Posts Categorized: Finances

Coronavirus scams

Scammers thrive in crises. The Federal Trade Commission is reporting a surge in fraud complaints. Bad actors are leveraging fear and shortages to bilk consumers out of millions and to harvest information for identity fraud. Help your loved one avoid scammers by following these tips. Research requests for donations. Verify the nonprofit on Guidestar.org, the…

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Medicare Open Enrollment Tips

Are you happy with your relative’s Medicare plan? If not, fall is the annual “Open Enrollment” period. This is when you can change plans for the coming year. Open Enrollment for 2019 is October 15 to December 7. Even if your loved one likes the current plan, consider any new diagnoses or prescriptions since last…

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Common elder scams

Financial abuse of the elderly is thriving. Advise your loved ones to be on the alert for these common scams: Government impostors Individuals call saying they represent Social Security, Medicare, the VA, or the IRS. They describe a problem with an account. Or taxes owed. Then they ask for name, date of birth, and Social…

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Before you quit your job

It may be true: Your aging relative needs more and more care. You know you are the best person for the job. But it’s too much to do on top of your own work. Think twice before exiting the workforce, however. There are some stiff financial consequences. For example, if you are midcareer, you are…

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Using long-term care insurance

Your relative may have bought long-term care insurance to cover the expense of care when help is needed. Activating the policy takes some lead time. It’s wise to learn all the steps and definitions so you can be strategic with your timing. Types of care covered. Read the policy and see what kinds of care…

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Is a reverse mortgage appropriate?

If your loved one is worried about having enough money, he or she may be considering a reverse mortgage. A reverse mortgage enables a homeowner to turn some of the equity in a home into cash. You might think of it as an advance payment on the accrued value of the home. An approved lender…

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Money: know the details

There are many aspects to financial stewardship. A primary goal is to ensure that you are prepared to manage things if a family member is suddenly sidelined. This article provides an outline of the types of information you should gather ahead of time. You don’t need to cover all these topics in one visit. But it’s…

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Beware rogue pharmacies

We’re all buying products via the Internet these days. Even medications. It’s easy, and online merchants frequently offer bargain prices. Many of us are trying this route for relief from high drug costs. Unfortunately, a study by the National Association of Pharmacy Boards revealed that more than 60% of medicines purchased online are fake or…

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Talking to your parents about money

In some families, money equals love. In others, it’s a measure of success. It’s a sensitive subject, yet it needs to be discussed. Part of supporting your loved one involves understanding his or her thinking about money. After all, something could happen where you suddenly need to step in and manage the finances. Conversation starters….

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Medical deductions

Uncle Sam allows special deductions when medical expenses add up. When to itemize. If the person you care for was 65 years or older last year (2016), he or she can deduct certain medical costs. The costs must total more than 7.5% of adjusted gross income (AGI). For instance, if AGI is $40,000, medical expenses…

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