Totten trusts, or payable-on-death (POD) bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a [...]
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to [...]
The Biden administration officially ended the COVID-19 Public Health Emergency on May 11, 2023. Certain policies that were implemented in early 2020 during the public health emergency will now expire. As a result, seniors are among those who may see some of [...]
According to WealthCounsel, over a third of Americans have experienced or witnessed familial conflict when someone dies without an estate plan. While most people believe having an estate plan is important, only a third have a plan in place, per Caring.com’s 2023 [...]
Safe housing that meets older adults’ needs is essential to healthy aging in communities. Many seniors with low, fixed incomes struggle to balance housing expenses with the costs of health care, transportation, and groceries. Finding inexpensive, safe, and accessible housing [...]
Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct. Understanding the differences between assisted living and nursing homes is [...]
For adults who rely on Medicaid, a bill recently passed by the House may mean holding a job would become necessary to continue accessing benefits. What Is Medicaid? Medicaid is a public benefits program providing health insurance for individuals with [...]
Using reverse mortgages, adults 62 and older may draw upon home equity to support their needs and remain in their homes. Many older adults with reverse mortgages have a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration insures HECMs, and the U.S. [...]
Under a federal pilot program, a number of states are using Medicaid funds to cover healthy food costs for Medicaid recipients. Ultimately, the trial program seeks to determine whether nutrition support can help prevent and manage certain chronic illnesses related [...]
Most older adults want to remain in their homes and communities as they age rather than move into assisted living facilities or nursing homes. For those who wish to maintain their independence and continue living at home as they grow [...]