Most people want to help their parents as they age. However, and in addition to potential Medicaid penalties, there is a large risk many adult children do not consider when loaning their parents large sums for temporary financial support: the state may take the money instead of allowing them to be paid back.
Despite the best efforts of the Centers for Medicare & Medicaid Services, recipients of both programs are frequently the targets of various identity theft schemes. Let's review some important tips to be aware of to protect seniors.
Currently, Social Security provides benefits to survivors, and certain disabled persons, as well as the elderly and helps keep almost 20% of all Americans older than 64 above the government-defined poverty line.
Signed into law on December 22, 2017, the Tax Cuts and Jobs Act of 2017 contained several provisions that affect the majority of Americans, especially seniors. General provisions include: reduction in the overall tax rates
This article specifically addresses the Pros and Cons of accounts that are titled ‘Joint Tenant with Rights of Survivorship’, (JTWROS). An account, titled in two or more persons’ names that have rights of survivorship, is jointly owned by those individuals.
There is a common misconception that all real and personal property will pass through an individual’s estate upon his or her death. Though, some assets avoid the probate process altogether depending on how the property is titled.