Money and Property Resources for Older Adults
Aging adults and their families often have questions about money and financial matters. Questions such as “who will pay for the right care?" or “how should our finances be handled?" are often important topics that need to be addressed.
This page contains links to information about older Americans' money, finances, and property assets.
You can find tips for setting up a power of attorney, information on estate planning, and things to look out for to prevent financial scams among older adults.
Financial Benefits for Older Adults
Older adult households often have higher net worth than their younger adult counterparts. Between the ages of 50 and 80, many households double their net worth. They often own their homes outright and no longer have mortgage payments. Medicaid and Medicare will have started paying out benefits, and adult children are no longer dependent on their older adult parents.
These factors (and any fixed income along the way) can place older adults in an advantageous position to choose their living situation.
Other times, a lifetime of home loans, debt, and financial concerns may put older adults at a disadvantage, and they must rely on their adult children to manage living arrangements and health care costs.
Legal Forms and Processes for Financial Protection
- Help a Loved One Make a Power of Attorney: Find information on setting up a power of attorney to assist with older adults' health care and financial wishes.
- Find DIY power of attorney forms to help an older adult complete the process from home.
- Power of Attorney for Financial Matters: Step-by-step guide for setting up a power of attorney in your family member's name.
- Passwords, Access Codes, and Pin Numbers: Learn ways to keep track of important bank accounts, credit cards, and financial data for your family member.
- Personal Retirement Accounts and Your Family: Explains what to do with assets in a retirement account after a loved one dies.
- Consumer Protection Resources: Listing of state, county, and city government offices to contact in the case of suspected older adult fraud.
- Social Security and Retirement: Links to various federal, nongovernment, and FindLaw retirement resources, including an online social security benefits estimator and multilingual resources.
Real Estate: What Is a Reverse Mortgage?
You can learn about the basics of a reserve mortgage if the term is new to you. The features and types of reserve mortgages are helpful to understand so you know if the option is right for you or your loved one.
Homeowners remain responsible for property taxes in a reverse mortgage, but there are many benefits to pursuing this arrangement. Senior citizen homeowners can also learn about home equity loan basics and what they can borrow from lenders.
Cost of Nursing Homes or Assisted Living
The average cost of assisted living and nursing home care is rising. A private room can cost over $108,000 a year. Caregivers and older adult loved ones should understand the amount of money needed for long-term care and who will pay for it.
Limited incomes or eligibility for benefits can be deciding factors in where older adults live out their remaining years.
Unsure Where To Start?
Many older adult law attorneys offer free consultations. They can discuss your situation and help you understand the next steps. If the issue is not legal, you may want to consider a financial advisor who works with retirees or older adults.
Can I Solve This on My Own or Do I Need an Attorney?
- Complex money situations usually require a lawyer
- A lawyer can reduce the chances of a family dispute
- DIY is possible in some simple cases
- You can always have an attorney review your form
Get tailored advice and ask your legal questions. Many attorneys offer free consultations.