Questions About Senior Financial Help

1. My father is withdrawing money from his accounts but can't remember where he's spending the money. What can I do?

   Question - It sounds like you need to take steps to protect your father's assets, not only from himself, but from potential scammers.
   1 Expert Answer

2. How can I help my mother better manager her money so she is living within her means?

   Question - My sick and elderly mother is not able to live within her means. She receives a $2000 monthly pension. She owns two homes, paid for. She has asked me for money to help pay the bills. She refuses to discuss her options, or to change her life. She just wants me to give her money. What can I do?

3. What is a VEBA account?

   Question - VEBA is an acronym for Voluntary Employee Beneficiary Asssociation. A VEBA account is a tax-free medical expense account for retired people and their eligible dependents. It is funded by unused sick leave that an employee may have accumulated at the time of retirement...
   1 Expert Answer, 1 Community Answer

4. I feel my father is being scammed. What can I do?

   Question - I am sorry to hear that your father has been victimized. So many elders, who feel a little sad and lonely, become easy prey for con men. My own father once bought a con man an old pick up truck by charging it to his credit card.
   1 Expert Answer, 3 Community Answers

5. When should my husband relinquish the checkbook?

   Question - The right time to step in and take away a person's ability to handle their own financial affairs is a very difficult thing to determine.
   1 Expert Answer, 2 Community Answers

6. How can I stop nephews and nieces from driving my elderly mother into financial ruins?

   Question - Disclaimer: I am not an expert nor an attorney, but I do have a little personal experience.
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7. Is it possible to get paid from your parents' assets if you have power of attorney and manage their affairs?

   Question - You probably need two documents to accomplish what you wish to across the miles: a power of attorney for finances and a power of attorney for healthcare.A power of attorney for finances is a document in which a person -- or sometimes an institution such as a bank or trust company – is designated to o handle another person's financial affairs...
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8. How do I get my dad to stop taking questionable financial advice from his friends?

   Question - The important thing to remember is that, with all investment advice, you must consider the source. Keep in mind that even professional money managers rarely beat the market, so imagine how much more difficult it is for an amateur to do so -- especially with an unproven "hot tip."
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9. How should my mother decide when to file for Social Security?

   Question - The question your mother needs to ask herself is this: Do I need the money from Social Security to live on right now? If the answer to that is yes, she should go ahead and file this year and begin taking the money now. If she doesn't need it immediately, and she's healthy, she's probably better off waiting until the full retirement age...
   1 Expert Answer, 1 Community Answer

10. Where can I get help paying for prescription drugs?

    Question - Since your husband is 65, he qualifies for Medicare. If he hasn't already enrolled, he should do so immediately. Then he'll be eligible for Medicare Part D, which provides prescription drug coverage.
    1 Expert Answer, 13 Community Answers

11. With both my parents in the hospital, how can I pay their bills?

    Question - If your parents aren't incapacitated, the simplest solution is to have them sign checks and pay their bills from the hospital. (You may find that they use an automated bill-paying service or have their bills paid automatically online. In that case, you won't need to worry about debts piling up.)
    1 Expert Answer, 1 Community Answer

12. What's a Totten Trust and does it protect assets?

    Question - A Totten Trust is somewhat of a misnomer because it is a trust in name only.
    1 Expert Answer, 1 Community Answer

13. What are reverse mortgages?

    Question - A reverse mortgage is a financial tool for seniors over age 62 to tap the equity in their homes. Unlike a forward mortgage, no payments need to be made on a reverse mortgage until the owner no longer lives in the house.
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14. When can a widow collect her husband's retirement?

    Question - I’m assuming there are no other lump sum assets—stock, bank or savings accounts, bonds—that he owned alone and to which the widow may be entitled now.
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15. How are CDs cashed with the least tax impact?

    Question - Before dealing with the question of how the sisters divide their father's assets to have the least tax impact, they should be ascertaining what their father wants to do with his own money.
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16. My sisters had my mom take out a reverse morgage on her home without my knowledge. What can I do?

    Question - i HAVE 5 younger sisters i am the oldest and only boy my sisters talked my mom into getting a reverse morgage on her home that was paid for without my knowlege for 100,000 dollars the house was worth 50,000 they dont want the bank to know my mom is dead so that they can stay in the for nothing as long as possible...

17. Should I refinance the mortgages into my name or will that affect mom's Medicaid eligibility?

    Question - My mother gave me her house as a Deed of Gift two years ago and she has lived with me since that time. I assumed the responsibility of the two mortgages she has on the house and that transferral of responsibiity for the mortgages is written into the Deed of Gift...

