As life circumstances change (births, marriages, divorces, and deaths), it may become necessary to make changes to your will.  If an estate plan is not kept up-to-date, it can become useless. The best way to make changes is either through a codicil — an amendment to the will — or by creating a new will. If you have small changes to make to your will (e.g., changing your executor or updating a name that has changed), a codicil may be appropriate. The benefit of a codicil is that it is usually less expensive than redoing the entire will.  If you have…

Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency. Hiring directly When you hire a caregiver directly, you need to consider all the tax and liability issues. As an employer, you are responsible for filing payroll taxes, tax forms, and verifying that the employee can legally work in the United States. If you pay $2,400 or more in wages in 2022…

Most older Americans want to remain in their homes as long as possible.  For growing numbers of elders — and concerned family members — this is only possible with the help of a home care aide.  There are two basic types of aides and two ways to engage one: either through an agency or hiring one yourself. If you hire through an agency, ask questions to screen and vet the agency.  Then, use the following questions to interview the candidates they suggest or those you have found on your own: Can you provide me with your full name, address, phone number,…

As our parents get older, we must make tough decisions regarding their health care. It can be hard to know when to bring in professional support in the form of home care. Consider the following as you decide whether your aging parents need home care. What Is Home Care? Home care is professional, supportive care offered to seniors in their homes. Home care is intended to allow older adults to stay in their homes for longer as they age, as opposed to having to move to a nursing home or other facility. Home care is typically focused on personal care…

Caregiving is hard work and it is easy for caregivers to get burned out. Adult day care centers provide care and companionship in a group setting to seniors who need supervision during the day, allowing their caregivers to go to work or take a much-needed break. Often affiliated with another facility, such as a nursing home, home care agency, or medical center, adult day care centers usually operate Monday through Friday during business hours. In general, there are three types of centers: those that focus on social interaction, those that focus on health care, and special Alzheimer’s care centers. Adult…

How frequently you should review your estate plan depends on how old you are and whether there has been a significant change in your circumstances. If you are over age 60 and you have not updated your estate plan in many decades, it is almost certain that you need to update your documents. After that, you should review your plan every five years or so. But if you are younger, you do not need to do so nearly as often. Age Here are a few age ranges and what they mean in terms of estate planning: 18–30   Everyone needs a basic…

Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them.  All estate plans should include, at minimum, two important planning instruments: a durable power of attorney and a will. A trust can also be useful to avoid probate and to manage your estate both during your life and after you are gone. In addition, medical directives allow you to appoint someone to make medical decisions on your behalf. Once you have all these essential estate planning documents, you need to make sure they are…

It is an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a calamity, it is important that your estate planning and other important documents are beyond reach and easily retrievable.  If your home is destroyed by a natural disaster or another event, you will want to be able to access important information quickly. First, you need to assemble all your crucial documents and information, including the following:  Account numbers and passwords.…

Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who may be left with the caretaking responsibility. Special Needs Trusts The best and most comprehensive option to protect a loved one is to set up a special needs trust (also called a supplemental needs trust). These trusts allow beneficiaries to receive inheritances, gifts, lawsuit settlements, or…

How can you ensure that your special needs child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a document referred to as a Memorandum of Intent, also known as a “Letter of Intent.” The Memorandum is not legally binding and, when directions conflict, those in wills, trusts and other legal documents take precedence. But for “non-legal” matters, it will serve…