According to the U.S. Department of Health and Human Services, a majority of people will need some form of long-term care during their lifetimes. Unfortunately, long-term care can be prohibitively expensive with Americans paying an average of more than $6,000 per month for semi-private rooms in nursing facilities. If you have an elderly loved one,…
When you inherit a house after your loved one has died, you might wonder whether you are able to take the home sale exclusion when you sell it. You are not able to take the exclusion, but you might benefit from the rules for a stepped-up basis for inherited homes. The professionals at Elder Care…
Many people choose to buy life insurance when they are younger. People might purchase life insurance when they have children, get married, and assume other responsibilities. Like younger people, older people also have responsibilities to their spouses, children, and grandchildren. They also might have concerns about estate planning and leaving their families enough money to…
When your loved one passes away, you may be overwhelmed by all of the different things that you must manage. One of the responsibilities that you might have is to notify the Social Security Administration immediately. Some people have the mistaken belief that money that the SSA continues to send can be spent on things…