18. How do I get financial assistance for my friend with no income?

    Question - Your friend may be eligible for federal benefits as well as state or county programs. Has he applied for SSD, Social Security Disability, or SSI, Supplemental Security Income? He may be eligible for one or both. You should contact your County Board of Social Services to learn about the programs that are available and to get help with the applications...
    1 Expert Answer

19. What kind of financial consultant should I seek to help my brother pay for his medical care?

    Question - There are several unknowns in your question. For example, how are the businesses structured? Is your brother a sole proprietor or are they corporations or LLCs? Depending on the answers, you should see a bankruptcy attorney who specializes in personal or business bankruptcy, or both...
    1 Expert Answer

20. Where can I find financial help for adult daycare?

    Question - Adult day care is a good way to manage both your husband’s and your needs. There are several sources of financial assistance depending on your state, the facility you choose and your personal financial resources. If you meet the financial requirements, Medicaid may cover day care in your sta...
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21. Is this plan for the future a viable financial one?

    Question - Medicaid is a joint state and federal program that has rules that differ somewhat from state to state. However, the once prominent tactic of half a loaf giving to protect assets from being counted in determining Medicaid eligibilty is no longer an effective strategy.
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22. How can I get Mom to control her finances?

    Question - You have concerns for mom's financial future with good reason. She is adopting a lifestyle that does not take into account that her future depends on how she spends her money now. Your concerns are reasonable and action is required. I would suggest an in-person family meeting...
    1 Expert Answer, 1 Community Answer

23. How should I start planning for my terminally ill mother?

    Question - I don't know of a good plan to help with my terminally ill mother.My brother who is younger than me and his 15 year old son have been living with my mom for a long time,I live out of town.My brother is disabled and he and his son are abusing prescription drugs,they either sleep alot or are fussing alot...

24. How can I figure out how much money I’ll need for long term care?

    Question - This is a very good question since the cost of long-term care is constantly rising. This makes planning ahead for long-term care costs essential when you are considering long-term care insurance.
    1 Expert Answer

25. My mom needs money to pay for care – should I take it out of my retirement account?

    Question - Your question about taking money out of a retirement account to pay for a parent's long term care is a common one. Although you are willing to sacrifice some of your retirement savings to get your mother the care she needs, there are better options for both of you.
    1 Expert Answer, 1 Community Answer

26. Since Medicare only picks up 55% of my care costs, will my AARP policy cover the remaining amount?

    Question - Your Medicare supplemental policy with AARP is commonly called a Medigap policy. All Medigap policies are coordinated with Medicare benefits and are intended to pay some -- but not all -- of the health care expenses that Medicare doesn't pay...
    1 Expert Answer

27. What is my tax responsibility as trustee of my mother's estate?

    Question - My mother passed away in 2007, and I opened three testamentary bank accounts (basically $18,000 each) for my mother's grandchildren: two minors and one an 18 year old (they live in Maine). Two of the children have taken some of the funds they are entitled to (mostly for college) and they've gained some...

28. What financial help is available for caregiver who had to...

    Question - Because your mother's assets are almost gone, and assuming she doesn't have much income, she may be eligible for a program that pays her for home care, which she can use to pay you. Here's how it works.
    1 Expert Answer, 1 Community Answer

29. How can I convince my parents to accept my financial help?

    Question - It is very difficult for some older people to accept financial help from anyone, particularly their children. A good first step would be to tell them that you have set up your own financial plan that includes investments, retirement, insurance and estate planning. You could then offer to work with them to help organize a similar financial plan for them...
    1 Expert Answer

30. What are the tax implications of inheriting an IRA, stock and mutual funds?

    Question - To your first question: when your father passes away, your mother will have three options for his IRA. The first option is for your mother to roll over your father's IRA into her IRA, either an existing IRA or a new one. The advantage is that the "Required Minimum Withdrawals" will be based on your mother's age...
    1 Expert Answer

31. Can my mother give tax free gifts to family members like grandchildren?

    Question - Everyone can gift up to $12,000 per year to as many people as they wish and not have to file any gift tax returns or report it anywhere else. The recipients do not have to be relatives. Recipients never pay taxes on gifts received...
    1 Expert Answer, 1 Community Answer

32. Can Medicaid take your house, even a jointly-owned home, to pay for long-term care?

    Question - Your father's interest in the house won't count against him should he need to enter a nursing home, because a person's primary residence is exempt when Medicaid counts a person's assets in determining eligibility. Upon his death, however, if the house remains partly in his name, Medicaid may...
    1 Expert Answer, 4 Community Answers

33. As a husband, what financial steps should I take to both protect my wife as she progresses through the steps of Alzheimer's and myself?

