Finances:
As a caregiver, one of your many responsibilities is to ensure that your loved one is protected from potential scams. Older adults are often targets for fraudsters because they may be more trusting or less familiar with today’s technology.
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Older adults and other populations with cognitive impairments are increasingly targeted by scams and financial exploitation. While scams involve strangers deceiving victims for personal gain, financial exploitation is often committed by someone the victim trusts. Perpetrators misuse trust to take money, property, or assets from their victims.
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If you’ve finally reached retirement, congratulations! This is yet another chapter in life you must learn to navigate, as you’ll suddenly have much more time to spend with your personal interests. This could mean you dive deep into a hobby, plan to travel more or find a new part-time job to stay active. Whatever your path may be, you’ll want to make sure you keep your finances organized during your retirement years to remain comfortable and continue pursuing your goals. Here are some tips for staying financially savvy as a retired adult.
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The FBI’s Common Fraud Schemes webpage provides tips on how you can protect yourself and your family from fraud.
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Throughout a person’s life, they make choices that mirror their values, thoughts, desires and convictions. We have a legal right to make our own decisions and our choices should be respected. That’s especially true when a person is vulnerable.
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Let’s be honest; it can feel as awkward as having the sex talk with your kids. Money is one of the most difficult things to agree on between spouses and no one likes to talk about growing older. Talking about the financial aspects of long term care with family can feel both logistically and emotionally overwhelming. But since we’re being honest, not having the conversation can mean sacrificing opportunities for planning and positive outcomes in the future.
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The Social Security Act was signed by President Roosevelt in 1935 during the Great Depression to promote economic security for America’s people. Today, when we think of Social Security, we most commonly think of the retirement benefits Americans are entitled to once they reach retirement age.
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With Medicare’s Annual Open Enrollment ongoing from October 15 to December 7, you may have already begun discussions with your loved one on the basics of Medicare, such as differences from Medicaid and what the different plans and options are. But before such an important decision is made, it’s important to go more in depth by preparing the right questions with your loved one to guide the conversation and exploring the different points of consideration that will help determine which plan is best for your loved one’s individual needs.
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Many people feel nervous at the thought of a power of attorney. It can be intimidating to consider giving another person or agent the authority to make financial decisions on your behalf.
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Caregivers can help aging loved one make the most of the assets they have with the least amount of compromise to their quality of life.
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Medicare beneficiaries can qualify for Extra Help with their Medicare prescription drug plan costs. The Extra Help is estimated to be worth about $5000 per year.
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As a caregiver you must be adept at dealing with insurance issues. Especially in today’s complicated world of HMO’s, PPO’s and long-term care policies. The language alone is enough to send you packing. What happens if your insurer refuses to pay part, or all, of your bills? It is not that uncommon.
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Trying to predict the future when diagnosed with a debilitating illness leaves caregiver and loved one with many, sometimes confusing, alternatives. Advance directives, such as a living will, can provide families with some comfort. There are online living wills that can be printed, estate lawyers who help with end-of-life planning through and designating a medical power of attorney.
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Have you ever paused to think about what will happen after you or your spouse passes away? What challenges will your family face? Too many people fail to plan ahead until it’s too late. They leave their surviving family members with unnecessary burdens and stresses because they haven’t planned ahead for their passing. Whether it’s your financial situation or your funeral preferences, now is the best time to plan ahead.
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This week we commemorate the thirtieth anniversary of Hurricane Andrew and the seventeenth anniversary of Hurricane Katrina. Both storms brought unimaginable destruction upon so many of our friends and family members.
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When hiring a professional in-home caregiver, there are a couple of ways in which they can be selected, either from an agency which specializes in screening and placing professional caregivers, or by doing the research, interviewing, screening, and hiring all on your own.
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Covid-19 did not slow down the spammers and scammers seeking out our senior loved ones. (unfortunately). In fact, they can even be more maliciously motivated as we are all for the most part easy targets, since we are mostly sheltering at home.
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Providing invaluable personal care and support are some of the tasks that make your duty as a caregiver essential. However, unexpected events, like COVID-19, could result in the sudden death of your patient/parent, leaving some vital information and paperwork unfinished.
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Whether your older loved one is looking into opportunities to downsize, or intends to stay in their current home while refinancing or making modifications, the right loan can help them make their housing goals both affordable and sustainable. Reverse mortgages are one avenue you and your loved one may want to consider when looking at potential loan options.
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This information is for general guidelines only. Consult a tax professional about your individual situation.
Caring for a loved one with a chronic illness or cognitive impairment, such as Alzheimer’s disease, takes a lot of time, and, let’s face it, a lot of money. You may be wondering if any of these mounting expenses are tax deductible.
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Embarrassment and guilt are feelings that often accompany being a victim of financial abuse. These strong emotions play a role in the underreporting of this crime by older adults. No one wants to admit they have been taken advantage of –especially older adults who may be afraid of appearing weak and foolish to their adult children.
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Financial exploitation or abuse of older adults occurs when a person’s resources are used by another for personal profit or gain, or actions that deprive an older person of the benefits entitled to them. No one is immune. This sort of theft can happen to anyone regardless of social standing and education levels.
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Handling a loved one’s finances can be a difficult task, particularly when that individual is afflicted with dementia. In fact, the inability to handle finances is often one of the first signs that a loved one has the disease. He or she might have trouble balancing a check book, or might pay bills more than once or not at all. A loved one with dementia might give away money or start hoarding it at the other extreme. Dementia leaves your loved ones open to financial risk and abuse, so it is important to recognize these signs.
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