A generation seems to be waking up to the concept that they are likely to need to care for a spouse or a family member, and they’re taking it seriously. A study from Bankers Life Center for a Secure Retirement reported that 90% of baby boomers surveyed understand that they…
Any high-income professional must expect that at some point there will be a bad outcome and a lawsuit against them and/or their practice. Doctors, in particular, need to be sure that they have the correct protection in place. Whether you are a surgeon, chiropractor or cardiologist, at some point in…
There are many inheritance scenarios, where people hope that a simple solution will save them time and money. Unfortunately, that’s not always the way estate or tax laws work. A woman received joint ownership of her father’s house about a decade ago. Her father is still living there, and so…
An IRA is one of the most popular ways to save for retirement. The possibility, however small, does exist that you will pass before using the entire IRA. How do you decide who to leave your IRA to? In addition to leaving assets, including IRAs and 401(k)s, to heirs, you…
Whenever there are major changes to tax laws, estate plans need to be reviewed. The change to the kiddie tax because of the Tax Cuts and Jobs Act of 2017 is an excellent example of this. If your estate plan includes passing down traditional IRAs to children and grandchildren, you…
Sounding more like their great grandparents than their parents, millennials say they’d rather buy real estate than invest in markets. However, they might be heading in a dangerous direction. When Bankrate asked more than 1,000 Americans where they would prefer to invest money—long-term funds that they don’t need for another…
In many families, it’s easier to figure out the ‘who gets what’ part of an estate plan than it is to decide which person should be power of attorney. Which adult child can handle finances, which one is better with decisions during a crisis? Making the decision about which family…
Those who happily enjoy senior discounts at national parks, fast food restaurants and movie theaters will tell you that turning 59 ½ is no big deal. Chances are at 59 ½, you’re still enjoying good health, working productively and wise enough to know you’re a bit smarter than you were…
Life insurance is a financial tool that can be as powerful during retirement, as it is during your working life. In many cases, it can be a real lifesaver for a surviving spouse. Most of us think about life insurance as income replacement for a breadwinner’s salary. That is certainly…
A single parent wonders if they need a will, or if just making an account a Payable on Death or POD account will be an adequate solution for transferring his assets when he dies. Even if you have only one child, if you have no will, things will be complicated…