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In August 2018, music legend, Aretha Franklin, died of pancreatic cancer. At her death, her estate was worth over $80 million and it appeared that she died without a will or trust. (We wrote about this in this article here.) Recently, we learned that three handwritten wills were found in her home. The latest one is dated March 2014 and it was found inside a spiral notebook, under cushions. The document appears to give the famous singer’s assets to family members. However, the writing is difficult to decipher and there are words scratched out and notes scribbled in the margins. It is unclear if this is a valid will under Michigan law. A court hearing is scheduled next month to determine the validity of that document. Even if the Court determines that the…Read More

"When the parents are gone, there’s all kinds of unforeseen stuff they leave us with, stuff they never intended.” – Ira Glass, in This American Life, Episode 763: “Left Behind” If you grew up with siblings, you probably remember some sibling rivalry. That rivalry can continue well into adulthood, especially after the parents are gone. In many families, parents are like the glue that keeps the family together. Once their gone, old issues can resurface, especially when it comes to dividing the parents’ personal property. That’s why it’s important to have a plan for how you want your personal, sentimental property distributed to the people that you love. If you don’t, that can make an already tough situation so much worse. This American Life, a popular podcast, recently featured a family with such…Read More

Living in the digital age, having online access to investments is a great convenience. But the downside is that they can create a very difficult situation for a surviving spouse or executor trying to find the deceased’s assets. What is the first thing you are told about any password? Don’t write it down. This can create unintended consequences for an executor who needs access to each account in order to marshal the assets and eventually distribute those assets to the heirs or trustees based on the language contained in the will. When the founder and CEO of a Canadian cryptocurrency exchange, QuadrigaCX, died unexpectedly, nobody else had the password to the exchange’s cold storage locker. That cut off access to investors’ $190 million in cryptocurrency. Those investors may never see their funds again.…Read More

Medicare covers preventative care services, including an annual wellness visit. But confusing a wellness visit with a physical could be very expensive. As part of the Affordable Care Act, Medicare beneficiaries receive a free annual wellness visit. At this visit, your doctor, nurse practitioner or physician assistant will generally do the following: Ask you to fill out a health risk assessment questionnaire Update your medical history and current prescriptions Measure your height, weight, blood pressure and body mass index Provide personalized health advice Create a screening schedule for the next 5 to 10 years Screen for cognitive issues You do not have to pay a deductible for this visit. You may also receive other free preventative services, such as a flu shot. The confusion arises when a Medicare beneficiary requests an “annual physical”…Read More

The number of older Americans with student loan debt – either theirs or someone else’s — is growing. Sadly, learning how to deal with this debt is now a fact of life for many seniors heading into retirement. According to by the Consumer Financial Protection Bureau, the number of older borrowers increased by at least 20 percent between 2012 and 2017. Some of these borrowers were borrowing for themselves, but the majority was borrowing for others. The study found that 73 percent of student loan borrowers age 60 and older borrowed for a child’s or grandchild’s education. Before You Co-sign A Student Loan For A Child Or Grandchild, You Need To Understand Your Obligations The co-signer not only vouches for the loan recipient’s ability to pay back the loan, but is also personally…Read More

Choosing a beneficiary for your life insurance policy isn’t as easy as you might think. That’s because naming someone as your life insurance beneficiary really has nothing to do with you. Why? Because you should consider how that money will affect your beneficiary’s life once you’re gone. If you’re not careful, you might create problems for your loved ones. Here are a few important questions you should ask yourself when choosing your life insurance beneficiary: 1. What Are Your Goals? Ask yourself: what do you ultimately intend to accomplish with your life insurance? For example, are you trying to replace income for your spouse and kids? Are you just trying to cover your funeral costs? The real reason you’re investing in life insurance is something only you can answer. And that answer will…Read More

Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability. But there is a tax credit available to help working caregivers defray the costs of day care (for seniors it’s called “adult day care”). In Order To Qualify For The Tax Credit, You Must Have A Dependent Who Cannot Be Left Alone And Who Has Lived With You For More Than Half The Year Qualifying dependents may be the following: A child who is under age 13 when the care is provided A spouse who is physically or mentally incapable of self-care An individual who is physically or mentally incapable of self-care and either is your dependent or could have been your dependent except that his or…Read More

A California daughter and granddaughter’s fear of losing their home to Medicaid may have contributed to a severe case of elder abuse. If They Had Consulted With An Elder Law Attorney, They Might Have Figured Out A Way To Get Their Mother The Care She Needed And Also Protect Their House Amanda Havens was sentenced to 17 years in prison for elder abuse after her grandmother, Dorothy Havens, was found neglected, with bedsores and open wounds, in the home they shared. The grandmother died the day after being discovered by authorities. Amanda’s mother, Kathryn Havens, who also lived with Dorothy, is awaiting trial for second-degree murder. According to an article in the Record Searchlight, a local publication, Amanda and Kathryn knew Dorothy needed full-time care, but they did not apply for Medicaid on her…Read More

Although A Nursing Home Cannot Require A Child To Be Personally Liable For Their Parent’s Nursing Home Bill, There Are Circumstances In Which Children Can End Up Having To Pay This is a major reason why it is important to read any admission agreements carefully before signing. Federal regulations prevent a nursing home from requiring a third party to be personally liable as a condition of admission. However, children of nursing home residents often sign the nursing home admission agreement as the “responsible party.” This is a confusing term and it isn’t always clear from the contract what it means. Typically, The Responsible Party Is Agreeing To Do Everything In His Or Her Power To Make Sure That The Resident Pays The Nursing Home From The Resident’s Funds If the resident runs out…Read More