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Resources for Caregivers of Older Adults with Dementia

Lavelle & Finn


Every year, 16 million people in the United States care for family and friends with dementia, the Centers for Disease Control and Prevention reports. Caregivers of people with dementia provide care for longer durations than those who assist individuals with other conditions. They also have comparably higher risks for anxiety, depression, and reduced quality of life. One-third […]

What You Need to Know About Medicaid’s Personal Needs Allowance

Lavelle & Finn


Seniors who rely on Medicaid and live in nursing homes receive a personal needs allowance — a monthly stipend the Medicaid recipient can use to pay for needs that Medicaid does not cover. Medicaid restricts the amount of the allowance and how it is used. If recipients do not use all the money they received […]

Do Frequent Flier Miles Expire When You Do?

Lavelle & Finn


Accumulated frequent flier miles can be valuable assets, but what happens to those miles after someone dies? Can a spouse or other heirs inherit them, or do the miles simply evaporate like a contrail? Whether they can be inherited depends on the airline, and in most cases, airlines will point out in their terms and […]

What Is a Life Estate?

Lavelle & Finn


The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to […]

What Is the Difference Between a Springing and Non-Springing Power of Attorney?

Lavelle & Finn


A power of attorney is a document that grants various powers and responsibilities to a trusted third party or “agent” who can act on your behalf. This document usually only allows an agent to make non-medical decisions on your behalf. A power of attorney can be a valuable planning tool that lets you decide in […]

No Will? You’re Putting Your Kids at Risk

Lavelle & Finn


Many people delay the conversation or thoughts of having to prepare a will. Confronting the possibility of one’s death is not easy. However, as the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications. Even if difficult, planning ahead may be […]

How Much Long-Term Care Insurance Should You Purchase?

Lavelle & Finn


Long-term care insurance helps you prepare for financial costs associated with aging, such as nursing home care, assisted living, or in-home care. Yet long-term care insurance policies vary widely in terms of the amount of coverage and how long the protection lasts. The Average Costs of Care The 2021 Genworth cost of long-term care survey provides national […]

Can a Nursing Home Hold Friends or Family Members Responsible For a Resident’s Care?

Lavelle & Finn


If your loved one is entering a nursing home, you may worry whether you could be liable for their care. Under federal law, a facility cannot require a family member or friend to co-sign an admission agreement and take on personal liability. However, nursing homes around the country still try to do so, and often […]

Majority of Adult Children Cannot Support Boomer Parents, Surveys Find

Lavelle & Finn


A recent survey by the American Advisors Group (AAG) finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses. “Americans want to see their parents age with grace and dignity and have the resources they need to live comfortably, but for […]

What Are Medicaid Asset Protection Trusts?

Lavelle & Finn


Medicaid imposes strict rules on how much money and assets an applicant can have. To qualify for Medicaid, you must fall under the asset limit, which is $2,000 in most states. Even with greater than $2,000 in assets, however, you may be able to get on Medicaid by establishing a Medicaid Asset Protection Trust (MAPT). […]