However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move. Since the coronavirus pandemic hit the U.S., baby boomers have been speeding up their retirement plans. Many Americans have also been moving to ...
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts ow...
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues, or probate concerns. Estate planning attorneys are often asked if a particular asset will be included in an estate, from life insurance and real estate to empl...
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes? When it comes time to transfer wh...
Scientists from Osaka City University are reporting successful preclinical tests of a novel nasal spray designed to prevent the neurodegeneration associated with dementia. The spray combines two inexpensive, pre-existing drugs and was found to improve cognitive function in several different mouse...
The World Health Organization on Wednesday cautioned against overreacting to omicron variant data so far, as the world still waits to see how the COVID-19 variant impacts the elderly. Most research shows that the omicron variant produces mild symptoms among fully vaccinated adults and children. T...
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years. For many business owners, between 70% and...
Do you have to pay taxes on inheritance? Real Simple's recent article entitled “Here's Which States Collect Zero Estate or Inheritance Taxes” explains that inheritance taxes are levies paid by the living beneficiary who gets the inheritance. And both federal and state governments can apply estate...
Nearly 90% of American adults say they are at least somewhat confident in their knowledge of Social Security, according to the 8th Annual Social Security Consumer Survey from the Nationwide Retirement Institute. However, the survey also finds that many Americans don't know their eligibility age, ...
This case should be required reading for any person who has an interest in an entity or a trust. Lessons about gifting, blended families, entity formalities, trusts and estate planning may all be found in the outcome of a tax case described in The Dallas Morning News' article “The Smaldino case: ...
As 2021 draws to a close, many of us are reflecting on the various ways our minds and bodies have changed over the course of the past year. No matter your phase of life, aging is something we all experience daily.However, that doesn't mean we're powerless in the process. If you want to start 2022...
The administrators of the late musician's estate recently settled a complicated dispute with the Internal Revenue Service over the value of Prince's assets. The precise value was undisclosed, however, although it could exceed $100 million. The long-running estate battle over Prince's estate may b...
The risk of cognitive impairment can jump by 48% for people with this dental problem. If you are a senior, your chances of dementia and other cognitive impairment go up with each lost tooth, according to a recent study published in the Journal of the American Medical Directors Association. Money ...
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents often use life estates to leave the family home to children, while remaining in the house for the rest of their lives. However, som...
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning. Barron's recent article entitled “How to Ensure Heirs Avoid a Password-Protected Nightmare” explains that even financial planners may not cons...
Last week, Bruce Springsteen made headlines for selling his entire music catalog to Sony Music Entertainment in a reportedly $500+ million deal. A number of fans are now asking, “Why did Bruce Springsteen sell his music rights? Digital Music News' recent article entitled “Why Did Bruce Springstee...
The pandemic was a catalyst for digital health adoption, including in the senior care space. Older adults used video calls to connect with families during lockdowns, and telehealth allowed seniors to meet with their doctors from home. Today's seniors are more tech-savvy than in the past, and this...
Estate Planning may not be something you necessarily WANT to think about, but it could protect your interests and wishes long after you are gone. WAGM's recent article entitled “A Closer Look at Elder Law” takes a look at some of the finer points of estate planning and elder law. Elder law focuse...
Adults who have undergone cataract surgery have a lower chance of developing dementia, findings that could open the door to understanding further connections between eye and brain health, a new University of Washington study reported last week. The study was published in JAMA Internal Medicine. I...
Americans are living longer than they were a generation ago, and the government knows it. Starting in 2022, that will be reflected in the amount of money you have to draw from retirement accounts at different ages. The IRS has updated the formulas for Required Minimum Distributions, or RMDs, the ...
Roth IRAs and Roth IRA conversions have received a lot of press recently. Between the various tax proposals that have been floating around Congress and normal year-end tax planning strategies, Roth IRAs are a popular topic. There are a number of reasons to consider Roth IRAs as part of your estat...
You should be aware of what a will can't or shouldn't do. A will lets you distribute your assets, name a guardian for minor children and name an executor to carry out your wishes when you die. The Chicago Sun-Times' recent article entitled “Estate planning: When a will won't work” says that you s...
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families. The last thing families want to think about after a loved one (decedent) has passed are taxes, but they must be dealt with, deadlines ...
While estate planning can be emotionally taxing, since you must consider a time after your own passing, it is important to be proactive, both for yourself and for loved ones. Chicago Business Journal's recent article entitled “8 steps to tidy up your estate plan now” gives you some items to think...
Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children. There are many ways to pass property on to children, such as gifting a home to them while you are still alive, bequeathing it to the children ...