It’s tax season, which means you might be feeling overwhelmed at the prospect of helping file taxes for your aging parent. The IRS offers several tax deductions for seniors, though not everyone knows about them. Here are 7 tax deductions for seniors and how you can help take advantage of them.
Why are They Considering a Medicaid Divorce?
Medicaid divorce is the dissolution of a marriage in which one spouse requires long-term care. Medicaid divorce is intended to protect assets for the non-applicant spouse, also called the healthy spouse or community spouse. By divorcing, a healthy spouse may be able...
Managing an Aging Parent’s Money
When we think about those struggling with finances, we usually picture recent college graduates and young adults. Yet 60% of seniors are working into retirement because they can’t afford to retire. It’s important to understand the most effective ways to assist your parents and avoid setting back your own finances.
Gifts for Seniors for Healthy Living
If you’re shopping for a beloved senior in your life, look for a present that can make daily life easier, healthier and more enjoyable. Here’s a guide to gifts for seniors that encourage both healthy living and fun times. A Medical Alert System. Prioritize a...
Planning Ahead for Legal Matters
While it’s important for everyone to plan for the future. Legal plans are especially vital for a person diagnosed with dementia. Why plan ahead? Early planning allows the person with dementia to be involved and express his or her wishes for future care and decisions....
Memory Care Resources for Veterans
Receiving an Alzheimer’s diagnosis can be devastating for both seniors and their loved ones. Research is finding that veterans who experience TBIs and PTSD are at risk for cognitive problems later in life. As veterans who served in conflicts from World War II to the...
Senior Living Options for Veterans
There are 3 types of senior living for Veterans Community Nursing Homes State Veterans Homes Medical Foster Homes Community Nursing Homes are places for Veterans to live and receive care 24/7. The VA will pay for this care if you meet eligibility criteria involving...
Taking Control of Finances For Aging Parents
When your aging parent is no longer able to keep track of bills, investments and money management, someone else must step in. Often the parent has appointed an adult child or other relative to do the job. 3 mistakes to avoid Mistake #1: Failure to communicate. Most...
Questions To Ask Aging Parents About Finances
There are now more than 70 million Baby Boomers in the U.S. Yet, millions of adult children may not be prepared to make important decisions about their parents’ future because of a lack of knowledge about their parents’ finances. While people in their 40s and 50s...
Credit Counseling for Senior Citizens
The older we get, the more important it is that we develop healthy and sound financial practices. Over 25 million Americans over the age of 60 are economically insecure. Meaning they live at or below 250% of the federal poverty level. This means that millions of...
6 Ways to Cut Holiday Spending
It's no fun to go into the holidays when you're already in debt. It's even possible to come out of the holidays in better financial shape if you stick to a few strategies. 1. Create a Holiday Budget Decide how much you can spend overall and how much you can...
What To Tell Your Aging Parents About Debt
What to Tell Your Aging Parents About Debt Retirement can be an [ideal] time or a struggle depending on how well you’ve prepared. Four in five households approaching retirement hold debt, a ratio that has remained steady for several decades. Debt forces a growing...
Decision Made – Now What?
You’ve had the talk with your loved ones and they are on board with moving into a senior community. That’s great! But now what? Where to start? There are literally hundreds of communities around the Valley that offer different services and rates. It can be very...