Nearly half of American households older than 55 have no retirement savings. The U.S. Government Accountability Office says that this number is actually better than in the past. According to the article from CNBC, “These people are on the verge of retiring—and they have nothing saved,” an analysis of the…
At 65, Americans are shifting their focus from accumulating to giving of time and resources. It seems like a natural progression: after living for more than six decades, there’s a greater understanding of what matters. The generosity of the 50 million Americans over 65 may be in part because of…
There is no such thing as a free lunch, except when it comes to employers who match their employee’s 401(k) contributions. This is the closest to free money you’ll ever get. If you’re fortunate enough to work for a company that has a matching plan, congratulations–not everyone does! A matching…
Balancing careers, children, college funds and aging parents present the same-old scenario, but this time to a new generation with a different value system. Members of Generation X, who straddle a fairly wide age range, from late 30s to early 50s, are feeling the crunch of being responsible for their…
Boomers are more willing to plan their own funerals, than to prepare for an extended stay in a nursing home. Both are inevitable events for most of us. With more than 10,000 people celebrating their 65th birthday every day in America, and the startling statistic that 70% of us will…
There’s an easy way for select assets to be passed to heirs, with no need for probate. It’s called the beneficiary designation. Your will is a document that is used to pass property and assets to your heirs, but it’s not the only way. Certain accounts or assets have beneficiary…
This is a cautionary tale about what can happen, when the wrong person is given power of attorney. The problem here is that a man changed his power of attorney without any review or oversight from any family members, including his own wife. Why Dorothy Jorgenson’s husband changed his power…
A hearing of the Senate Special Committee on aging is looking at bipartisan legislation that would make changes to the Older Americans Act to give individuals younger than 60 with a diagnosis of early-onset Alzheimer’s a chance to access support programs. Senate Bill 901, which is called “Younger-Onset Alzheimer’s Disease…
One of the challenges of asset distribution comes when your children’s lives have taken different turns. Do you leave your successful daughter the same amount of money that you would leave to a son, who can’t seem to find a direction? It’s not always easy, but decisions do need to…
It is important to understand the basics of special needs planning, so that you can plan for your child’s future. There are many issues to address, but an experienced Houston estate planning professional will be able to help. Special needs planning is challenging. It’s important to have a strong team…