It may sound whimsical, but the moment you open a business is also the time to start thinking about how you’ll exit the business, whether you intend to sell to a partner, leave the entire business to a family member or sell as soon as you come up with the…
It sounds like a nightmare scenario, and for many elderly, it is a reality: a court appoints a guardian and they lose the ability to make decisions about their assets and their lives, often with no advance warning. An article in Reuters reports on a journalist’s investigation that revealed a…
Americans in their fifties and sixties may want to think twice about putting off their “bucket list” trips and accomplishments. Recent statistics indicate you may be better off enjoying life now. As the government shifts retirement ages higher and employees are working later in life, the health of Americans is…
A recent case of elder abuse in Michigan that resulted in only a misdemeanor, may have been the last straw for legislators. They introduced a law that would make it a felony, if a person was convicted of harming a vulnerable adult or senior citizen. The punishment for causing serious…
There’s more than retirement savings power in a Roth IRA. Used properly, it can help cut your beneficiary’s tax liability, regardless of if and when tax reform becomes reality. If you’re interested in reducing the taxes your heirs will have to pay, you’re probably concerned about the discussion about tax…
For living trusts, the person or people who set them up are usually named the initial trustees, but after that, there needs to be a successor trustee. Think carefully about who you would want to take on these responsibilities. When the first spouse dies, the surviving spouse usually becomes the…
A large percentage of Americans require assisted living care at some point during their senior years. Their understanding of how that gets paid for is way off base. It’s a hard lesson to learn. Approximately one-third of Americans (34%) thought that Medicare would cover their nursing home costs, as reported…
Your best bet for making or changing a will, is to sit down with an experienced estate planning attorney, so that your will won’t be invalid. Mistakes in wills are not easily fixed. Having an estate plan in place and discussing your estate plan with your loved ones in advance,…
Statistically speaking, women live longer and earn less than men. That makes financial and retirement planning far more important for women. It’s not pleasant to contemplate, but because women often take time out from their careers to raise children or take care of elderly parents and still earn less than…
It is premature for anyone who depends upon either Medicaid or Obamacare to breathe a sigh of life. While recent attempts to repeal Obamacare have failed, both of these programs are being targeted. Medicaid is far more important to more Americans than most people know. It does provide healthcare for…