone who may suffer some type of infirmity that may require assistance. Long-term care insurance can cover home care, assisted living, respite care, hospice care, and nursing home facilities.
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