Senior Financial Planning Articles

  • Renting vs. Buying in Senior Living Communities

    When considering the many different types of senior housing communities available, you may be faced with the decision to rent or buy. It’s important to consider an elder’s future care needs and finances before deciding which option is best.

  • 10 Things You Should Know About Your Parent's Finances

    Would you know what to do if you suddenly had to take over managing money and paying bills for your parent? Here are 10 things you need to know before assuming this responsibility.

  • Using a Reverse Mortgage Loan to Age in Place

    A reverse mortgage loan is one option that may deserve consideration as retirement needs grow and savings and Social Security benefits may not be enough to retire on comfortably and with confidence.

  • The Ins and Outs of a Reverse Mortgage Loan: Is It Right for You?

    A reverse mortgage is a type of home equity loan for seniors age 62 and older that is used to turn a portion of their home equity into cash. Is this financial planning tool right for you?

  • How to Use a Miller Trust for Medicaid Eligibility

    Qualifying for Medicaid coverage is a complex process that involves making sure a senior’s income and assets fall below certain levels. “Income cap” states allow applicants to use a specific kind of trust to help them meet these eligibility guidelines.

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  • How to Pay for Long-Term Care

    Families often struggle to find funds for their loved ones’ care, but adequate planning and awareness of all available options can make a world of difference in paying for long term care.

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  • When to Apply for Medicaid

    Medicaid can help with long-term care costs, but eligibility is determined by a combination of many factors. The rising cost of care makes planning in advance a priority when considering paying for senior care costs.

  • 4 Key Things to Know about Trusts and Medicaid Planning

    There are many types of trusts that can help protect your assets from Medicaid. Here's a brief overview of the things you need to know when setting up a trust for Medicaid planning purposes.

  • Top 5 Strategies for Protecting Your Money from Medicaid

    Many aging adults must apply for Medicaid in order to afford long-term care. Here are some strategies for preserving some of your wealth while qualifying for financial assistance.

  • Understanding Medicaid’s Lookback and Penalty Periods

    Gifting an asset can cause problems if you later need to apply for Medicaid to cover a nursing home stay. Learn the details of Medicaid lookback and how it impacts the Medicaid penalty period.

  • A Prepaid Funeral Plan Should Be Part of Your Medicaid Spend-Down

    Money paid for advance funeral planning can be an exempt expense under Medicaid rules. Learn more about how preplanning a funeral can help you qualify for Medicaid.

  • How Can I Get Paid for Being a Family Caregiver?

    Programs and assistance vary widely by state and individual circumstances, but some financial help may be available for family caregivers who are looking to offset the costs of providing care for an elderly loved one.

  • “Spending Down” to Medicaid: One Caregiver’s Personal Journey

    For many families, navigating Medicaid eligibility seems complicated and the spend down process is one of the trickiest parts. Use this caregiver’s experiences to inform your own Medicaid planning strategy.

  • Understanding the Pros and Cons of Reverse Mortgages

    Reverse mortgages are becoming increasingly popular ways for seniors to increase their cash flow and cover costs. As with any financial strategy, it’s important to consider the benefits and drawbacks of this method for increasing retirement income.

  • Municipal Bonds Add Diversification and Tax-Free Income to Your Retirement Portfolio

    Seniors can benefit from adding these safe and generally tax-exempt securities to their portfolio, either individually or through mutual funds.

  • Protect Your Retirement Savings from Inflation

    Seniors who depend on a fixed income to fund their retirement are vulnerable to inflation, but proper planning and investing can safeguard their spending power.

  • Forgotten Assets: U.S. Savings Bonds

    Use these tips to locate missing U.S. savings bonds and more easily track and manage a portfolio electronically.

  • How to Help Fund a Grandchild’s College Education

    With the help of a well thought-out savings plan, grandparents can help their grandchildren avoid college debt and get off to a more financially secure start.

  • Inheriting an IRA Can Be Taxing

    Inheriting an Individual Retirement Account (IRA) has certain tax implications. Understand your options to avoid costly mistakes.

  • Building Your Retirement Planning Team

    Assemble a winning team of professionals to help you manage your finances and plan for the future. Make sure these three experts are in your lineup for long-term success.

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