I have two dogs and a cat that are part of my family and I want them to be taken care of after I pass away. What is the best way to ensure care for my pets?

Approximately 500,000 cats and dogs enter shelters every year after their pet owners experience an emergency or pass away. Without a plan in place for the future care of your pets, they are at risk of ending up in a shelter where they could be euthanized.

To avoid this scenario and ensure the well-being and financial security of your pets, you should include them in your estate plan. Talk to your attorney about how to include provisions for your pets in your will or trust in accordance with your state's laws. Here are some options to know about before you make your plans.

Wills

One option is to name a caretaker for your pets in your will. You should also name a successor caretaker in case your first choice is unable or unwilling to perform the duties. If you name a caretaker, you should set aside money in your will for your pets' care with an explanation of how the funds should be spent.

To determine how much to leave, multiply your pets' annual food, care and medical costs by their life expectancy. You may also add a separate letter of instruction describing your pets' routine, food and medication.

Be aware that, even with this provision in your will, your designated caretaker is not legally obligated to follow your instructions or spend the money as you intended. Once the money is distributed by the will's executor to the caretaker, the caretaker is on an honor system to fulfill your wishes. As such, it is best to choose a caretaker you deeply trust, who will adhere to your requests.

Trusts

Another option is to create a pet trust, which provides more legal protection. Depending on your state's laws, you could set up either a revocable pet trust, which can be changed or canceled during your lifetime, or a testamentary pet trust which takes effect upon your death. A pet trust can be separate or part of an existing trust that encompasses your other assets.

Along with appointing a trustee to manage your trust's finances, you name a caretaker and alternative caretakers. You should also include a trust protector for added oversight of the trustee given that the beneficiary (your pets) cannot defend their own rights. It is permissible for the trustee and caretaker to be the same person. Unlike in a will, the caretaker has a fiduciary duty to follow the terms of the pet trust including any care instructions included in the trust.

The cost for creating a living trust varies greatly with starting costs ranging from $1,500 to $2,500. A will typically costs between $200 and $600. Establishing an estate plan can be priceless for creating peace of mind.

Other Arrangements

If you do not have anyone who would be willing to take care of your pets after you are gone, you should make arrangements with an animal retirement home, rescue, humane society, pet care program or other animal welfare group. Many of these organizations find new homes for pets or offer lifetime care but may require a fee or donation. Ask your local animal nonprofit or veterinarian for more information. You could also search online for organizations in your area who may help.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

The Internal Revenue Service (IRS) continues to work on the direct-file software project. The IRS has tentatively promised to deliver a tax software program for the 2024 tax filing season.

IRS surveys indicated that taxpayers were interested in using a direct-file software program, but that they would strongly prefer that it also enable them to file their state tax return. On July 26, IRS Commissioner Danny Werfel wrote a letter to all state tax administrators and requested input on methods to integrate the IRS direct-file software with state tax systems. He acknowledged that there may not be sufficient time to include the state tax returns in the 2024 IRS software.

The IRS plans to include state tax returns in future software. However, the IRS is currently exploring options to "include limited State income tax filing information sharing to help facilitate State tax return filing for the taxpayer." It now seems likely that the state tax returns will be deferred to a future release date.

In other news, the IRS announced it is expanding the Tax Pro Account capabilities of IRS.gov. The enhancements are designed to enable CPAs and other tax preparers to view taxpayer information online. Tax Pro Account users will need to authorize their tax preparer to have access to their information.

IRS Commissioner Danny Werfel stated, "Tax professionals provide a vital service to taxpayers and the nation, and the IRS is committed to making improvements to help them serve their clients. As part of our transformation efforts, we will be working to add new technology and expand our relationship with the tax professional community. The ongoing improvements to the Tax Pro Account are just part of a larger effort."

The Tax Pro Account is a digital self-service portal for both taxpayers and tax professionals. A common use of the account is for the taxpayer to authorize representation, by accepting Power of Attorney (POA) and Tax Information Authorization (TIA) requests from the tax professional. The new system allows the taxpayer to approve the request of the tax professional and for the authorization to be effective immediately.

Which vaccines are recommended for this fall and winter virus season?

There are three different types of vaccines to consider getting this fall to protect against a repeat of last winter's "tripledemic" of respiratory illnesses, which included flu, respiratory syncytial virus (RSV) and coronavirus (COVID). Here is a review of the different vaccines the Centers for Disease Control and Prevention (CDC) is recommending and how they are covered by Medicare.

