The last step of an estate plan is one that all too often gets forgotten. That’s too bad, because unless you retitle assets so that they are owned by the trusts created for the plan, means that all good planning could be worthless. When you are done creating an estate…
Just because you can take Social Security at age 62, doesn’t mean you should. Taking it earlier means that your monthly benefits will be reduced. The longer you can wait, ideally until age 70, the better. Applying for Social Security benefits is a pretty simple process, according to Investopedia’s recent…
Yes, it is old-school, but if your family is on the traditional side, headed up by a breadwinner dad who runs the finances, then you need to make plans to ensure that your family will be okay, if something should happen to you. This advice also applies to mothers who…
We hope to enjoy out golden years, relaxing after decades of working and raising children. However, as we age, the likelihood of experiencing health issue increase. That includes Alzheimer’s disease and other forms of dementia. Learning that a loved one has Alzheimer’s or other diseases that require a great deal…
With about half of all marriages ending in divorce, second marriages and blended families have become the new normal in many communities. Estate planning for a blended family requires three-dimensional thinking for all concerned. An article from The University Herald, “The Challenges and Complexities of Estate Planning for Blended Families,…
Unless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary. In a perfect world, we’d all have our estate plans created when we started working, updated when…
After years of enjoying the deductions for putting money into retirement accounts, it’s always an unpleasant stunner when people realize they have to pay taxes on their withdrawals. Or do they? Converting a 401(k) to a Roth IRA or Roth 401(k) will eliminate the need to pay taxes on withdrawals,…
“By the time Groucho was an old man, however, he experienced significant problems in his daily activities, medical decision-making and the management of his estate. He suffered from elements of dementia, a heart attack and congestive heart failure, falls resulting in a broken hip, and after that hip was repaired,…
Social Security disability benefits are based on average lifetime earnings. How severe the disability is, or what the household income is, has nothing to do with the amount of money that will be paid. If you have your annual Social Security statement, you can see what you’ll probably get in…
It used to be unheard of, a divorce after fifty, sixty or even seventy years old. However, gray divorce is now becoming more common. There are pitfalls to be aware of, before taking this big step. According to the National Center for Health Statistics and the U.S. Census Bureau, younger…