Life insurance can be useful in paying off debt, covering funeral costs and serving as a useful resource so that estate proceeds or any one person’s savings don’t have to be tapped. Life insurance may be the least sexy part of the transition from one farming generation to another, but…
“Solo agers or Elder Orphans face unique challenges, as their needs begin to change.” Did you know that a study from the Pew Research Center says about 20% of the 75 million baby boomers don’t have children—a figure that’s double what it was in the 1970s and one that’s expected…
Professionals who have had clients with family members suffering from dementia have a greater understanding of the challenges these families face. However, living through the experience personally is totally different. When a loved one receives a diagnosis of dementia, as described in this deeply personal article from Financial Advisor, “The…
It takes time to build a business, and it can take just as long to create a strong succession plan. Many business owners can’t imagine a life without the business they built, so they often postpone planning for their own retirement and the sale or transfer of the business. That…
Without a will, decisions about your life, property and children will be made by someone who does not know you or your family. With a will, you have the ability to express your wishes. You need a will! Having a will is not just for wealthy folks, who need to…
A survey found that Gen Xers are less concerned about retirement planning than they are about other financial challenges. Don’t forget that group that’s between the headline grabbing millennials and boomers: Generation Xers, Americans between ages 36-55. A survey from the IRA (Insured Retirement Institute) appears to have uncovered a…
If you haven’t been saving for retirement, maybe you’ll do better if you are focused on saving for assisted living. One well known survey, 2017 Genworth Cost of Care Survey, reports that you’ll need $1,517 a month for adult day health care. Those fees are only going in one direction—up!…
This is easier in some families than others, but discussing your parent’s estate plan and assets while they can still have that conversation is important for millennials. Think of it this way: you can have an awkward conversation with your parents now and everyone can get more comfortable with the…
It may sound whimsical, but the moment you open a business is also the time to start thinking about how you’ll exit the business, whether you intend to sell to a partner, leave the entire business to a family member or sell as soon as you come up with the…
Your best bet for making or changing a will, is to sit down with an experienced estate planning attorney, so that your will won’t be invalid. Mistakes in wills are not easily fixed. Having an estate plan in place and discussing your estate plan with your loved ones in advance,…