Have you taken care of a family member or your parents and are worried about the deceased person’s debt? Will you have to repay your mother’s debt? Well, typically, you don’t inherit the debt of your parents or a family member unless you have cosigned on a loan or have taken out a credit card together. You are not liable to repay the debt, even if you’re the only … [Read more...]
Has Caregiving Impacted Your Ability to Work? Plan Carefully for Social Security Benefits.
Avoid this big mistake in retirement. Many people think that Medicare and Social Security (SS) benefits coincide as far as when you should enroll. However, that isn’t the case at all. In fact, there are different rules and variables within the two programs that make it easy to confuse the two. While the age requirement to receive Medicare is 65, you can sign up to … [Read more...]
Caregiving includes responsibility for moms finances. And it’s tax time.
The right resource can be a free tax preparation service. If your parents need help filing taxes or you are now responsible, here are some great tips from the United Way of Northern New Jersey. Free Tax Preparation Services The IRS has supplemental tax programs offered by non-profit organizations. These programs, Volunteer Income Tax Assessment (VITA) and Tax Counseling … [Read more...]
Why Was My Long Term Care Insurance Claim Denied?
Purchasing Long Term Care Insurance (LTCI) is a key strategy many people use to ensure financial stability as they age. It is not uncommon to have a Long Term Care Insurance claim be denied. Filing a LTCI claim is hard and multiple contacts with the insurance company during this process is not uncommon. In this article, guest contributor Scott A. Olson, of the LTCShop outlines … [Read more...]
Why We Chose a Reverse Mortgage to Keep Mom at Home
Managing finances is an important piece of your care plan. Keeping Mom in her home for as long as possible is the foundation of her care plan. You see, the good news is mom is in relatively good health for for her age, the flip side? She will most likely outlive her money. Figuring out finances meant looking for ways to ensure enough monthly income to pay for upkeep on a … [Read more...]