Although 26% of people in the United States have a disability, only 6% of housing meets basic accessibility requirements. 2 in 5 older adults experience a disability, and 1 in 5 adults are expected to be over 65 by 2030.Many people with disabilities struggle to afford housing that meets their needs. For those receiving Supplemental Security Insurance (SSI), the cost of rent for a modest apartment in many areas can exceed their income, the National Low Income Housing Coalition reports.When accessible residences are unavailable, individuals may feel institutionalized living is their only option. Yet most would prefer to reside in community settings.Features of accessible housing include lowered counters, widened doorways, and zero-step showers. Adaptable housing can be modified to suit the needs of those with disabilities.Location is also important for accessibility. Reasonably priced housing in communities with inexpensive public transportation and walkable or rollable sidewalks promote independence and allow individuals to remain active in their communities. Living and engaging with ones community can also prevent isolation and loneliness.In an effort to address the need for accessible and affordable housing for people with disabilities, Senator Bob Casey (D-PA) introduced the Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act in April 2023. This legislation aims to increase investment in the federal Low-Income Housing Tax Credit (LIHTC) Program to address the housing needs of aging people and individuals with disabilities.The Low-Income Housing Tax Credit (LIHTC) ProgramThe LIHTC program incentivizes developers to build new housing for low-income renters through tax credits. Individuals can obtain LIHTC units when they meet location-specific income requirements.The VITAL Act modifies the LIHTC program to increase the number of accessible homes and residences in navigable communities. This would provide more residential options for adults with disabilities, helping them remain in communities.Highlights of the VITAL ActIf adopted, the VITAL Act would change the LIHTC program in the following ways:It would increase the overall funding for LIHTC for both the 4 percent and the 9 percent tax credits.The 4 percent tax credit, known as the 30 percent subsidy, supports the rehabilitation of existing buildings or new construction financed by tax-exempt bonds. The Act would decrease the tax-exempt bond financing requirement from 50 percent to 25 percent, allowing states to allocate more 4 percent credits for building rehabilitations.The 9 percent tax credit, known as the 70 percent subsidy, which supports new construction and substantial rehabilitation without federal support, would increase 50 percent over the 2021 leveThe Act would make more funding available for developers who build units for those with disabilities in accessible communities. It would give 130 percent more credits to developers who create adaptable and accessible units in areas with good EPA walkability scores. Developers would therefore pay fewer taxes.The legislation would impose requirements on the percentage of accessible units constructed under LIHTC in a three-year period.Forty percent must be adaptable and accessible for residents with disabilities. Or, if these units are located in walkable and rollable areas, states may lower the minimum to 20 percent. This incentivizes creating units in navigable areas, improving residents quality of life. The program would give each state housing finance authority $150,000 annually. The funds would support the creation of LITHC resource centers for new and nonprofit developers. The VITAL Act would establish a housing national advisory council. Comprising community-based organizations, housing developers, state housing finance agencies, investors, and the research community, this council would report on national trends and best practices for the program. The report would be available to states and the Secretary of Housing and Urban Development to review every three years.If the VITAL Act becomes law, it could help support the housing needs of the aging and disabled population. If you have questions, contact Sharek Law Office at 412-347-1731 or click here to schedule a complimentary 15-Minute Call with our staff to learn more about applying for LIHTC housing. This article is a service of Sharek Law Office, LLC. We dont just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than youve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge. Please note this is educational content only and is not intended to act as legal advice.

If you're looking to collect life insurance proceeds as the policys beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved ones death, it can feel as if your entire world is falling apart, so its helpful to understand exactly what steps you need to take to access the insurance funds as quickly and easily as possible.Not to mention, if youve been dependent on the person who died for financial support and/or you are responsible for paying for the funeral or other expenses, the need to access insurance money can be downright urgent. Plus, unlike other assets, an estates executor typically isnt involved with collecting life insurance proceeds, since benefits pass directly to a beneficiary, so this is something you will need to handle yourself. With this in mind, weve outlined the typical procedure for claiming and collecting life insurance proceeds, along with discussing how beneficiaries can deal with common hiccups in the process. However, because all life insurance policies are different and some involve more complexities than others, consult with us, your Personal Family Lawyer if you need any support or guidance.Filing A ClaimDeath benefits are not automatically paid out from a life insurance policy. In order to collect the proceeds, you must first file a claim with the life insurance company. But before you start the claims process, you must first identify the beneficiary of the policy: are you the beneficiary, or is the policy set up to be paid to a trust?We often recommend that life insurance proceeds be paid to a trust, not outright to a beneficiary. This way, the life insurance proceeds are protected from lawsuits, creditors, and even a divorce that a beneficiary may be involved with at the time they collect the funds.In the event a trust is the beneficiary, contact us, your Personal Family Lawyer, so we can create a certificate of trust that you (or the trustee, if the trustee is someone other than you) can send to the life insurance company, along with a death certificate, when it becomes available.In any case, you (or the trustee) will notify the insurance company