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Why Won’t IRS and Social Security Administration Like My Power of Attorney?
Western and Central Pennsylvania Elder Law and Long Term Care
Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf, when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important instances when the power of attorney (POA) won’t be recognized and followed.
Advocates are celebrating an important victory for individuals who provide care for their parents at home. The new decision will likely lead to a substantial expansion in the number of homes transferred to those caregivers.
Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by the financial services company HSBC.
Medicare is designed to help pay for healthcare costs for seniors once they turn 65. While it covers a number of healthcare expenses, it doesn’t apply to costs associated with long-term care in a nursing home.
Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.
Many people transitioning into an elderly life start to require assistance in their everyday lives, especially if they suffer from a chronic or end-of-life medical condition. They need help for tasks, including bathing and eating.
Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.
Many families have experienced the rollercoaster of emotions watching a loved one slowly start to subside to dementia or Alzheimer’s, but it’s important to realize that you and your loved ones are not alone.
According to Pew Research, roughly 13 percent of self-employed workers in single-person firms reported participating in retirement plans at their current jobs, compared to almost three-quarters of traditional workers.
Medicare data reveals which chronic conditions make seniors especially vulnerable to ending up in the hospital due to the coronavirus.
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