    Question - Illnesses such as Alzheimer's that necessitate long term care can be devastating for a family's finances. The "healthy" spouse is faced with the prospect of high out-of-pocket expenses for medical and personal care for the ill spouse, while still paying for his own living expenses. It is frightening to see how quickly assets can be spent down...
    1 Expert Answer, 1 Community Answer

34. My parents just deeded their home to me for $1.00. Do I still qualify to be gifted the 2008 $12,000.00 amount without being gift taxed?

    Question - The gift tax rules are very much misunderstood by many people. You, as the person who receives a gift, aren't required to pay a gift tax. The gift tax is always assessed to the giver.
    1 Expert Answer

35. Is there any financial aid for buying a home?

    Question - Your idea makes so much sense, and it's something many families consider or actually do. I do not know of any financial aid to help you buy a house. Some brokers (and housing agencies) offer low-interest home loans for people with disabilities. (Legitimate loans.) Your parents should talk to banks and mortgage agencies in their area about this possibility...
    1 Expert Answer, 1 Community Answer

36. With no assets and cash, how can I pay for my own final expenses?

    Question - Facing one's own passing is a difficult enough ordeal without having the additional burden of not knowing how to pay for final funeral expenses.
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37. Is there a minimum amount for assets that Medicaid 5 year look back exempts?

    Question - A very important program for many seniors is Medicaid coverage of long-term nursing home costs. In deciding on eligibility for nursing home coverage, Medicaid looks carefully at the applicant's financial records, including current income and assets and any funds spent or property transferred out of the applicant's name within the previous five years...
    1 Expert Answer, 1 Community Answer

38. What type of life insurance should we get for my 79 year old mother?

    Question - What type of life insurance should we get for my 79 year old mother?

39. What tax issues should we be aware of when my dad cashes in his saving certificates and retirement CDs?

    Question - Dad has plenty of money to live on and has decided he wants to gift a big portion of his saved money to his children and grandchildren. We understand that $12,000.00 is the amount he can gift this year without any gift tax form completion needed...

40. How can my sister get her property back from her deceased husband's son?

    Question - While my usual advice is to see a lawyer only as a last resort, in this rare instance, I would urge your sister to see a lawyer as quickly as possible. There's just too much at stake: loss of her home, money, and history. And there could be good substitute for getting an experienced body, mind, and pair of eyes on the situation...
    1 Expert Answer

41. can I get any help with repairs on my home? I am a 66 year...

    Question - Are there any financial assistance services that would help me with repairs on my home? I am a 66 year old widow on a fixed income. Thank you.

42. Where can I turn to get my father some financial and housing assistance?

    Question - It’s always distressing to see evidence that an aging family member is declining. You can use what you’ve observed to begin a conversation with your grandfather with the goal of ensuring his health and safety and maintaining as much independence for him as is possible. Before you can get help for yor your grandfather, you need to talk to him...
    1 Expert Answer, 2 Community Answers

43. had to quit my job to take care of my mother,living off of...

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44. Are there any resources out there to help me pay for...

    Question - In some states, the Medicaid program can pay the full cost of assisted living, in participating facilities, for seniors with low income and few assets. Several things all have to come together for this to happen.
    1 Expert Answer

45. How do I help my mother keep her money for her own care?

    Question - My parents lived with my family for over three years. Then, my mom's dad died and left her enough money to buy herself a home, cash outright. It was only five minutes away from my house, which was nice. Unfortunately, within two years my dad died of cancer...

46. How can I get financial assistance for repairs to my home?

    1 Expert Answer, 2 Community Answers

47. Should I file for bankruptcy?

    Question - I am 50 years old and have a lot of accumulated debt which I can't meet the payments on. Every pay is gone to bills as soon as I get paid but, I am not able to meet the payments like before. My income is half of what it was. People tell me I should file for bankrupty but I heard it is not so easy...

48. Should I get a second legal opinion about saving my mother's estate?

    Question - You should definitely seek another lawyer's advice.It is difficult to sort through complicated facts like these remotely, but certainly, with so much at stake, you need to be sure that you've explored all possible avenues of recourse. This is especially true if you think that your mother was not competent to act when she transferred those assets...
    1 Expert Answer