Full service retirement communities are growing in popularity. Commonly known as continuing care retirement communities, or C.C.R.C., these communities promise that its residents can stay for their entire life. Entrance fees can range from a few hundred thousand dollars to more than a million. But what happens if after you have lived there for 10 or 20 years and the owner goes bankrupt or has to raise it fees or reduce services? A recent N.Y. Times article: “7 Ways to Judge a Retirement Community’s Financial Health” offers several keys to consider when looking into the finances of a C.C.R.C. These include: More
- Changes in Elder Law
- Estate Planning Documents
- Long Term Care Insurance
- Plan Your Estate
- Senior Care
- Social Security
- Special Needs Trust
- Veteran's Benefits
Some retirees in China are living in resorts. About an hour from downtown Shanghai, seniors reside in a complex with 2,000 households, a hospital, a worship space, a gym, and a cinema. In order to get in, seniors must buy life insurance from a company called Taikang Life Insurance Co.
According to a Wall Street Journal article, China’s insurance companies have spent $10 billion on retirement communities. The goal is to find a way to care for the 1.4 billion Chinese who will be 60 or older by 2050. Due to the government policy restricting children, the country is not prepared to care for the aging population. More
Planning for our future incapacity is something no one wants to do. Yet new research, found that avoiding planning ahead is an especially serious problem in the elderly. Olivia S Mitchell, a professor of insurance/risk management and business economics/policy at the Wharton School of the University of Pennsylvania described her research findings in the Wall Street Journal.
Mitchell found that one reason seniors avoid planning ahead is because they become increasingly impatient with age. For example, seniors in the study were asked the following question:
“Suppose you were given the choice between receiving a payment today or a payment in 12 months. Would you rather receive $100 today or $154 in 12 months?” More
A new regulation from the Financial Industry Regulatory Authority (FINRA) went into effect earlier this month, as reported by Investment News. It requires that brokers attempt to find a trusted contact person if they fear a client is suffering from mental incapacity or is the victim of a scam. This regulation is meant to target elder abuse. A trusted contact person should be listed at the time an account is opened or during account updates with existing clients.
The FINRA rule protects brokers from liability if they stop disbursements from a client’s account. The hold can last an initial 15 days and then be extended another 10. More