Keystone Law Firm - December 2018

5 Common Financial Struggles for Seniors


Planning for and navigating retirement is the most pressing financial concern for older adults. While understanding how to budget and spend as you approach and enter retirement is crucial, it’s far from the only issue that seniors face. Last year, a report from the Consumer Financial Protection Bureau (CFPB) investigated the most commonly reported complaints the organization had received from adults age 62 and older. Aside from retirement savings, here are the five major issues reported by seniors. Debt The number of seniors and retirees with debt is at an all-time high. Many seniors carry excessive debt in order to ease the burden on their children and grandchildren. Some still have student debt from their college years or other outstanding loans. Others turn to credit cards to defray a surprise cost like a medical emergency. If you’re in danger of falling behind on payments, contact your lenders before opening a new credit account. Reverse Mortgages Many seniors have reverse mortgages, which allow them to buy into home equity provided they repay it when the property is sold. In this mortgage structure, however, people still need to pay property taxes and homeowner’s insurance. These mortgages can end up being a trap for seniors, which is why Jean Setzfand, a senior vice president at AARP, refers to them as a last resort. You’ve trusted Keystone Law Firm to put the proper arrangements in place for your family following your death; now we want to expand that level of trust while you’re still living. We recently announced the addition of family law to our practice, and we’ve recruited trustworthy experts to help you and your family through a variety of issues. Learn more about the services we now provide below. Ending a Marriage: No one enters a marriage expecting it to end, but sometimes severing a relationship with your spouse is the best option. Annulments, divorce, legal separations, spousal maintenance, and life partnership issues are now part of our legal expertise. We’ll help you understand the intricate details of Arizona law and provide you with resources to help you cope and heal. Parental Rights: Being a parent is complicated enough without legal trouble, but if you’re struggling through child custody and support, grandparents’ rights, minor guardianships, parental termination, paternity, and life partnership parental rights, our legal team can help you. Whether you’re looking to find a fair custody agreement or you’re considering adoption, our guidance extends to the people in your life who mean the most to you: your children. MoreWays to Help WHAT OUR FIRM CAN DO FOR YOUR FAMILY

Scams and Identity Theft Sadly, many identity thieves and cybercriminals target the elderly. While your credit report can be corrected after such an event, many seniors are unequipped to deal with the process. The best defense is to check your statements often to ensure that any foul behavior is caught as early as possible. Confusion Regarding Fees Many seniors reported charges they didn’t understand to the CFPB. Often, they were signed up for subscriptions they didn’t use or weren’t sure how interest was being calculated. As with identity theft, monitoring your statements for unusual charges is the best way to avoid this source of stress. Loss of a Spouse The loss of a spouse presents challenges much greater than the financial burden, but that is often a major part of navigating the death of your partner. Accessing bank accounts and other assets can prove difficult, especially if it was the deceased who primarily managed the finances. Working with a financial planner or elder law attorney can help make this process less daunting.

Everything in Between: Family law covers familial difficulties that many don’t understand how to navigate until they are trudging through them. We recognize that your case isn’t clear-cut, so we also provide legal support through mediations, modifications, property divisions, protective orders, and relocations. If something surprising comes up in your case, we’ll be prepared to help you manage it. Multiple Issues: Every case is different. Parental cases can be complicated, and splitting one life into two can cause painful uncertainty. We understand that you may sometimes need our counsel for many different legal complications you’re facing within family law. This will set you up with the most supportive foundation for success once your case is closed. Family law is complex, and we know how confusing and stressful this transition can be. Let us help you get the rights you and your family deserve and learn more about what our family law services can do for you by visiting

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