The Hidden Cost of Elder Financial Abuse

I've written before about fraud that targets the elderly. But one thing I didn't mention then is that Elder Financial Abuse - the use of funds belonging to elderly persons for self-benefit can create problems securing Medicaid benefits. What is Elder Financial Abuse? Elder financial abuse is a lot bigger problem than most of us think. Studies show that $2.9 Billion are lost every year because seniors are either unable to protect themselves or unaware that they should be doing so in the first place. As the baby boomer generation grows older these numbers will only increase. The Older Americans Act defines financial exploitation as using fraudulent or otherwise illegal or improper means of usi

Options for Senior Living

Years ago, it seemed like the only living choices for seniors involved "nursing homes" or living at home. These days, thankfully, there seem to be a lot more choices. As we age, living options can become a concern. Available options are tied to the resources a senior has to cover living costs, and vary widely in cost, assistance, and care provided. In addition to budget considerations, seniors must also realistically consider the needs they have and what senior living option best fits those needs. However, with careful advanced planning, Seniors can continue in a comfortable, and relatively independent lifestyle, for some time. Years ago, it seemed like the only living choices for seniors in

Social Security is Changing. Here's What You Should Know.

The Social Security Administration has changed the formulas for benefit payouts. If you are sixty years of age or more you are in the forefront of a big change in social security. The full retirement age (FRA), when you can collect your entire earned benefit, has been changed from 66 to 67. The implementation of this change will occur in two-month increments over the next six years. You can still begin receiving social security benefit payments at 62. However, delaying it until later years, up until the age of 70, will ensure you receive a larger check for each month you opt to postpone payouts. The key question is: should you work longer in your current career or should you change trajector

You Have a Will. Is That Enough?

Roughly half of all Americans don’t have a will, so if you’ve already taken this vital step then congratulations are in order - you’re already ahead of the curve. In most situations, however, wills are necessary, but not sufficient to cover all the bases. Most people also need to think about having financial and health care powers of attorney in place, and some also need a more elaborate estate plan that helps avoid a drain on resources at the end of life, as well as some potentially ugly tax consequences for their families. To over-simplify it, an estate plan is a more comprehensive approach to handling the distribution of your assets after your death or disability. Estate plans can save yo

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