While some estate planning is better than none, most Americans don't speak with their heirs about basic issues – like where the wills can be found – and most wills are not updated. A recent study from the Center on Wealth and Philanthropy at Boston College, estimates that between 2007…
The Internal Revenue Service has won a settlement of $388 million from the estate of Detroit Pistons owner Bill Davidson. According to the IRS, the estate owned more than $2 billion in additional taxes. To gain some perspective: in 2013, the US Treasury took in a total of $12.7 billion…
By the end of 2015, it is expected that 5.1 million persons age 65 and over will make their homes in California. Add aging baby-boomers to the state’s current migration patterns and it is entirely likely that the state will be home to more than 8.4 million seniors by 2030.…
In a new and dynamic partnership, The Office of the Kansas Securities Commissioner (KSC), the Kansas Department for Children and Families (DCF) and the Kansas Department for Aging and Disability Services (KDADS) recognized World Elder Abuse Awareness Day (WEAAD) earlier in July. WEAAD is a global program created by the…
Unlike previous generations, the baby boomers are more concerned with having enough money to last through their retirement years than with leaving substantial assets to their heirs and to charities. But they are still concerned with leaving a legacy for their children and grandchildren. A new definition of a legacy…
Drafting your will and testament is not exactly on most summer to-do lists. For many, the process is a memento mori, a task more foreboding than mowing the overgrown lawn. It's no surprise that according to the American Bar Association, 55 percent of Americans do not have a will or…
Caution is urged when considering a reverse mortgage as a solution to financial problems during retirement years. Television commercials targeting seniors leave out most of the unpleasant parts of a reverse mortgage. Rates and fees are extremely high and the homeowner is still responsible to pay property taxes, insurance and…
The National Council on Aging has identified the Grandparent Scam as one of the top 10 cons targeting the seniors. The scam involves asking grandparents to send money to help out a grandchild in a legal bind. This happens quite often, and many grandparents might be too embarrassed or scared…
Most people do it to save money, but they may overlook or forget to take care of some important details – details that may eventually cost them much more than the amount they could save. Wills, trusts and estate plans should be crafted with the help of an estate planning…
Many people set up trusts to help provide for loved ones and favorite causes after they pass away. A trust can help manage the wealth you wish to transfer and ensures the efficient distribution of assets—such as property or a sum of money—over a set period of time. Yet a…