In addition to retirement benefits, Social Security also provides benefits for spouses, dependent children, grandchildren and ex-spouses. Below is a brief summary of these benefits. Survivor's Benefits. If your spouse has reached full retirement age by the time of your death, he or she will begin receiving Social Security benefits. If he or she has [...]
Named after Internal Revenue Code Section 529, 529 accounts are typically set up to earmark funds for the higher education of a grandchild or other family member. Funds placed in a 529 account are typically are intended to go toward college tuition, room and board and other expenses. As of 2013, you can deposit up [...]
SSI, which stands for Supplemental Security Income, is a program administered by the Social Security Administration (SSA) that is designed to provide financial assistance for the elderly, blind and disabled. As of January 1, 2013, the maximum monthly SSI benefit is $710 for an individual and $1,066 for a married couple, and this amount typically [...]
The answer is yes, however, the income you earn from work could reduce your monthly benefit if you earn more than what is allowed by Social Security. The amount of the reduction depends on how much you earn and when you began collecting Social Security. If you work and started receiving Social Security at your [...]
Do you think that because your elder loved one has a power of attorney they are protected? What many people do not realize is that a normal power of attorney ends when the person who makes them loses mental capacity. In cases like Alzheimer’s and dementia, this leaves person vulnerable. A durable power of attorney [...]
Choosing who will be your power of attorney for healthcare and durable power of attorney for financial matters is often a tough choice. Ideally, you will choose the person who has your best interests at heart and can best manage your health and finances. These powers of attorney can be the same person, or two [...]
One of the common questions that comes up when planning for a durable power of attorney for an Alzheimer’s or Parkinson’s patient is when to make the document effective. Generally speaking, it is best to make the power of attorney effective immediately, as there is no way to guess how these diseases will progress. Many [...]
If those we became responsible for caring for were healthy, we wouldn’t need to begin caring for them in the first place. The sad reality is that we care for our elder loved ones because the end is nearing. This knowledge rarely lessons the overwhelming grief we feel when the time actually comes, and our [...]
No one wants to make life or death decisions for a loved one. The burden of making the toughest end of life decisions is one that will greatly impact your family, and their emotional well being. You may think that the person you chose to make these decisions knows what you want, but do they [...]
While nursing home care is the most expensive option for long-term care, there are several ways to cover the burden of cost, including Medicaid, Medicare, long-term care insurance and private pay. Medicare There is a common misconception about Medicare, in that most people think it covers nursing home care completely. In reality, it only covers [...]