When a loved one has Alzheimer’s, advanced planning for legal and financial matters becomes even more important than in day-to-day estate planning. Ideally, planning well in advance, before the disease has taken a toll on the person’s cognitive abilities, may give them an opportunity to express their wishes for their…
When a man who had remarried passed away, his children were less upset about his leaving everything to their stepmother as they were about her decision to liquidate the family home and furnishings. Rather than give them an opportunity to enjoy things that had special meaning to the children, she…
Talking with aging parents about their finances, their wishes, and the future, is never an easy conversation. When it became clear that her mother was starting to suffer from memory loss, Gwen started to speak with her mother about finances, accounts and final wishes. While she felt uncomfortable pressing her…
A survey conducted by the National Association of Area Agencies on Aging, National Council on Aging and UnitedHealthcare reveals a frightening statistic in the United States of Aging survey. 97% of professionals supporting people 60 and older believe that seniors will not be able to afford their health care costs…
Certain assets, including life insurance, IRAs, 401(k) plans and other retirement accounts pass directly to beneficiaries outside of your will. Typically, brokerage accounts pass only through your will, and then only after probate. But there is a way to ensure that brokerage accounts transfer at death to your beneficiaries. A…
Ensuring that your assets are passed on to heirs in a way that you wish is not always easy because of the many options available and the fact that the tax laws are always changing. While certain facts are relatively fixed – i.e., beneficiary designations on life insurance policies and…
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…