of the policyholders death, either by contacting a local agent or by following the instructions on the insurance companys website. If the policy was provided through an employer, you may need to contact the insureds workplace first, so they can put you in touch with the appropriate insurance representative.Many insurance companies allow you to report the death over the phone or by sending in a simple form and do not require the actual death certificate at this stage. Depending on the cause of death, it can sometimes take weeks for the death certificate to be available, so this simplified reporting option can dramatically speed up the process.From there, the insurance company typically sends the beneficiary more detailed forms to fill out, along with further instructions about how to proceed. Some of the information youre likely to be asked to provide during the claims process include the insureds date of birth, date and place of death, their Social Security number, marital status, address, as well as other personal data.Your states vital records office creates the death certificate, and it will either send the certificate directly to you or route it through your funeral/mortuary provider. Once youve received a certified copy of the death certificate, youll need to send it to the insurance company, along with all of the other forms the insurance company requires you to complete.Multiple BeneficiariesIf more than one adult beneficiary was named, each person should provide his or her own signed and notarized claim form. If any of the primary beneficiaries died before the policyholder, an alternate/contingent beneficiary can claim the proceeds. In that case, however, he or she will need to send in the death certificates of both the policyholder and the primary beneficiary.Minor BeneficiariesAlthough policyholders are free to name anyone as a beneficiary, when minor children are named, it creates serious complications, since insurance companies will not allow a minor to receive life insurance benefits directly until they reach the age of majority, which varies between statesin some its 18, and others its 21.If a minor child is named as a beneficiary, you would need to go to court to be named as the child's legal guardian in order to manage the funds until the child comes of ageand this is the case even if youre the childs natural parent. This is because unless you are specifically named as the guardian of the minors estate, you are not automatically considered the guardian of the childs financial assets, even as their parent. This is why you should never name a minor child as a life insurance beneficiary, even as a backup to the primary beneficiary. Rather than naming a minor as the beneficiary, its often better to set up a trust to receive the proceeds. In that case, the proceeds are paid into the trust, and whomever is named as trustee will collect the insurance proceeds and manage the funds for the childs benefit until he or she comes of age. Moreover, within the terms of the trust, you can also spell out exactly how youd like the trustee to manage the money for the child and even how the child can use the funds once theyve reached adulthood.In any case, you should consult with us, your Personal Family Lawyer to determine the best options for passing on your life insurance benefits and other assets to minor children. Insurance Claim PaymentsProvided you fill out the forms properly and include a certified copy of the death certificate, insurance companies typically pay out life insurance claims fairly quickly. In fact, some claims are paid within one to two weeks of the start of the process, and rarely do claims take more than 60 days to be paid. Most insurance companies will offer you the option to collect the proceeds via a mailed check or transfer the funds electronically directly to your account.Delayed PayoutsThe payout of life insurance proceeds can be delayed for a number of reasons. Beneficiaries often face delays if the policyholder dies within two years of the policy being issued. This is due to the fact that most life insurance policies contain a contestability period. Most contestability periods are typically between one to two years, and if the insured dies during this period, the insurance company can investigate the claim to ensure that the policyholder didnt commit fraud on the policy application by lying about underlying health problems, family medical history, or other conditions.That said, provided the insurance company doesnt discover fraud or other issues with the application, it will most likely pay the claim once the investigation is wrapped up. If problems with the application are discovered, the insurance company might pay a reduced benefit or even deny the claim, depending on what is uncovered.Payout may also be delayed when homicide is determined to be the insureds cause of death and the beneficiary is a suspect. In this case, the payout is typically delayed until the beneficiary is cleared of any involvement in the insureds death. A few other common reasons insurance payouts may be delayed include:The insured committed suicide within two years of the policy being issued.The insured died during the course of illegal or criminal activity, such as a robbery or driving while intoxicated.The insured omitted risky activities, such as smoking or skydiving, on the policy application.Additional InformationSometimes an insurance company will request you to send in a completed W-9 form (Request for Taxpayer Identification Number and Certification) from the IRS in order to process a claim. Most of the time, a W-9 is requested if there is some question or issue with the records, such as having an address provided in a claim form that doesnt match the one on file.That said, a W-9 is simply a way for the insurance company to verify certain information in order to prevent fraud, so dont be alarmed if youre asked for one. This is a common verification practice, and it doesnt automatically mean the company suspects you of fraud or plans to deny your claim.Were Here To HelpWhile collecting life insurance proceeds is often a simple process, dont hesitate to reach out to us if you have questions or need support in any way. As your Personal Family Lawyer, we are here to ensure the process goes as smoothly as possible for you during what is likely to be an extremely trying time. Contact us today to learn more.This article is a service of Sharek Law Office, LLC. We dont just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than youve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention "this article that was listed on SeniorsBlueBook.com" to find out how to get this $750 session at no charge.

