A goal that my clients bring up in meetings time after time is that they wish to stay in their own homes for as long as possible. Many people, however, find the cost of bringing help into their homes to be daunting. Elders are increasingly turning to their adult children for in-home care. As...
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Shred Day at South Shore Bank
I just received notice that South Shore Bank will be holding a shred day at its East Bridgewater branch on Saturday, June 7th from 9:00 a.m. to noon. This event is free, open to the public, and a great eco-friendly way to safely dispose of any personal documents you no longer need. Here are...
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National Grid Billing Scam
I recently received an email from Norwell Police Chief Ted Ross warning South Shore residents about a utility billing scam. Fraudulent callers are targeting National Grid customers throughout New England. The scammers are demanding payment of alleged electric bill balances (that customers may not even owe) and are threatening to shut off their electricity...
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Michelle Singletary – She’s Done It Again
I love her columns, I really do. A few weekends ago, she nailed it once again. Read her column here where she tells older parents why they need to talk to their adult children about the care they would like as they age. Keep in mind that the cost figures she cites are...
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My Dad Died Owning Stocks – What a Pain That Was!
If you have ever had to deal with stocks that you inherited, then you know what a pain it can be to change ownership over to your name.
You probably had to:
Figure out which stock transfer agent was managing those shares (ex. Computershare),
Figure out which forms that transfer agent needed you to fill out,
Go to...
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Beware of the Binding Arbitration Agreement in the Nursing Home Admission Packet
Imagine that you’re being admitted into a nursing home. You are having trouble making decisions and managing your affairs at this point. Luckily, you planned ahead and have a Health Care Proxy in place. Your agent fills out the reams of paper that seem necessary for your admission, including a binding Agreement to Arbitrate....
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Heard at the Office: “I Don’t Need a Power of Attorney, My Spouse Can Manage My Finances for Me.”
That would be the simplest approach, but unfortunately, this is not the case. For any accounts that are joint with your spouse (usually bank accounts, like savings, checking, and CD’s), then yes, even if you are in the hospital or develop dementia, your spouse can manage those accounts.
But what about accounts...
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Questions Answered on Reverse Mortgages
The National Council on Aging, a leading nonprofit, has a good page on their website with important questions about reverse mortgages. These questions include "What’s the difference between a reverse mortgage and a regular home equity loan?" and "Aren’t reverse mortgages just scams that give money to big banks?" (no).
They...
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Shred Day in Stoughton Saturday 6/15 @ South Shore Bank
Get rid of those old financial docs. More info here.
I Want to Give My Children More Than $13,000 Per Year but Then Something-or-Other Happens with My Taxes.
Yes and no. As with many areas where money and law intersect, it all depends on your goal. Let's clear up a few things.
1. What is the $13,000 rule anyway? You can give up to $13,000 per person, anyone, not just your family, per year, without paying any gift taxes and without this affecting...
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