Voice Cloning Scam – Part 2
In my post last week I told you about a financial scam involving artificial intelligence (AI). This type of imposter scam is expected to result in losses approaching $2.6 billion. As I explained, voice cloning has become very easy to do with technological advances. A distressed call from a family member can sound
Voice Cloning Scam – Part 1
I most recently wrote about financial scams in this blog back in October but a recent story on the tv news caught my eye. I wanted to share it here as another example of the “dark side” of technology to which seniors especially can be susceptible. It involves voice cloning. Advances
Protecting Your Money If Your Bank Fails – Part 2
In my blog post last week I began discussing the subject of FDIC insurance, a topic on many people’s minds in light of the recent bank failures. I discussed the types of accounts that are covered by the insurance. I also explained that there is a limit of $250,000 of insurance per
Protecting Your Money If Your Bank Fails – Part 1
As many readers of this blog know, our office concentrates much of our practice on long term care planning as well as estate planning, including planning for younger families. I have always found that our older clients seem to be more aware of FDIC insurance that protects their bank accounts than
Proposed Financial Elder Abuse Legislation – Part 3
The subject of my last two posts has been a proposed piece of legislation introduced by 2 New Jersey legislators in response to a couple of cases reported upon in the media in which seniors were moved into long term care facilities and their asset taken from them by individuals
Financial Elder Abuse Legislation – Part 2
In my post last week, I wrote about a type of financial fraud targeting the elderly that caught the attention of two New Jersey legislators. In two cases that were reported upon by the media, a man working with a nursing home convinced 2 seniors to sign powers of attorney appointing
Proposed Financial Elder Abuse Legislation – Part 1
There was a movie released a couple of years ago with Rosamund Pike called “I Care A Lot”. The main character finds elderly people without close family who are living alone. With the assistance of a doctor who examines and certifies that the senior is incompetent and in need of assistance, she petitions
SECURE Act 2.0
At the end of 2019 Congress passed the SECURE Act which contained a number of changes to retirement accounts that I detailed in several blog posts in 2020 and then again in 2021 and 2022 as follow up regulations addressed some unanswered questions. Congress continued to tinker with IRAs and
2023 VA Aid and Attendance Numbers
In this week’s post I will review the updated numbers for 2023 for the VA program that provides a benefit to wartime veterans and their spouses. Known as the VA Aid and Attendance program, this benefit provides a special pension to eligible applicants who need long term care. The maximum pension
2023 Medicaid Numbers
Last month in this blog I updated you on some of the new Social Security and Medicare numbers for 2023. The recently announced cost of living adjustment (COLA) of 8.7% has resulted in another big jump in benefits for the second year. Many other federal programs are tied to the