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New Law Encourages Reporting of Elder Financial Abuse

Posted by Brad Sarkauskas | Jun 24, 2018 | 0 Comments

President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law on May 24, 2018. The Act contains a section that was once a stand-alone bill from Sen. Susan Collins (R-Maine) which is designed to encourage the reporting of elder (age 65 and older) financial...

The Challenges of Placing a Parent in Long Term Care

Posted by Brad Sarkauskas | Jun 19, 2018 | 0 Comments

Long term care (LTC) is a term that has many facets to its definition. It is comprised of a variety of services that meet medical and non-medical requirements for people who cannot care for themselves for long periods of time. It is a highly individualized care system which can be formally or...

States Brace for Baby Boomer Retirement Age Challenges

Posted by Brad Sarkauskas | Jun 14, 2018 | 0 Comments

There are demographic and cultural shifts occurring in the United States. The baby boomer generation continues to “gray” the country and is changing the way individual states set budgets and health care policies. More attention will be paid to the needs of the post age 50 generation(s) . Chan...

Solo Aging and the Challenges it Brings

Posted by Brad Sarkauskas | Jun 11, 2018 | 0 Comments

For some seniors in the baby boomer generation aging brings with it new challenges in the form of solo aging. Solo aging is a senior who has no children and no younger (or healthier) family members to assist them as they age. As in generations before, baby boomers are living longer and health...

Respite Care Options for Caregivers

Posted by Brad Sarkauskas | Jun 06, 2018 | 0 Comments

Respite care is substitute care when a caregiver needs a break. If possible, these breaks should be scheduled regularly, giving the caregiver time to rest. It can be for a short period like a day or a few hours or for the purpose of giving the caregiver a vacation. Respite care is often overl...

Making Sure Your Estate Plan Reflects Your Wishes

Posted by Brad Sarkauskas | May 18, 2018 | 0 Comments

Jack and Doris wanted to divide their property equally between their three children. The house should to go to daughter Mary who loved it, and the rest of their estate should be apportioned equally between sons Bob and Francis. Jack and Doris's attorney drafted a will distributing the modest...

Execute a Power of Attorney Before It's Too Late

Posted by Brad Sarkauskas | Apr 30, 2018 | 0 Comments

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 yo...

How to Pass Your Home to Your Children Tax-Free

Posted by Brad Sarkauskas | Apr 28, 2018 | 0 Comments

Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs. Leave the house in your will The simplest way to give your house to your children may be to leave it to them...

Use Your Will to Dictate How to Pay Your Debts

Posted by Brad Sarkauskas | Apr 26, 2018 | 0 Comments

The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs. If someon...

You Can Give Away More Tax Free in 2018

Posted by Brad Sarkauskas | Apr 24, 2018 | 0 Comments

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018.  The annual gift tax exclusion for 2018 is rising from $14,000 to $15,000. This means that any person who gives away $15,000 or less to...

Always Put Caregiver Contracts in Writing

Posted by Brad Sarkauskas | Apr 17, 2018 | 0 Comments

When hiring a caregiver, it is important to put the contract in writing. Courts can be especially strict about requiring contracts when caregivers are relatives, but a formal agreement is still necessary even if the caregiver is not a relative.  A recent Michigan court ruling illustrates how fail...

New Federal Law Puts Focus on Preventing Elder Abuse

Posted by Brad Sarkauskas | Apr 13, 2018 | 0 Comments

A new federal law is designed to address the growing problem of elder abuse. The law supports efforts to better understand, prevent, and combat both financial and physical elder abuse. The prevalence of elder abuse is hard to calculate because it is underreported, but according to the National C...

What Is a Supplemental Needs Trust?

Posted by Brad Sarkauskas | Apr 11, 2018 | 0 Comments

Americans are living longer than they did in years past, including those with disabilities. Planning by parents can make all the difference in the life of a child with a disability, as well as that of his or her siblings who may be left with the responsibility for caretaking (on top of their own ...

Social Security Disability Benefits (SSDI)

Posted by Brad Sarkauskas | Apr 10, 2018 | 0 Comments

Disability benefits are available to qualified recipients under two programs, Social Security Income (SSI) and Social Security Disability Income (SSDI).   SSI is a means-tested program for people with disabilities who have very limited means, but SSDI is an insurance program that is available to ...

Alzheimer’s 101 – Understanding the Basics

Posted by Brad Sarkauskas | Apr 08, 2018 | 0 Comments

What is Alzheimers Disease? Alzheimers disease is defined as an irreversible, progressive mental deterioration that can occur in middle or old age. It is the most common form of dementia. What causes Alzheimers Disease? Alzheimers disease is caused by a generalized deterioration of the b...

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