Retirees must do their homework prior to deciding whether or not to payoff the primary residence’s mortgage(s). For the full article discussing the pros and cons of retirees paying off mortgages please go to Retires should think twice about paying off mortgage.
Author archive for: Matt
16.092011March 20, 2013
Home Remodeling for the Elderly
Many elderly individuals and couples want to live at home as long as possible. In most cases, some remodeling will need to be done on a home in order to make it accessible for walkers and wheelchairs. In addition, kitchens, bathrooms, and bedrooms will need to be remodeled or reconfigured so that an individual or couple can easily cook, bath, toilet, bed, and dress. This type of remodeling is specialized and you should look for contractors who have experience with remodeling for the elderly. You should always perform “due diligence” on anyone you are planning to hire. In most states, you can look up a contractor on the...
16.092011March 20, 2013
Revocable Trust
A Revocable Trust is an instrument which allows you to hold and distribute your property privately and without court oversight. You may choose to fund your trust with your assets during your lifetime or you may wait until your death to fund the trust. During your lifetime, you have total control of the trust and may take distributions of income and principal due to the fact that you are both the settlor and trustee. At anytime you may revoke the trust at anytime prior to your death. Also, your trust will be treated as your own property for income tax...
16.092011March 20, 2013
Will and Pour Over Will
A Will is an instrument that sets forth your wishes and disposition of your property once your die. A Will provides instruction on how your wishes and disposition of property will be carried out, and who is responsible for carrying out your last wishes. A Pour Over Will allows your property “pours over” into a Trust. Your Will allows you to nominated a trusted person to be the executor of your estate. In most jurisdictions, your executor has to be approved by the Probate Court; however, your choice of an executor is generally given deference by the Court. You can find more information on a Will or Pour...
16.092011March 20, 2013
Living Will and Health Care Proxy
A Living Will is an instrument that states the principal’s intent and wishes regarding whether to use or not use extraordinary measures to sustain the principal’s life. Living Wills do not have statutory authority in some jurisdictions, but do provide important direction and instruction regarding your intent and wishes. A Health Care Proxy is an instrument authorizing a trusted individual, the “health care agent,” to make medical decisions for the principal at such time as the principal lacks capacity to make such decisions. You can find more information on a Living Will and Health Care Proxy at the website of Matthieu J....
16.092011March 20, 2013
Durable Power of Attorney
A Durable Power of Attorney is an instrument in which you appoint an agent or “attorney in fact” to be your lawful attorney to conduct all your affairs, with full power and authority to act in your name and on your behalf as fully as you could do if you were personally present. A Durable Power of Attorney is primarily used in the event that you are not able or available to manage your affairs. In a Durable Power of Attorney, you may name a conservator in the event that you become disabled or incapacitated. In some cases, a Durable Power...
01.092011March 20, 2013
Reverse Mortgages
A reverse mortgage is a complicated financial product which may help someone over 62 years old in need of additional cash flow based upon built up equity in a home property. However, reverse mortgages are not for everyone as it has hefty closing costs (usually around 5% of the appraised value) and there is currently no safe investments for lump sum payouts which pay equal or more than to the reverse mortgage interest rate. Reverse mortgages are regulated in part by the government, but are not a government sponsored program. You should avoid any individual or company stating that the reverse mortgage is a government program and...
25.082011March 20, 2013
Basic Medicare
Medicare is the federal health insurance for individuals 65 years or older, individuals under 65 with certain disabilities, and individuals of any age with end-stage renal disease. Medicare is funded by payroll deductions during an individual’s working career and premiums paid through automatic deductions from social security benefits. Medicare is divided into four categories. Part A Hospital Insurance Part B Medical Insurance Part C Medicare Advantage Plans Part D Medical Prescription Drug Coverage The best resource for Medicare information is found on the government website Medicare.Gov.
24.072011August 3, 2011
Hypothetical 4. Married Elderly Couple with Adult Child with Disability
The fourth hypothetical is based on a married couple in their eighties with two children. Andrew and Kate have two children, Mark, an adult with autism who lives
24.072011March 20, 2013
Hypothetical 3. Single Elderly Parent Estranged Children
The third hypothetical is based on a single parent who has been estranged from his children. Kevin is seventy-five years old. He is from North Carolina and he has