Retirement is a major milestone in a person’s life. Your daily schedule and income source undergo significant shifts, and your priorities look very different from what they did during your working years. If you created an estate plan 10 or 20 years ago, it may no...
A payable-on-death (POD) account is sometimes referred to as a Totten trust. It is a way to pass financial assets to the next generation and may be something to consider as part of an estate plan. A POD account is different from a traditional bank account because you...
For many people, estate planning revolves around wealth and their most valuable assets. This could include things like an investment portfolio, savings accounts, real estate or a family business. They know that these high-value items have to be passed to the next...
There are typically three primary ways in which older adults cover long-term care costs. Many older adults eventually apply for Medicaid benefits, which can pay for in-home nursing support or a room in a nursing home. Those who saved adequately during their working...
Powers of attorney are among the most important estate planning documents. They take effect when an individual becomes incapacitated. People designate individuals they trust to act as their agents or attorneys-in-fact. The selected agent can make medical decisions or...
Most retired individuals are eligible for Medicare insurance. They earn the right to benefits through years of gainful employment. Non-working spouses can also receive Medicare based on the employment history of their wage-earning spouses. Most older adults expect...
Imagine this: You’re suddenly rushed to the hospital after an unexpected medical emergency. Within moments, you’re unable to communicate or make decisions for yourself. While your family huddles around you, life outside the hospital keeps moving. The mortgage is due,...
The personal representative or executor of an estate manages estate resources. Their responsibilities include properly distributing resources according to estate planning instruments or state law. They must also fulfill financial obligations and appropriately...
Visiting a loved one in a nursing home can be one of the most meaningful ways to provide care, love and emotional support. Many families strive to visit as often as possible, hoping that their presence brings comfort and familiarity in a new environment. However, it’s...
Adults in Washington no longer draft living wills. Instead, they now establish advance health care directives. These documents have effectively replaced living wills and allow people to provide clear instructions about their personal medical preferences. People with...
