A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions, when you pass on. AARP's recent article entitled “Rema...
Whether referred to as companion animals, service animals or simply as pets, they play an important part in the lives of many. Owners can use estate planning tools to ensure their pets continue to receive proper care, if the owner becomes incapacitated or dies. Why is it important to talk to an e...
Who needs long-term care insurance … and who might be able to do without it? Women face some unique challenges as they get older. The Population Reference Bureau, a Washington based think tank, says women live about seven years longer than men. This living longer means planning for a longer retir...
There's a battle brewing over the estate of Grammy-winning country star Charley Pride, fueled by a son few knew existed. Grammy-winning country star Charley Pride died from COVID-19 in December, and an article from 5 NBC DFW entitled “Charley Pride's ‘Secret' Son Contests Will” reports that his s...
Have you considered transferring ownership of your home and wondering what records or paperwork is required? The reason for wanting to transfer will help determine how you should proceed. Some seniors may ask if they would need to draft a new deed with their name on it and attach an affidavit and...
Many working-age people assume that Medicare covers just about every kind of health care that an older person may need. Many working-age people think that Medicare covers all types of health care that an older person may need. However, it doesn't. US News' recent article entitled “Dental, Vision ...
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent. Law school teaches about estate planning and inheritance, but experience teaches about family dynamics, especially...
President Biden's proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets? T...
Traditional IRAs have been available to retirement savers who have earned income since 1974. That's 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibl...
Experts often recommend postponing claiming Social Security. However, there are situations in which you should claim sooner. Many people think claiming Social Security benefits as early as possible is a bad idea. That's because claiming before your full retirement age will result in smaller month...
It's generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios. Forbes' recent article entitled “Should A Living Trust Be Beneficiary Of Your IRA?” explains that the general rule ...
We see recurring confusion about what it means to be appointed with authority over money in a Durable Power of Attorney (DPOA) for aging parents. A durable power of attorney is frequently signed by aging parents. However, sometimes the elderly can misunderstand exactly what that entails, especial...
If you do not learn from your mistakes, you are doomed to repeat them. In Estate Planning, if you do not learn from other's mistakes, you are likely to repeat them. The size and scope of the mistakes made by celebrities may be enormous, but many of the mistakes are common for, well, us common peo...
My boyfriend and I have lived together for 13 years but he is still officially married to another woman. He has a life insurance policy and I'm the beneficiary, and I'm also the beneficiary of his 401(k). Do we need a will and do I have to worry about his wife getting the money? Nj.com's recent a...
What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA? Which estate would get the IRA when a non-spouse beneficiary inherits an IRA account but dies before the money is ...
If you want loved ones to remember you fondly, tackle your estate planning tasks. Your heirs will thank you for not leaving a legal mess to sort out. For many people, eight documents form the foundation of an estate plan. It's not that difficult a project as it seems, explains the article “8 Docu...
I know of someone who was a joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder? Adding another person to your bank account provides both of you with complete access to the accoun...
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss. We can all agree that end-of-life planning is a sensitive topic. Nonetheless, taking the time to consider a loved one's estate and distribution of wealth can set the family at ease and also make ce...
It may seem like a grim way to spend your free time, but planning your estate when you are young can actually give you the peace of mind you will need to enjoy your golden years in the future. Okay, you just hit 40 and you're thinking about what your life will be like now that you are middle-aged...
Understanding what happens to your debt when you die is an important part of estate planning—and you don't have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage. State and federal laws determine what happens to a...
The Wealth Advisor's recent article entitled “Beware of These Common Estate Planning Scams” advises you to avoid these common estate planning scams. Cold Calls Offering to Prepare Estate Plans. Scammers call and email purporting to be long-lost relatives who've had their wallets stolen and are st...
Many of our parents completed their estate plans decades ago. The documents may still be valid. However, if they are stale or outdated, you may spend significant money trying to use them down the road. If your estate plan or your parent's estate plan hasn't been reviewed in the last four years—or...
#1 – PEOPLE Who are the Important People in your life? Beginning with yourself, they also likely include your loved ones: your spouse if you are married, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, however, “Important People” also c...
Aging parents grow stubborn, and researchers are uncovering the reasons why. Studies show that adult children complain that their parents are stubborn and that the parents themselves admit this. Elder Care and understanding how to deal with aging parents is very important. Considerable's recent ...
Looking for an extra incentive to spend some quality time with your grandchildren? Try telling their parents that it could extend your life. There's a growing body of research that supports the notion that grandparents who babysit or provide child care for a grandchild live longer. Parents with y...