Senior-Specific Flu Shots

The CDC recommends everyone aged six months or older to get a flu vaccine. For those aged 64 and older, the CDC recommends three different types of flu shots. These senior-specific vaccines are designed to offer more protection than the standard flu shot, which may be important for older adults who have weaker immune defenses and those who may be at a greater risk of developing dangerous flu complications. The three senior-specific options include:

• Fluzone High-Dose Quadrivalent vaccine: Contains four times the amount of antigen as a regular flu shot and creates a stronger immune response for better protection.
• Fluad Quadrivalent vaccine: Contains an added adjuvant ingredient known as MF59 that helps create a stronger immune response.
• FluBlok Quadrivalent vaccine, a recombinant protein (egg-free) flu vaccine that contains three times the amount of antigen as compared with a regular flu shot.

The CDC does not recommend one vaccination over the other. Speak with your healthcare professional to determine which vaccine is best for you.

The Fluzone High-Dose and Fluad vaccines can cause more side effects compared to the standard-dose flu shot. Side effects may include pain or tenderness at injection site, muscle aches, headache or fatigue.

Flu vaccines are covered by Medicare Part B and Original Medicare as long as your vaccine is received from a participating provider.

New RSV Vaccines

Individuals aged 60 and older, but particularly those with heart or lung conditions, diabetes, kidney or liver disorders that heighten vulnerability to RSV should consider getting one of the new FDA-approved RSV vaccines, Arexvy or Abrysvo. However, it is important to consult with a healthcare provider to determine if the RSV vaccine is safe and suitable for you. The new RSV vaccines are covered by Medicare (Part D) prescription drug plans.

RSV vaccines are recommended by the CDC to protect older and immunocompromised adults from respiratory illness. The CDC estimates that RSV is responsible for 6,000 to 10,000 deaths and at least 60,000 hospitalizations each year in adults aged 65 and older.

Updated Covid Booster

If you have not recently had a COVID-19 booster shot, you may consult with your healthcare professional to determine if you should get one this fall. Despite the COVID public health emergency ending and the reduction in the number of cases, there has been a recent surge causing an increase in hospitalizations, especially among the elderly.

The updated Covid vaccine targets XBB.1.5 and the omicron subvariant that is the most dominant coronavirus variant currently circulating in the U.S. It will also provide protection against the EG.5 variant, which is closely related to XBB.1.5 and BA.2.86, a new subvariant. COVID booster shots are covered by Medicare Part B.

When and Where

Most health officials agree that it is safe to receive the flu and COVID booster at the same time. However, because the RSV vaccines are new this year, many doctors are recommending a two-week window between an RSV shot and the flu and COVID shots.

You can find all three vaccines at most pharmacies, medical clinics and health departments, or you can do a search at Vaccines.gov. Check that the location is a participating provider.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Should I keep my life insurance after I retire?

The decision to retain a life insurance policy after retirement depends on your family and financial circumstances. While many retirees choose to stop paying their life insurance premiums when they no longer have young families, there are several reasons to keep a policy. Here are some things to consider before making a decision.

Family: Life insurance is designed to help protect your spouse and children in case of an unexpected passing. However, if you have adult children who are financially independent and sufficient financial resources to cover you and your spouse’s retirement costs, the need for ongoing life insurance may be minimal.

On the other hand, if you had a child late in life or have a relative with special needs who is dependent on you for income, it may make sense to keep paying the premiums on your policy.

You also need to make sure your spouse’s retirement income will not significantly drop when you die. Check out the conditions of your pension or annuity to determine the survivor’s benefit and factor in your lost Social Security income as well. If you find that your spouse will lose a significant portion of income upon your passing, you may want to keep the policy to help make up the difference.

Debts: If you are still paying off a mortgage or have other large debts, it may be best to keep your policy in order to help your family pay off these debts after you pass. If your debt is a small part of your net worth that poses no risk of financial difficulty, then life insurance may not be necessary.

Work: Since life insurance helps replace lost income to your family when you die, you may want to keep your policy if your spouse or other family members depend on you for income. However, if you have very little income from your retirement job, it is likely unnecessary to continue with the policy.

Estate taxes: Life insurance can also be an estate planning tool if you have a very large estate, in excess of $12.92 million in 2023. If you own a large business that you want to keep in the family and you do not have enough liquid assets to pay the estate taxes, your estate may use the proceeds from a life insurance policy to help your heirs pay estate taxes when you die.

To help you with this decision, consider talking to an estate-planning expert or a fee-only financial advisor who can help you weigh out the pros and cons.

Sell or Swap Your Policy: If you decide that you do not need your life insurance policy any longer, you may surrender it for its cash value or allow it to lapse. Another option is to sell your policy in a “life settlement” transaction to a third-party company. A life settlement sale typically pays more than the policy cash surrender value.

If you are interested in this option, get quotes from several life settlement providers or brokers in your state. Some states provide directories containing licensed life settlement providers. Make sure to confirm the information with your state’s insurance department.

