Children may have to pay for parents’ care
When an older adult racks up unpaid long-term-care bills, who’s responsible for paying the debt?In a growing number of cases, adult children are being held legally responsible for their parents’ nursing-home or other care expenses. The reason: More than half of U.S. states have “filial responsibility” laws obligating adult children to financially support their... READ MORE
Expanding tax credits for aging in place
Howard County Executive Allan H. Kittleman has proposed a bill that would expand a tax credit to help residents who are adapting their homes to “age in place.” The expansion of the preexisting Livable Homes Tax Credit is in response to recommendations from the county’s Commission on Aging.Unlike deductions or exemptions, which reduce the amount of income subject to tax,... READ MORE
Securities hotline protects you from fraud
It’s no secret that many people reach retirement with a nest egg inadequate to last the rest of their expected life. Many will be looking for investments with above-average rates of return.But higher returns requires assuming higher risk. This can make retirees especially vulnerable to fraud.Studies have shown that people start losing mental capacity after age 70. After 85, it can be... READ MORE
When your kid is a financial train wreck
Financial planners and credit counselors see plenty of examples: The grown son who lost a job, moved home and stopped looking for work. The daughter who constantly mismanaged her checking account — and turned to payday lenders when parents stopped covering her overdrafts. The father working into his 70s to support spendthrift children in their 40s and 50s.Kristi Sullivan, a certified... READ MORE
County warns residents of utilities scam
As colder temperatures begin to blow in across the region, Howard County’s Office of Consumer Protection is warning residents to be on the lookout for calls from individuals posing as representatives of local utility companies demanding immediate payment for service.This warning follows an alert issued by the Federal Communications Commission (FCC) as part of the FCC’s new,... READ MORE
What you’ll pay for Medicare next year
Dear Savvy Senior, I know there won’t be much of a cost-of-living increase in Social Security benefits next year, but what about Medicare? How will the 0.3 percent Social Security raise affect our Part B monthly premiums in 2017? ... READ MORE
Use price match to always get sale price
Kevin Brasler recalls barraging an obliging salesperson with questions about car seat safety when he was a concerned new parent.Before they checked out, Brasler and his wife found the seat they were considering for $50 less on Amazon. But they were so invested in their in-store experience that they bought from the salesperson anyway.However, they likely could have purchased the car seat at... READ MORE
Reducing the risk of outliving your assets
The markets may have recently hit a new all-time high, but if you retired in 2000, you may have already run out of money. Surprisingly, it’s a completely different story if you retired just a few years earlier or a few years later.The timing of when someone retires can have a profound effect on the performance of their accounts. Sequence risk, also known as sequence-of-returns risk,... READ MORE
Volatility in a mutual fund lowers gains
Mutual funds are the cornerstone of many investors’ portfolios. With thousands of mutual funds in the U.S. alone, choosing the right one for your retirement plan can be complicated.Consider this real-life example (names have been changed, of course, to protect confidentiality): Bob and Sally walked into my office looking for advice about mutual funds. They had narrowed their choices... READ MORE
To marry or not to marry. It’s a question
Some older couples who want social recognition for their love relationships are exchanging rings, throwing parties and holding wedding-type ceremonies. But they’re stopping short of getting legally married to avoid complications with retirement funds, property and grown children.“It was important for our friends to know we were committed to each other,” recalled Dixie... READ MORE
Money 2024
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