The last thing anyone wants after a death in the family is calls from debt collectors. So it’s important to know what a person’s creditors can (and cannot) legally do, and how to protect yourself and your family from improper or deceptive practices. Generally, after people die, their estate is responsible for paying any debts they may have left. If the estate doesn’t have enough money to pay a debt, then the creditor is out of

Sometimes Medicare will decide that a particular treatment or service isn’t covered, and will deny your claim. The good news is that if you believe you should have been paid, you can appeal. The federal government makes the general rules for Medicare, but the day-to-day administration is handled by private insurance companies that contract with the government. In addition, the government contracts with committees of physicians who decide the appropriateness of care received by most Medicare

Have you been officially asked to manage someone else’s money? For example, have you been named as an agent under a power of attorney, or a trustee of a trust? As our society ages, more and more people are being asked to take on these roles, but they can be daunting. In order to help, the U.S. Consumer Financial Protection Bureau has published four free guides, under the general title Managing Someone Else’s Money. The guides are

The federal government has tightened the rules on reverse mortgages, making it harder for some seniors to get these types of loans and reducing the amount of a home’s value that can be tapped. Reverse mortgages allow elders who are house-rich but cash-poor to use their housing equity. Homeowners who are at least 62 years old may use the equity in their home to obtain a loan that doesn’t have to be repaid until the homeowner moves,

A revocable or “living” trust can be a great way to avoid probate, manage your assets if you become impaired, and protect your family’s privacy. If you have one, it’s a good idea to review it every few years to make sure that it still meets your goals and is up-to-date with the law. The most important questions involve which assets are in the trust and what will become of them if something should happen to

Javier Castro was in the hospital and wanted to write a will. Because there was no paper handy, he used a Samsung Galaxy tablet computer and signed the will using the tablet’s stylus. His brothers also signed as witnesses. After Javier’s death, his family printed out the will and submitted it to probate in Ohio. A judge accepted the will, finding that it met the requirements of Ohio law, which are that a will be in

In order to qualify for Medicaid in most states, you can’t have more than $2,000 in “countable” assets. When calculating their total assets, many people overlook life insurance, which can count as an asset depending on the type of insurance and the value of the policy. Life insurance policies are usually either “term” or “whole life.” Term policies don’t count as an asset – and won’t affect Medicaid eligibility – because they don’t have an accumulated

The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2014. 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 maximum amount of the premiums you can deduct each year depends on your

Many middle-income people have too much money to qualify for Medicaid, but can’t afford a pricey long-term care insurance policy. In an effort to encourage more people to buy long-term care insurance, Congress created something called the “Qualified State Long-Term Care Partnership” program. In states that offer the program, you can buy special long-term care policies that allow you to protect your assets and still qualify for Medicaid when the long-term care policy runs out. Here’s

A federal court has thrown a life preserver to some surviving spouses who are facing foreclosure due to an “underwater” reverse mortgage. In a traditional mortgage, you borrow money against your house and pay it back in monthly installments over time. With a reverse mortgage, you borrow money against your house, but you don’t have to pay it back until you die, sell the house, or move – which means you don’t owe anything as long