Dear Magic, My wife and I are planning to do our estate planning soon. We want to leave our money, property and valuables to our children. They are teenagers now. What’s the best way to do so? Should we leave our money to our children outright or … [Continue reading]
Are Changes on the Horizon for Long-Term Care Insurance?
As we get older, many of us will need long-term care. In fact, the statistic hasn’t changed — 70% of Americans 65 and over will need some type of long-term care in their lifetime. This could mean a nursing home stay, home healthcare, or a stay at an … [Continue reading]
Choosing a Nursing Home for a Loved One During the Coronavirus Pandemic
Q. My mother has dementia and seems to be declining rapidly. Her needs are becoming more than my father and I, and a nurse’s aide, can handle at home. We’ve decided the time has come to consider nursing home care. All of the news stories I have read … [Continue reading]
Virginia’s Nursing Homes Prepare for New Testing Requirement
Dear Angel, My father is in a nursing home in Spotsylvania County. I am concerned about his safety during the coronavirus pandemic. One concern is staff coming to work sick or asymptomatic, which happened in a nursing home where his friend … [Continue reading]
Will Medicare Cover Alzheimer’s Brain Scans?
In the past few months, Julia has noticed that her mother, Betsy, has become increasingly forgetful. Betsy’s memory loss started out mild, including losing her keys and forgetting the day of the week, but is beginning to disrupt her daily life. She … [Continue reading]
Extra Financial Assistance for Caregivers at This Time
Dear Oakley, I am a caregiver for my aunt who has dementia, and who is also a veteran. I used to work part-time in addition to caregiving, but lost my job during the COVID-19 pandemic. Do you know of any extra financial assistance programs during … [Continue reading]
Now May Be a Good Time to withdraw $100K from Your Retirement Accounts, Penalty-Free!
Q. My wife, Patty, and I are in our late 50’s and have been hit hard by COVID-19. Luckily, neither of us got the virus, but financially, we have been struggling. I got furloughed from my job and Patty teaches yoga, and the yoga studio where she … [Continue reading]
The Six Characteristics of Reaching Age 100
Catherine is a 98 year old grandmother of six and great grandmother of 10. She hopes to live for another couple of decades to see her great grandchildren graduate from college, get married, and have children of their own. No one in her family has … [Continue reading]
Do Middle Class People Set Up Trust Funds?
Q. My mother is considering setting up trust funds for her grandchildren, hoping to give them a solid head start on adulthood when the time comes. She would like to provide them with guaranteed financial security later in life and help cover the … [Continue reading]
Protecting Our Daughter’s Inheritance If She Gets Divorced
Dear Magic, Our daughter got married a couple years ago, but she doesn’t seem happy. Her husband goes out a lot, drinks too much, and gambles regularly. He also spends nearly every dollar he brings in. We have a sizable inheritance to leave to our … [Continue reading]
Can a Flu Shot Reduce Your Risk of Alzheimer’s? Get a Flu or Pneumonia Shot!
Every year, Marion contemplates whether to get her flu shot. She hasn’t gotten one in the past, but then again, she hasn’t had the flu for nearly five years. This year she is also eligible for a no-cost pneumonia vaccine through Medicare. New … [Continue reading]
Virginia, Maryland, and DC Now Allow Visitors in Nursing Homes and Assisted Living Facilities
Q. Last month, we had a scare when the nursing home where my mother, Marcia (85), who has dementia, resides called and said that she stopped eating and seems depressed and withdrawn. Although she doesn’t quite know who we are, my mother used to light … [Continue reading]
Are Teachers and Other Frontline Workers Rushing to Do Estate Planning?
Dear Ernie and Jannette, I recently saw in many publications, including CNN and Newsweek, that teachers and other frontline workers (including dental hygienists, flight attendants, and others) are rushing to do estate planning. Have you found this … [Continue reading]
Lessons Learned from a Doctor Who Became a Caregiver
Dr. Gerard Mullin, a gastroenterologist at Johns Hopkins Hospital in Baltimore, served as the primary caregiver at different times for both of his parents. His father had a complication after surgery for a minor procedure and Dr. Mullin cared for him … [Continue reading]
Early-Onset Dementia is Surging, Recent Study Finds
Q. My sister, Abigail, is 45 and complains of memory loss. She often repeats herself, asking the same questions over and over again and has trouble coming up with desired words in a conversation. The last time I visited her at her home, she was … [Continue reading]
Keeping Your Brain Healthy
Dear Magic, I have read that early-onset dementia has become a lot more prevalent. I am concerned because I am 52 and very forgetful. I know there is no known way to prevent dementia from happening, if it’s going to happen. But what are some … [Continue reading]
How Having a Special Needs Loved One Affects Estate Planning and Retirement Planning
Q. Our daughter, Sophie, has an Autism Spectrum Disorder (ASD). She is verbal, but needs lots of help academically and with her social skills. She may not be able to live independently when she becomes an adult. When it comes to retirement planning, … [Continue reading]
When a Loved One or Pet is Distressed by Fireworks
Dear Hayek, Tomorrow is the 4th of July and despite the coronavirus, I heard that our new neighbors will be putting on a big fireworks display. I'm concerned about my husband, who has dementia, and our senior dog, Hodge. What are some ways to deal … [Continue reading]
Virginia Allocates $246 million to Help Long-term Care Facilities After COVID-19 Pandemic
At a retirement community in Springfield, the last scheduled event that Lea (88) attended was a Valentine’s Day dance in February. Since then, there have been no more potluck dinners, card games, special outings, or other social activities scheduled … [Continue reading]
Understanding the Changing RMD Landscape in 2020
Q. I understand that the rules for Required Minimum Distributions (RMDs) from workplace retirement plans and individual retirement accounts have changed this year due to the SECURE Act earlier in the year and the recently enacted CARES Act. This … [Continue reading]
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