Retirement is an expensive affair, and planning for it involves managing finances even after you've left the workforce.It's commonly estimated you should have about 70 percent to 90 percent of your pre-retirement income to maintain the same living standard after you retire. A secure retirement means planning your finances efficiently, saving for the future, and paying debts.Though planning your finances and retirement savings is relatively easy while working, doing this while carrying a debt burden isn't. It's long been debated whether it's ideal to save for retirement or first pay off ones debts. Focusing exclusively on paying off debts can reduce your retirement savings, while saving alone won't prove fruitful if your debts have piled up. So whats the best approach?Generally, first pay down any high-interest debts you may have, then move on to a combination of debt repayment and saving strategy.Here are some types of debts and the best ways to get out of them before you retire:Consolidate your credit card debtWhile credit cards are an excellent financial tool, not being able to manage your balances can pose problems. Getting rid of these high-interest debts at the earliest opportunity should be your priority.Consolidating credit card debts can help you pay off your debt sooner and improve your financial situation. For instance, through a debt consolidation loan, you can merge several debt accounts into one which can mean not only a reduced interest rate, but also a lower monthly payment than the typical credit card.Once you have paid your credit card debt, avoid falling back into the red. Instead, target paying off other high-interest debt next.Explore the repayment plans for student loansHaving student loans is another big hurdle to retirement planning. Or, perhaps you're a co-signer on a student loan for a family member. Co-signing a loan can put you at financial risk and affects your credit score.The first step to clearing your student loans is to know exactly how much you owe. Then find out what repayment plans and options are available to you. There are several student loan repayment plan options, including standard repayment, income-driven repayment, and extended repayment. Keep in mind that you can pay more than the minimum payment to speed up the process and focus on retirement savings.Refinance your mortgage and car loansWhile mortgage and car loans are relatively low-interest loans, you still need to plan them practically. In the case of car loans, rethink whether you need more than one car. You may consider selling one off and using that money toward the loan and insurance of one car.With mortgage loans, consider two possibilities: Invest some money and use the returns toward paying off the loan. Or, refinance these loans for a lower interest rate and a shorter payoff term. This can lower your overall payment, which means you have more money on hand.Bottom lineIn addition to the above, it is advisable to avoid taking up any new debt as you near age 50. Once you prioritize your debt, getting out of it shouldnt be a hurdle for long.

Social Media and Seniors: Connecting and Staying Safe OnlineIn todays digital age, social media is a great way for seniors to stay connected to friends and family. With the right guidance, seniors can join platforms such as Facebook, Twitter, Instagram, LinkedIn, and YouTube to create connections online. Although some may be hesitant to start using social media, it is important that they understand how beneficial it can be for finding new ways to connect with those they care about.Getting Started with Social MediaFor those who have never used social media before, the first step is to find what will work best for them. There are many platforms available for seniors to choose from; however, the most popular options are generally Facebook and YouTube. Both of these sites offer easy-to-navigate interfaces that allow users to quickly get up and running without needing any prior experience. Additionally, both sites have dedicated support teams that can answer questions or provide help if needed.Once signed up, seniors can start sharing messages with friends and family members all over the world in just a few clicks. Through instant messaging apps like Facebook Messenger or WhatsApp, seniors can stay in touch with loved ones no matter where they are located. This makes it easier than ever before for seniors to stay connected even when they cannot physically meet up in person due to distance or other factors such as health concerns.Building Connections OnlineIn addition to connecting with those who are already part of their lives, social media also provides an opportunity for seniors to make new connections. For example, on Facebook, there are numerous groups available for people in similar life stages or situations who want to share experiences or ask questions from other members of the group. This type of networking not only provides valuable knowledge but offers a great way for seniors to build relationships with others outside of their immediate circle of friends and family members.Social media is an invaluable tool that allows seniors to stay connected and make meaningful connections onlineno matter where they live! From staying in touch with loved ones through instant messaging apps to joining interest groups on Facebook and YouTube dedicated specifically towards baby boomers or adults aged 50+, social media offers a plethora of opportunities for anyone looking to strengthen their online presence while enjoying the convenience of connecting virtually from anywhere in the world!  While staying active on social media is fun and rewarding, there are certain risks that all users should take into accountespecially when it comes to seniors. Read on to learn more about the potential pitfalls of social media for seniors and how best to protect yourself online.Keep Information PrivateWhen creating a profile, its important to make sure your personal information is kept private and that your passwords are secure. Sharing too much information or using weak passwords could leave you vulnerable to hackers or scammers.Be Careful Who You Interact WithAnother important safety measure is being careful who you interact with online. In todays digital world, it can be difficult to know if someone is who they say they are--which means you should always exercise caution before engaging with strangers online or accepting friend requests from people you dont know in real life. AKeep Your Software Up-to-DateFinally, one of the most effective ways for seniors to stay safe online is by making sure their software is up-to-date at all times. This includes things like anti-virus software, firewalls, browsers, etc., which help protect against malicious attacks and hackers trying to gain access to sensitive data or personal information stored on your devices. Make sure all your devices have the latest version of any necessary software installed so you can rest easy knowing your data is safe and secure at all times.Social media has many benefits for seniorsfrom staying connected with loved ones near and far away to exploring new interests allowing everyone to stay safe when using these networks. By understanding the risks associated with using social media platforms, carefully monitoring who interacts with you online, and keeping all software up-to-date, seniors can better protect themselves while still enjoying all the perks that come along with being active on social media!