Arlene Germain, president of Massachusetts Advocates for Nursing Home Reform, said the new rules, once implemented, could substantially improve the lives of nursing home residents. But, she said, “strong oversight and greater nursing home participation are critical to ensure that the law’s benefits are meaningful and widespread.” The process for…
There’s barely a person over the age of 40 or so who does not come with a family squabble about, well, things following the death of a well-loved parent, grandparent, or family friend. Even Robin Williams, who planned his estate well, could not avoid a family feud after his passing.…
Here are money tasks to do this week that will help 2015 be more prosperous. Most can be done in about an hour. As reported in a Chicago News Service article titled “Got an hour? Tackle these money tasks,” a recent survey from the National Endowment for Financial Education found…
Don't think savings is a big deal? Ask anyone who is running their own business, decided to retire early or abandoned their old job to go after their dream career. Savings was their saving grace, no pun intended. The Fall 2014 Merrill Edge Report showed that 80 percent of millennials…
Seniors make up about one-fifth of financial abuse victims nationwide, Commerce Commissioner Mike Rothman said Thursday. They're tempting prey for scammers because old age often comes with reduced cognitive abilities. Financial scammers who target elderly or vulnerable Minnesotans would face stiffer penalties under a law Gov. Mark Dayton included in…
Roth IRAs intrinsically make phenomenal transfer of wealth vehicles. With reduced estate taxes and no income tax for heirs to pay on withdrawals, establishing a Roth IRA or even converting to one from a Traditional IRA seems to be a simple decision. Just know what you are doing ahead of…
There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for. Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly? According to a…
You wouldn't play golf without a full set of clubs. Don't go into retirement without a fully equipped retirement toolbox. Retirement brings the freedom to explore a new stage of life. But for many, after years of working for others, it also means assuming responsibility for generating a paycheck for…
Lillian Palermo tried to prepare for the worst possibilities of aging. An insurance executive with a Ph.D. in psychology and a love of ballroom dancing, she arranged for her power of attorney and health care proxy to go to her husband, Dino, eight years her junior, if she became incapacitated.…
When asked about long-term care insurance, one senior said, "I've thought about it. I don't think it's worthwhile to buy at my age." She's 83. "I've thought about it but I really haven't looked into it," another woman said. Others simply don't want to talk about it. But a don't-ask-don't-tell…