The Department of Veterans Affairs (VA) recently released new eligibility rules for the VA pension program. VA pension, a tax-free monthly cash benefit, is available to wartime Veterans who served at least 90 days of active duty service with 1 day during a declared period of war. Surviving spouse...
In general, a trust is created when property or assets are managed by a person for another person's benefit. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the t...
A durable power of attorney is one of the most important estate planning documents you can have. It allows someone who you appoint (your agent or attorney-in-fact) to make decisions on your behalf in the event you become incapacitated. If you have not appointed an agent then your friends and fami...
VA pension benefits, also known as Aid and Attendance, are an important resource for wartime veterans and their surviving spouses who have high home care and assisted living costs. For example, in Michigan, assisted living can cost about $2,500.00 to $6,000.00 per month. Married veterans could re...
Your parent is getting on in age, but you don't have a clear idea if there is a plan in place for their care. It is a difficult topic to broach; no one wants to talk about getting older and the financial realities that come with aging. Instead of having a proactive conversation early in a parent'...
When someone you love, in particular, your spouse, becomes ill you want to help them get well. But what happens when the illness is dementia? A marital relationship that could have spanned years or decades becomes subject to enormous change, and that change is not a slow linear progression of pre...
Long-term care insurance is very beneficial for the elderly or disabled person who need will services or support to meet their personal care or health needs. However, it is important to understand long-term care insurance before the time comes when the benefits are needed. Unfortunately, many peo...
What is Hospice Care? Hospice care can be very difficult for families to come to terms with, but can be a beneficial care option for those caring for a terminally ill loved one. The purpose of hospice care is to provide comfort and quality of life for a terminally ill person. Hospice care can a...
Many elderly people who are diagnosed with dementia are unprepared for future care. Once this type of diagnosis is received, preparing for the future can no longer be avoided. If you or someone you love has received a dementia diagnosis, begin immediately to discuss and seek guidance for future c...
The importance of making end of life preparations cannot be stressed enough. Many put off making these plans thinking there is always time to do it later. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them ...
Long term care (LTC) is a term that has many parts to its definition. It is comprised of a variety of services that meet medical and non-medical requirements for people who cannot care for themselves for long periods of time. It is a highly individualized care system which can be formally or info...
Jane lived alone in her home in Troy after her husband died and the kids moved away. A few years later, she started to forget things, like putting the kettle on to boil and coming back to find the stove on fire. This, together with her diabetes and osteoporosis, seemed to Jane's daughter Carolyn ...
Jack and Doris wanted to divide their property equally between their three children. The house should to go to daughter Mary who loved it, and the rest of their estate should be apportioned equally between sons Bob and Frank. Jack and Doris's attorney drafted a will distributing the modest remai...
Harry and Wanda got married late in life. This was their second marriage, and both had children from the prior marriages. The couple wanted their children to inherit from their respective parents, so Harry and Wanda signed a prenuptial agreement to keep their property clearly separated. Unfortun...
Ruth lived alone after her husband died. Soon her son Ted noticed that she didn't have enough clean clothes, her fridge was empty, and she had fallen a few times. Clearly if Ruth were going to stay at home – and who wouldn't rather do that, if possible – she would need help. Ted was willing to m...
Generally, a "pooled trust" holds assets for people that have a disability, and/or elderly individuals. The trust is established and run by a not-for-profit organization, which will establish separate accounts for each individual within their system. However, the money of all of the individuals s...
Medicare and Medicaid have long been a mystery to many consumers. In fact, it can baffle and confuse even some of the smartest citizens. Like many, you might have thought, “I don't need to worry about this right now.” However, it is never too early to gain a little understanding and awareness tha...
When a loved one starts to lose his or her memory, it can be a struggle for the entire family. The person who has been the head of the family may soon fade from the person they once were, leaving their loved ones to wonder what will come next. The stigma associated with Alzheimer's disease has a ...
Long term care insurance was sold aggressively in the 1980s, 90s and thereafter to offset the costs of seniors needing to live in a nursing home, assisted living or needing at home health care. Now, however, the business of long term care insurance has dramatically changed. What was once over 100...
Estate planning is important for people of all ages, but as we age, the need for planning becomes even more critical. Many people avoid estate planning, because they do not want to think about the end of life, failing health or disability. Others believe that an estate plan is only for rich peopl...
Most people dream of the day they can retire. The problem is that many do not move beyond dreaming to planning. Planning can be done no matter what your age, but experts encourage people to start as early as possible. Retirement planning can seem like a daunting endeavor for many people as they f...
Congress passed the Tax Cuts and Jobs Act in December of 2017 which is aimed at cutting taxes for corporations and all Americans. While the bulk of the legislation went into effect January 2018, most taxpayers will not see much of a difference in their taxes until 2019, when they file their 2018 ...
Aging is the sign of a successful life. After all, when you think about the alternative to aging your perspective about getting older shifts. You should start seeking self-sufficiency for your retirement years well before the age of sixty-five. But, even if you have not done so, don't shun the pl...
Within the next 20 years, there will be an increased need for memory care housing options as the Baby Boomers continue to age. In 2016 alone, more than 2.5 million Baby Boomers turned 70 years old, the youngest boomers hitting age 52. With advancing age comes an increased risk of Alzheimer's dise...
There is good news! Social Security payments will increase by 2% in 2018. The bad news? It's not enough to keep up with inflation. Many senior citizens will be happy to learn that the amount of money they will receive in their social security checks will increase two percent in 2018. This averag...
I help seniors and their families to prevent the devastating financial effects of long term care. I assist and represent clients in and from the entire metro Detroit area, including all communities in Oakland, Macomb, and Wayne Counties. In-person meetings with Andrew Byers are available at his office Monday through Friday. Video conferences over Zoom or Microsoft Teams are also available.