Category: Finances
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Are You Avoiding that Difficult Conversation with Your Aging Parents?
In my last blog I talked about taking the opportunity during a holiday visit to assess how your aging parents are doing. When you’ve done that, and have determined that there may be some reason for concern or that some changes or additional help is needed, it’s time to sit down with your parents and create a…
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State Budget Cuts – What They Mean for Seniors
With a $16 billion state budget deficit, Gov. Jerry Brown is asking California legislators to approve $8 billion in cuts to funding for healthcare, welfare, pre-school, child care and higher education. Many of these cuts will have significant impact for the elderly and the poor. The governor’s proposal will reduce funding for Medi-Cal by $1.2 billion. Med-Cal…
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Long Term Care Insurance – Do You Need It?
A study by the U.S. Department of Health and Human Services has shown that people age 65 and older face at least a 40% chance of entering a nursing home sometime during their lifetime. About 10% will stay there 5 years or longer. With the average annual cost of a nursing home at $50,000 or…
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Tax Time Resources for Seniors
Tax time can be stressful no matter what your age. But for seniors on a fixed income, and those who care for them, it can be especially so. Here are some resources from the National Council on Aging (NCOA) that may help lighten the load. Tax relief programs. NCOA has a free online BenefitsCheckUp® service…
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Tax Tips for Family Caregivers
If you are caring for an aging relative who qualifies as your dependent, you may be able to claim medical expenses you incurred as a result of that care on your income tax. Common deductions include: Medical insurance premiums (unless pre-tax) Prescription medicines Doctor bills Hospital fees Travel to and from medical appointments Only those…
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Family Gatherings – A Good Time for Planning with Aging Loved Ones
Family gatherings around the holidays are a great time to celebrate, catch up, and renew familial bonds. They are also the perfect time to do some planning for the future. Adult children of aging parents should use this opportunity to discuss with their parents where important documents are kept and what their wishes are in…
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Planning for Your Elder Years
According to surveys conducted among the elderly, their top three concerns about aging are: Remaining independent in their home without intervention from others Maintaining good health and receiving adequate health care Having enough money for everyday needs and not outliving assets and income Addressing these concerns requires some pre-planning. Yet few people do it. In…
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Learn from Your Parents – A Failure to Plan is a Plan to Fail
According to a report from USATODAY/ABCNews/Gallup Poll, 41% of Baby Boomers are caring for their elderly parents, either personally or financially or both. Many of these caretakers find themselves in a situation where their parents did little or no planning for their physical or financial long term care. This puts the burden squarely on the…
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3 Signs Your Aging Parents May Have Issues Managing their Money and How You Can Help
As our parents age, many of the routine activities they performed when they were younger – cleaning house, paying bills, grocery shopping – become difficult for them. This may be for physical reasons – arthritis, for example – emotional reasons – or simply a diminished capacity to handle numbers or make decisions. It’s pretty easy…
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Three Financial Resolutions for the New Year
The New Year is a perfect opportunity to look back, to look forward and to make changes. Let me share with you three strategies that I resolved to implement relative to handling my aging parents’ finances. These actions removed a lot of the stress and tension from our visits, and allowed me to more fully…
Love & Order 