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...
Medicare is a single-payer, national social insurance program administered by the federal government. It provides health insurance for those aged 65 and older who have worked and paid into the system through the payroll tax. It also provides health insurance to disabled younger people with disabi...
With our rapidly growing population of seniors, more and more families will be dealing with loved ones who will face trouble managing their daily finances. Being unable to fully manage financial matters puts the elderly at risk of financial insecurity, debt problems or serious paying for long-ter...
Many people have been told that it is important for people to “avoid probate.” But just because people may have heard that term, doesn't mean they know exactly what probate means, why it can be a problem or how to successfully avoid it. In this post, we will take a look at the term probate to und...
Because Congress found that over 120,000,000 Americans did not have an up-to-date estate plan, they voted in 2008 to declare the third week in October each year as National Estate Planning Awareness Week. In the resolution, the House cited a 2004 Roper poll commissioned by the American Institute ...
Over recent years, many people have purchased long term care (LTC) insurance to protect themselves against the rising costs of care in their final years. But lately, policy holders have seen their premiums rise and/or benefits decrease. Two of the largest LTC insurance companies, MetLife and Unum...
One in three Americans do not get enough sleep, and 45% of the remaining world's population doesn't either. The US Centers for Disease Control and Prevention calls that a "public health problem," because disrupted sleep is associated with a higher risk of physical and mental conditions including ...
As an elder law attorney, I frequently meet with the spouse or middle-aged, adult children of an elderly person who is hospitalized or in a nursing home due to the effects of a fall. The injuries sustained in the fall are often a main factor that results in a senior having to move to long-term ca...
Twenty years ago, Jim and Sandy, age 45 at the time, went on their first vacation without their kids since they were married. They had no planning documents in place, and had to scramble quickly to get a simple will and a power of attorney to make sure their kids would be taken care of should som...
Medicaid, the single largest source of health coverage in the United States, provides health coverage to almost 75 million Americans, including children, pregnant women, parents, seniors and individuals with disabilities. Medicaid is a federal program, but it is administered by the states. To pa...
While most hospital discharges are agreed upon by doctors and their patients, there are some circumstances when there is disagreement about whether it's time for the patient to leave. Most of those disagreements are with the insurance company or another payer who deems that patient's time is up (...
Five ways to get out of that funk and onto better things When parsing through your furniture with your soon-to-be-ex, mustering gratitude is probably not your first instinct. But a growing body of research shows that acknowledging what you have (rather than focusing on what you've lost) may be y...
How can I ensure my grandchild is cared for in the event of my death? In the past 30 years, the number of children being raised by their grandparents has doubled. United States Census reports indicate that about 6.5 million children under the age of 18 are currently living in a home that includ...
Do I need an estate plan if I am young and healthy? While most of us have a basic understanding about what the term “estate planning” means, few young adults believe estate planning is something they need to worry about. After all, your twenties are a time for fun, adventure, and figuring out w...
Guns are regulated by both federal and state law. Only certain individuals can possess and use a weapon, and failure to follow these regulations can result in criminal prosecution. Unfortunately, when the deceased passes a gun, these rules are sometimes ignored, resulting in a very different kind...
Is an irrevocable trust the right estate planning tool for me? The Michigan Qualified Dispositions in Trusts Act of 2016 recently took effect and it could benefit thousands of individuals in Michigan who want to protect their assets from creditors during their lifetime. Trusts in Michigan have ...
Powers of attorney are extremely useful documents in the event of mental incapacity. These documents are also useful in less dire situations, such as when the principal is out of the country or simply unable to sign an urgent document. Nonetheless, rumors concerning potential pitfalls with powers...
Asset protection is a wealth strategy that helps you protect your assets from creditor claims. It is useful for both individuals and businesses. Proper planning can prevent creditors from having access to some of your most valuable or precious assets. It is often used in conjunction with an estat...
Do I need long-term care insurance? As the baby boomer generation ages, the question of whether or not to purchase long-term care insurance becomes a pressing one to a greater and greater segment of the population. In considering matters like long-term care, having a skilled and knowledgeable el...
What are the particulars of long-term planning for children with special needs? Regardless of family income level, parents with special needs children have to think seriously about how the long-term requirements of their children will be met after their parents pass away. This is by no means an ...
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.