If someone has named you as an agent under a durable power of attorney, you’ll be allowed to handle that person’s finances. (The person who signs the power of attorney is known as the “principal”; you’ll be known as the agent or “attorney-in-fact.”) Here are answers to some questions you might have: What are my duties? You’re responsible for handling the principal’s financial affairs. Generally, you can step into his or her shoes and take whatever investment

If you’re thinking of retiring abroad, and you want to purchase (or have already purchased) long-term care insurance, be sure to read the fine print on your policy. Not all policies cover care in other countries, and even if they do, the benefits are often reduced. For example, one large insurer pays only 50 percent of the nursing home benefit if your care is received outside the U.S.

The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2016. If you itemize your deductions, you can generally claim a deduction if your premiums, together with your other unreimbursed medical expenses, amount to more than 10% of your adjusted gross income (or 7.5% if you’re 65 or older).

The U.S. Department of Veterans Affairs offers a pension benefit to low-income veterans (and their spouses) who are in a nursing home or who need help at home with everyday tasks such as dressing or bathing. The program is called “Aid and Attendance.” Unfortunately for many veterans, the government recently proposed new regulations that will tighten the qualification rules and impose a look-back period and transfer penalties similar to those under Medicaid. As a result of these changes,

A recent court decision may make it easier for seniors to use short-term, immediate annuities to qualify for Medicaid more quickly. In general, people who go to a nursing home must spend down their resources before becoming eligible for Medicaid. If you transfer your assets rather than spending them down (such as by making gifts to family members), that triggers a penalty period during which you’re ineligible for Medicaid benefits, even if you would otherwise qualify.

Two Social Security strategies that many married couples have been using to maximize their benefits are being eliminated, as a result of the federal budget deal that President Obama signed into law in November. In the past, these strategies could be worth tens of thousands of dollars over a lifetime for some couples. The fact that they are being phased out means that many seniors should take action now, before the changes take effect, to reduce the impact.

When you’re planning for Medicaid coverage of nursing home care, it’s important to take any IRAs you own into account. Medicaid applicants can retain only a small amount of assets ($2,000 in most states) in order to be eligible for benefits. Certain assets may be exempt from this rule. Whether your IRA is exempt often depends on whether it is in “payout status.” You can put your IRA into payout status starting at age 59½ if you

In most states, if you give your house to your children (or to someone else) and then apply for Medicaid coverage of nursing home care, you can be disqualified for a long period of time. That’s because you’re supposed to spend down your assets on your own care before applying for Medicaid, not give them away. But there is an important exception that allows you to give your home to your children in certain circumstances.

A new federal law will help many seniors with a costly Medicare loophole that often results in their not being covered for a stay in a nursing home. It won’t make the stay covered, but it will at least put seniors on notice if a stay isn’t covered, so they can plan accordingly and won’t be hit with a nasty surprise. Here’s the problem: Medicare covers nursing home stays for the first 20 days, so long

If you’re in the hospital, you probably want certain family members and trusted friends to be able to get information about your condition or prognosis. But to make sure this happens, you may need to plan ahead. A federal law called HIPAA (the Health Insurance Portability and Accountability Act) is designed to protect your health care privacy, and says that medical personnel can’t disclose your health care information to unauthorized people. Only a small number of people