Another option is to use a tax-free Section 1035 exchange to exchange your policy for a hybrid product that blends life insurance with long-term-care insurance coverage. These products come in various forms, but they often combine a whole or universal life policy with a long-term-care rider. If you do not use the long-term-care coverage, your heirs get the death benefit.

Donate Your Policy: If you choose to make a charitable contribution of your life insurance policy, your deduction will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made. To receive an income tax deduction, the donor must irrevocably transfer ownership of the policy to a nonprofit. With this transfer, the donor must relinquish all incidents of ownership and rights in the policy. An outright gift of a life insurance policy will produce a charitable income tax deduction equal to the lesser of the policy's value or the donor's basis in the policy. See Sec. 170(e) and Rev. Rul. 78-137.

In general, the donor's basis in a policy equals the total amount of premiums paid by the donor. As a practical matter, the charitable income tax deduction will normally equal the donor's basis because, in most instances, the cost basis will not be greater than the policy's value, i.e., replacement cost or interpolated terminal reserve value (ITRV).

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

The doctor I currently see thinks I need a knee replacement, but I would like to get some other treatment options before I proceed. Does Medicare cover second medical opinions?

Medicare will pay for a second opinion if your current doctor has recommended surgery, or some other major diagnostic or therapeutic procedure. A second medical opinion from another doctor may offer you a fresh perspective and additional options so you can make a more informed decision. If the second opinion agrees with your current doctor's opinion, then the second opinion will give you reassurance.

If you are enrolled in original Medicare, 80% of the costs for second medical opinions are covered under Part B (you or your Medicare supplemental policy are responsible for the other 20%). You do not need an order or referral from your doctor to get the second opinion. If the first two opinions differ, Medicare will pay 80% for a third opinion.

Most Medicare Advantage plans also cover second opinions, but you may need to follow certain steps to get the expenses covered. For example, some plans will only help pay for a second opinion if you have a referral from your primary care doctor. They may also require that you consult with a doctor in their designated network. If you are enrolled in a Medicare Advantage plan, familiarize yourself with their specific guidelines.

Finding Another Doctor

To find a qualified doctor for a second opinion, you may ask your doctor or another trustworthy physician for recommendations. You also have the option to independently search for one.

Whatever you choose, it may be best to go with a doctor that is affiliated with a different practice or hospital than your original doctor. Hospitals and practices can be uniform when it comes to treatment recommendations and doctors from the same group are likely to offer similar advice.

If you choose to find a doctor on your own, consider using Medicare's Care Compare tool at Medicare.gov/care-compare or call 800-633-4227. This tool will help you find doctors by name or medical specialty in your area that accept original Medicare. If you are enrolled in a Medicare Advantage plan, call or visit your plan's website to obtain a list of candidates. After you have a few doctors' names, there are free online resources to help you research their background and credentials.

Once you decide on the second doctor, ask your current doctor's office to send your medical records to the second doctor and follow up to ensure the records arrive before your appointment. Sometimes, you may have to pick up a copy of your records and deliver them yourself. Ensuring the second doctor has your records will help avoid having to repeat tests you have already done. If the second doctor wants to perform additional tests, Medicare will help pay for those tests.

For more information, see the Medicare publication "Getting a Second Opinion Before Surgery" at Medicare.gov/publications – type in 02173 in the Keyword or Product number box.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Due to my chronic arthritis, I have a very difficult time going up and down stairs. I am interested in purchasing a stair lift for my two-story house. What are some things to consider before purchasing?

A home stair lift is a great mobility solution for anyone who is unable or has a difficult time climbing stairs. To help you choose a quality stair lift that meets your needs and budget, here are a few shopping tips.

What to Know

There are two basic types of stair lifts that are sold today: straight and curved. The design of your staircase will determine the type of stair lift you will need.

A straight stair lift travels in a straight line up a flight of stairs uninterrupted by landings, bends or curves. Straight stair lifts cost anywhere between $3,500 and $5,500. Prices will vary depending on the length of the staircase, model and added options. Curved stair lifts are much more elaborate and will go around corners, bends and changes in direction. Curved lifts are much more expensive than straight stair lifts, ranging anywhere from $8,500 to $14,000 or more, depending on the complexity of the installation.

Most stair lifts available today have seats, armrests and footplates that fold up for storage. Swivel seats are frequently incorporated, making it easier to get in and out of the chair. They also include standard safety features like seatbelts, braking systems and footrest sensors. The controls, which are typically in the form of push-buttons or rocker-switches, are located on the armrest for easy operation. Additionally, some stair lifts include "call send" controls which allow you to call or send the unit to the other end of the stairs. You should review which features are most important to you and ensure that the lift you select incorporates them.

If you need a stair lift with wider seating and increased weight-bearing capacity – you may want to inquire with the company about their availability. If you prefer a raised seating position, ask about the option to modify the seat during the installation process.

