The financial ramifications of elder financial abuse can be considerable. And the elderly victim of the abuse is not the only one that can suffer significant financial harm. The harm can spread out to affecting other members of their family. For one, it could impact family members who are their caregivers.
There are steps elderly individuals can take to try to give themselves some protection from possible financial abuse. For example, there are things they can put into their estate plan, such as certain types of trusts, that could help on this front.
One of the challenges in preparing for one’s retirement years is the great amount of unknowns that are present. One of the big unknowns is health. No one knows for sure what the future will hold for them when it comes to their health.
Big costs can arise for families in many different contexts. One such context is the care of an aging loved one. There are all kinds of costs, such as costs related to long-term care and expenses for less intensive forms of paid assistance, that might come up in connection to a person’s care needs as they get older. These costs can hit rather high levels. This can particularly be the case if a senior ends up developing a chronic condition or other things that create special added care needs. A recent Forbes article noted that the costs a senior and their family could face in relation to elder care could easily end up in the realm of hundreds of thousands of dollars.
There are certain things that can vastly alter how a person’s retirement years go. One is if an elderly individual ends up being the victim of a fraud scam. Frauds targeting seniors can take a wide range of forms. Sometimes, such frauds are perpetrated by strangers, while other times they are done by a person an elderly individual is close to.
When it comes to addressing long-term care costs in their elderly years, some individuals rely on benefits from Massachusetts’ Medicaid program: MassHealth. So, what the eligibility rules are for such benefits can have major impacts on seniors in the state. Some changes have recently been proposed to these rules.
When a person has a disability, a lot of unique financial issues can come up for them. This includes issues related to things such as saving money, long-term care costs and public benefits eligibility. Special needs planning may be able to help with preparing for such issues and protecting the interests of a person with disabilities when it comes to such issues.
There are many worries an elderly individual may have regarding nursing homes. Among these are concerns about whether they will be able to find a high-quality nursing home in their area if they end up needing nursing home care. So, seniors here in Massachusetts may wonder: How is Massachusetts doing when it comes to nursing home quality?
The term “trust” describes a rather versatile set of estate planning devices. There are many different kinds of trusts a person could include in their estate plan here in Massachusetts. The different types of trusts vary in what they can do and what kinds of goals they are aimed at helping with.