Helping Families Navigate the Financial Challenges of Age Transitions

Month: May 2023

Supreme Court hears case of 94 year old’s home foreclosure by the state.

The US Supreme Court heard arguments in a case involving a 94-year-old woman who lost her home over unpaid property taxes. While the woman, Geraldine Tyler, does not dispute that Hennepin County had the right to foreclose on the $40,000 property, she argued that the county had violated the Constitution’s takings clause by keeping the $25,000 left over after the property was sold. Tyler’s attorney argued that the county should have taken Tyler’s condo, sold it to pay her debts and then refunded the remainder to her. The Biden administration filed a “friend of the court” brief in which it agreed with Tyler that the county’s actions violated the takings clause.

Whether the Court sides with Tyler or not (although it does appear that it will), it highlights the importance of having a trained and attentive financial caregiver who can pay any property taxes or other obligations that, if unpaid, can severely impact the older individual.

Source: Justices appear likely to side with homeowner in foreclosure dispute – SCOTUSblog

Article on the Importance of Human Connection

A recent study by Harvard Medical School found that older adults who had in-person interactions with friends, family, and healthcare providers during the first months of the COVID-19 pandemic experienced fewer mental health problems than those who relied on digital connections. The study suggests that digital technologies may not be suitable for the needs of older adults and may cause anxiety and depression. 

Another study by Harvard’s Joint Center for Housing Studies found that older adults living with a spouse or partner during the pandemic had fewer functional difficulties and disruptions to their finances or personal assistance than those living alone. 

The studies emphasize the importance of in-person interactions and better technology to meet the needs of older adults. Seniors over 75 were found to require more assistance with daily living. Click here to read the full article.

© 2024 Wealth and Honor

Theme by Anders NorenUp ↑