1. Articles in category: Vulnerable Adults

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    1. The most likely cause of financial ruin — and few prepare for it

      Clients are advised to have considerable savings for their future health care expenses, as most bankruptcies are caused by staggering medical costs, according to this article on MarketWatch. Even middle-class households who have health insurance are at risk, as a researcher points out that they are the ones who filed for the most bankruptcies.

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    2. When taking Social Security at 62 could be wise

      Higher-income seniors will be better off collecting Social Security benefits as early as age 62 than delaying their benefits, writes an investment adviser representative on Fox Business. That’s because deferring the benefits would force them to take substantial distributions from their investment accounts, which could push them to a higher tax bracket, explains the expert.

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    3. A new special needs planning approach under the tax overhaul

      The financial costs of caring for a loved one with special needs can be staggering.

      While the exact costs vary upon the type of condition and level of care, a condition such as autism can require lifetime support costing upwards of $2.3 million, according to the advocacy and support organization Autism Speaks. For your clients with family members affected by a disability, what is their plan to pay for this care?

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    4. This is what happens to the finances of addicts and their families

      This is what happens to the finances of addicts and their families

      If you’ve seen the recent movies “Beautiful Boy” or “Ben Is Back,” you’ve learned about the pain parents experience when their grown child becomes an addict. But what the films don’t talk much about, and what’s rarely discussed, is the devastation addiction can do to the finances of the people with substance abuse disorders — and their loved ones.

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    5. People who saved for retirement are being punished by Social Security taxes

      The number of retirees paying federal income taxes on a portion of their Social Security benefits increased to more than 50% from just 10% when the law taxing the benefits was enacted in 1983, according to this opinion column from MarketWatch. The increase can be attributed to lawmakers' failure to index the taxation on inflation, explains the writer. "We’re punishing people who saved for retirement.

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    6. Are there advantages to signing up for Social Security and Medicare at the same time?

      Filing Social Security and signing up for Medicare at the same time could be a great strategy for seniors, as retirees would avoid an increase in Medicare premiums if they are already on Social Security, according to this article on personal finance website Motley Fool. However, while retirees can sign up for Medicare at age 65, filing for Social Security before full retirement age could mean reduced benefits.

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    7. Speed of revolving door between SEC and private sector is shocking, says expert on regulatory capture

      Speed of revolving door between SEC and private sector is shocking, says expert on regulatory capture

      The revolving door at the Securities and Exchange Commission is making it difficult for an already embattled regulator to fight the excesses of Corporate America, a leading scholar on the subject says.

      Luigi Zingales is an economist, a professor of entrepreneurship and finance at the University of Chicago’s Booth School of Business and the director of the Stigler Center for the Study of the Economy and the State whose mission is “to promote and disseminate research on regulatory capture, crony capitalism, and the various distortions that special interest groups impose on capitalism.”

       

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    8. I’m 81 and signed over my life savings to my son to manage my finances, but he told me he’s keeping it

      I’m 81 and signed over my life savings to my son to manage my finances, but he told me he’s keeping it

      For many years now I am reading your stories about fellow human beings in trouble. Never would I have thought that I would need your help too.

      I am an 81-year old disabled senior who worked very hard all my life, never took vacations or spent money on myself. After my divorce in 1964 I raised my son alone and always took priority in caring for him and saving money, just in case that something happened to me and he would be alone.

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    9. New tax bill would remove age limit on IRA contributions

      House Ways and Means Committee Chair Kevin Brady, R-Texas, unveiled legislation that would make changes to the IRS and rules on retirement savings, according to this article on MarketWatch. The bill includes provisions that would allow retirees to continue contributing to their IRAs past the age of 70 1/2, but would still require them to take mandatory distributions as soon as they reach that age.

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    10. How seniors can avoid these common scams

      The grandparent scam, sweepstakes scam, the Medicare scam and the mortgage scam are among the common fraudulent schemes that prey on older people, writes an expert for MarketWatch. "Older adults are often too embarrassed to tell authorities or a family member they have been scammed," writes the expert. "Talk to the seniors in your life and let them know they can confide in you and let you know if they have been scammed."

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    11. Advising for Longevity: Why Advisors Must Consider Older Clients’ Health Issues

      Advising for Longevity: Why Advisors Must Consider Older Clients’ Health Issues

      Your clients are getting ready for retirement. You’ve done the calculations, balanced the portfolio and advised them of what income to expect. You’ve discussed how much spending is ok. You used your program and your analysis was thorough. You’ve done your job, right?

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    12. Estate planning answers for 'hard' assets like art, heirlooms

      When leaving heirlooms and other illiquid assets to loved ones, seniors should allow the heirs to inherit the items instead of liquidating them, writes an expert on Kiplinger. "Illiquid assets receive a step-up in cost basis that alleviates some of the capital gains tax burden even if the inheritors sell it," writes the expert.

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    13. My 94-year-old mother-in-law racked up $68,000 in debt—or someone did it for her

      My 94-year-old mother-in-law racked up $68,000 in debt—or someone did it for her

      My 94 year-old mother-in-law has an unusual amount of debt for someone her age.

      She owned her Michigan home free and clear before she opted for a home equity line of credit (around 2009, I think), which now has a balance of roughly $43,000. And she definitely does not understand the complex details of the variable rates, the principal locks, etc. The market value of this home is very likely worth less than $20,000 maximum.

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