Depending on the company, you may have the option to choose between an electric (AC) and a battery powered (DC) stair lift. Electric stair lifts are simpler and more affordable than battery powered units. However, the electric lifts rely on your home's electrical supply. Therefore, in the event of a power outage, electric lifts will stop operating whereas battery powered lifts will continue to operate even when there is a power failure.

Financial Help

Health insurance, including original Medicare, does not cover home stair lifts, but some Medicare Advantage plans may provide some assistance. Medicare may pay for a portion of a lifting device attached to the chair as that is considered durable medical equipment (DME). However, Medicare has specific eligibility criteria for DMEs to qualify for assistance. Alternatively, if you have long-term care insurance it may also cover a portion of the costs. It is important to note that stair lift financial assistance is not available on all plans. Check with your insurance plan provider prior to making any purchase.

If you qualify for Medicaid, many states offer waivers that could help pay for a lift. If you are a veteran, the Veterans Administration (VA) has several grant and benefit programs that may offer assistance. Assistance varies by state, so you should verify with your local Area Agency on Aging to see program availability and eligibility.

To reduce costs, consider purchasing a used or refurbished stair lift model. If you need a stair lift for only a short period of time, renting one could be a viable choice. Most companies offer these options and many offer financing as well.

To get started, you can reach out to stair lift companies which will connect you with a local stair lift dealer in your area. Most dealers will provide free in-home assessments and estimates and can help you choose an appropriate lift.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I frequently use the internet to pay bills, shop and keeping up with my grandchildren on social media. But a few months ago, my computer was infected with malware and a cyber hacker opened a credit card using my identity. Do you have any tips to help me stay safe while online?

Cybercrimes, especially against seniors, continues to be a major problem in the U.S. According to the FBI 2022 Elder Fraud Report, cybercrime cost Americans over age 60 more than $3 billion last year, an 84% increase from 2021.

While anyone can be a victim of cybercrimes, seniors are frequent targets because they tend to have more money than their younger counterparts. But there are several things you can do to protect yourself from online fraud, hacking and scams. Here are a few tips to protect yourself.

Strengthen your passwords: A strong password should contain at least 12 characters and include numbers and a special character, such as an exclamation point or asterisk. Be sure to have unique passwords across different sites and applications to ensure a hacker would not gain access to all of your accounts through one password. Use an encrypted and trusted password manager to store all your passwords. If you keep a written list of all your passwords, make sure you store it in a safe secure place. Avoid storing passwords on devices using the 'remember me' feature as it only increases your chances of being hacked. When using smartphones or tablets, be sure to set up a password to access and protect your device in the event it is lost or stolen.

Opt out of pop-ups: To protect yourself from computer viruses and other forms of malware, avoid any pop-up style message when you are on a website. Additionally, internet browsers provide options to customize settings, including the ability to disable pop-ups for added security. Hackers often disguise their malware as pop-up advertisements or "special offers" when you are shopping or reading online. By clicking on these pop-ups, it can lead to viruses or data breaches. If you encounter a suspicious pop-up message, do not click on anything in the window. Simply leave the site or close out of your web browser.

When in doubt, throw it out: Sometimes online hackers will engage in a tactic known as phishing. The hacker will send an email or text message and pretend to be someone to convince a victim to share valuable information with them such as Social Security Number, address or credit card information. If you receive a suspicious message from an unknown sender, do not respond or click on any links or attachments. Instead, delete the message or if you are on a work email, follow your employer's phishing protocol and report the message as phishing.

Share with care: It is possible to overshare information online. This applies to private information you may post on various online profile accounts. Using popular social media platforms makes it easier for hackers to collect information about you based on what you share, including details like your home address and personal contact information. Ensure that your privacy settings are up to date so that only people who follow you can see your posts. Be mindful not to post information that may be related to security challenge questions or financial accounts.

Verify websites: Before you shop or access your bank online, double check the validity of the website you are using. Reputable websites use technologies such as SSL (Secure Socket Layer) that encrypt data during transmission. You will see a padlock icon in your browser and usually "https" at the front of your address bar to confirm it is a secure connection. If you do not see it in the web address that you are on, you should not trust that website with your passwords, payment or banking information.

Have some back-up: While practicing safe habits can protect you and your information, you do not have to solely rely on your own efforts to stay safe. Anti-virus software can be used to prevent and detect viruses or other types of malwares from your computer. It works in the background and helps make it easier to avoid threats while on the internet.

For more information on how to safeguard your personal technology devices and personal information, visit consumer.ftc.gov and search "Protect Your Personal Information and Data." To report fraud or identity theft, go to either ReportFraud.ftc.gov or IdentityTheft.gov.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.