What is Guardianship? Guardianship is a legal relationship in which a person, known as a guardian, is appointed by a court to make decisions on behalf of another person who is unable to make decisions for themselves. This person is typically a minor child, an incapacitated adult, or an elderly individual who is no longer … Read more
What is Spousal Support? Spousal support, also known as alimony or spousal maintenance, is a legal obligation for one spouse to provide financial support to the other spouse during or after a divorce or separation. This support is typically paid on a regular basis and is intended to help the recipient spouse maintain a standard … Read more
What is an Advanced Directive? An Advanced Directive is a legal document that allows individuals to outline their preferences for medical treatment and end-of-life care in the event that they are unable to communicate their wishes. This document ensures that a person’s healthcare decisions are respected and followed, even if they are incapacitated or unable … Read more
I. What are Estate Taxes? Estate taxes, also known as inheritance taxes or death taxes, are taxes imposed on the transfer of a deceased person’s estate to their heirs or beneficiaries. These taxes are typically levied on the total value of the estate, including assets such as real estate, cash, investments, and personal belongings. The … Read more
What is Medicare? Medicare is a federal health insurance program in the United States that provides coverage for individuals who are 65 years old or older, as well as certain younger individuals with disabilities. It was established in 1965 and is administered by the Centers for Medicare & Medicaid Services (CMS). Medicare helps cover a … Read more
What is the Community Spouse Resource Allowance (CSRA)? The Community Spouse Resource Allowance (CSRA) is a term used in Medicaid planning to refer to the amount of assets that a spouse who is not applying for Medicaid can retain while their partner is receiving Medicaid benefits for long-term care. The CSRA is designed to prevent … Read more
What is Fiduciary Responsibility? Fiduciary responsibility refers to the legal obligation of an individual or entity to act in the best interest of another party. This duty is based on trust, confidence, and reliance between the parties involved. Fiduciaries are expected to prioritize the interests of those they serve over their own personal interests and … Read more
I. What are Senior Citizen Discounts? Senior citizen discounts are special offers and deals provided by businesses to individuals who are of a certain age, typically 65 years old or older. These discounts are designed to help seniors save money on a variety of products and services, ranging from groceries and dining to travel and … Read more
I. What are Annuities? Annuities are financial products that are typically used as a form of retirement income. They are contracts between an individual and an insurance company, where the individual makes a lump-sum payment or a series of payments to the insurance company in exchange for regular payments in the future. These regular payments … Read more
I. What is a Home Equity Conversion Mortgage (HECM)? A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that allows homeowners who are 62 years of age or older to convert a portion of their home equity into cash. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, … Read more