While not all encompassing, these guides serve as a starting point to help your parents. There are many family dynamics at play when these types of planning conversations arise, so you need to be cognizant of patterns and relationships. Starting earlier will reap dividends for everyone; delaying these conversations can…
In continuation of the series on estate and life planning, this column focuses on how Medicaid factors into financial planning for long-term care. Seniors need to have a plan in place for long-term care, should they need care assistance in the future. A recent article in The Victoria (TX) Advocate…
"Detectives are still actively investigating the elder abuse case," LAPD spokesperson Jane Kimtold THR. "They want to be as thorough as possible before a case is presented to the DA's office." The hits just keep coming in DJ Casey Kasem’s estate battle. The Hollywood Reporter quoted private investigator Logan Clarke…
Blended families without a proper estate plan for wealth transfer could run into additional obstacles not observed by traditional families. For example, state inheritance rules, intestate laws, and conflicts in beneficiary designations could be inconsistent with the will. In addition, a disinheritance of new family members without the knowledge of…
There’s barely a person over the age of 40 or so who does not come with a family squabble about, well, things following the death of a well-loved parent, grandparent, or family friend. Even Robin Williams, who planned his estate well, could not avoid a family feud after his passing.…
Here are money tasks to do this week that will help 2015 be more prosperous. Most can be done in about an hour. As reported in a Chicago News Service article titled “Got an hour? Tackle these money tasks,” a recent survey from the National Endowment for Financial Education found…
Roth IRAs intrinsically make phenomenal transfer of wealth vehicles. With reduced estate taxes and no income tax for heirs to pay on withdrawals, establishing a Roth IRA or even converting to one from a Traditional IRA seems to be a simple decision. Just know what you are doing ahead of…
There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for. Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly? According to a…
Lillian Palermo tried to prepare for the worst possibilities of aging. An insurance executive with a Ph.D. in psychology and a love of ballroom dancing, she arranged for her power of attorney and health care proxy to go to her husband, Dino, eight years her junior, if she became incapacitated.…
When asked about long-term care insurance, one senior said, "I've thought about it. I don't think it's worthwhile to buy at my age." She's 83. "I've thought about it but I really haven't looked into it," another woman said. Others simply don't want to talk about it. But a don't-ask-don't-tell…