Category: Financial
Over the Christmas holiday, the mom of one of my good friends gave $10,000 to a phone scammer. Earlier that month, I visited a Rotary meeting and one of their members shared that he had just been scammed by a call he thought was his bank. Last week, I heard from a prospective client that […]
Updated March 4, 2024; previously published April 14, 2021 Being caught in a tax scam can happen to anyone, even though most of us think we’re too smart to get fleeced. Unfortunately, even the most cautious person can get ripped off. When older adults are defrauded, the effects can be devastating. One insidious fraud making […]
When Medicare first began in 1965, the idea was that it was for everyone over age 65, not just those who were poor. There would be no stigma. Things are different now. We live longer. Medical costs are rising. In 2003, Congress decided that those with higher incomes should chip in extra to share the […]
Once you’ve decided it’s unwise to give or lend money to adult children—or grandchildren—think through how you want to communicate your decision. Money is often equated with love. Even if this is a loving decision (e.g., you’ve determined that giving or lending them money is encouraging something unhealthy), how and when you decline is important […]
Unexpected health changes that require long-term care can occur at any age, though the likelihood increases with age. Someone turning age 65 today has a 70% chance of needing long-term care services and supports as they grow older, according to the U.S. Administration on Aging. I’m sure you know someone who has assisted an aging parent with […]
When an adult child asks for money, it’s hard to say no. You want to respond to a need. But perhaps your child perceives that you don’t need all you have, or that they’re simply requesting some of their inheritance, just a bit early.
Before you answer, ask for time to think it over. You want to make a decision based on wisdom, not emotion. You also need time to discuss this with your spouse, if you have one.
As we age, we find ourselves requiring different types of help. Medical needs are typically covered by Medicare. But many of us come to need assistance that is nonmedical in nature (e.g., help bathing or dressing). We have to be prepared to pay for this kind of assistance out of pocket, on our own. If you […]
The pandemic has provided many lessons, including the importance of our communities, the value of the place we call home, and what steps to take to protect and care for our mental, physical, and emotional well-being. All these factors play essential roles in our overall health, happiness, and ability to remain independent. Perhaps this is […]
Our parents have worked hard. They’ve invested wisely and saved diligently. And now, when they may need it most, they refuse to spend the money they’ve saved on themselves.This is a common dilemma for many families. A parent who needs and can benefit greatly from support in their home or by moving to a supportive living environment says “No!” to the idea. How can you overcome their resistance?
If you have more than one child, deciding how to distribute your assets among them may prompt some angst: If and how should your will or trust reflect your understanding of their different needs? According to a Merrill Lynch study, two-thirds of parents over age 55 are open to the idea of unequal bequests.