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How Long Does an Agent Under a Power of Attorney Need to Keep Financial Documents?

As an agent under a power of attorney, how far back do I have to keep documentation for accounting purposes? I have been my mother's agent since 2004. My mother is in a nursing home and has enough assets to pay for her care with her private funds for at least a few more years. Because of the five-year Medicaid look-back period, I have been discarding all records that go beyond five years and have been doing so on a monthly basis. Do I need to hold onto everything, no matter how old it is, just in case of an audit (for example, at the request of my siblings) or is five years of recordkeeping sufficient?

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Jumbo Reverse Mortgages Are Increasingly Available for High-Value Homes

Seniors with pricier homes now have an increased ability to get a jumbo reverse mortgage in order to raise cash for retirement. As the housing market has improved, jumbo reverse mortgages are becoming more popular even though they carry some risk.

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About to Turn 65? Your Health Insurer May Be Automatically Enrolling You in Its Own Medicare Plan

Some Medicare-age people are having important Medicare enrollment choices made for them, often without their knowledge.

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Should My Mother Stop Paying Her Credit Card Debt Now that She Is in a Nursing Home and on Medicaid?

My mother, who is now in a nursing home, has outstanding debt on her credit cards. Her only source of income is Social Security and a pension. Medicaid requires that this income go to the nursing home. What should she do about the credit cards? Should she stop paying them off?

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Fighting Nursing Home Discrimination Against Medicaid Recipients

While it is illegal for a nursing home to discriminate against a Medicaid recipient, it still happens. To prevent such discrimination, nursing home residents and their families need to know their rights.

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Are the Proceeds from a Medicaid Recipient's Life Insurance Policy Subject to Estate Recovery?

My mom has an individual whole life insurance policy. Her current policy has a death benefit of $30,000 and no cash value. Medicaid has been paying for her care. When she passes away, will the state be able to take the proceeds from the life insurance that would be paid out to her beneficiaries?

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Who Gets Paid First When a Medicaid Recipient Dies -- the Mortgage Holder or the State?

In the settlement of Medicaid claims following the death of a nursing home resident, which debt is considered the superior or higher priority debt? After the sale of a home with an outstanding mortgage, the bank holding the mortgage is supposed to be paid before any other creditors or beneficiaries. But if debts due the state to repay a Medicaid lien are top priority, does the bank loose its status as the superior creditor?

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What Is Undue Influence?

Saying that there has been "undue influence" is often used as a reason to contest a will or estate plan, but what does it mean?

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