Professionals who have had clients with family members suffering from dementia have a greater understanding of the challenges these families face. However, living through the experience personally is totally different. When a loved one receives a diagnosis of dementia, as described in this deeply personal article from Financial Advisor, “The…
Everyone’s needs are different. For most people, one large policy is enough. However, what if your life is not like everyone else’s? How do you know how much coverage you need? Most people never really think about adding more life insurance, once they buy a policy. They figure they have…
There’s a saying about people who don’t have an estate plan created. They have a will, it’s just not the one that they want. Decisions are made by the state, and that includes who raises their kids. If you’ve got young children under the age 18, says CNBC in a…
The burden of saving for retirement shifted from employers to employees. It is now unusual for companies to offer pensions. If you’re lucky enough to have one, make your decisions wisely. It’s hard to imagine today, but years ago, it wasn’t unusual to stay with one company for a lifetime,…
529 plans are a great way to help parents with taxes and college costs. Grandparents, aunts and uncles and anyone who wants to pitch in, can also benefit. Starting to put aside money in a 529 college plan when children are very young, is a wonderful way to push yourself…
When the family vacation home is passed from one generation to the next, there are certain tax issues to be aware of, particularly the step-up in basis. However, there may also be state taxes. The first part of understanding the tax responsibility when you plan on giving it to your…
Even when planning for competency issues is in place, there can still be problems. When a highly-intelligent public figure makes decisions his kids thinks are wrong, who is right? The case of Buzz Aldrin, who is taking his son and daughter to court on charges of fraud, conspiracy and exploitation…
Watching Anthony Bourdain travel the lesser known corners of the world and relish exotic foods and people was fascinating. However, that same approach does not work well, when it comes to more mundane matters, like estate planning. What Anthony Bourdain’s family could have used was a disaster plan, based on…
The saying “little children, little problems, big children, big problems,” is particularly appropriate for parents of special needs children. Preparing for the next phase takes time, so it’s best to begin the process, once they celebrate their 17th birthday. One of the many decisions that parents need to make before…
If you are 50 or older, you can put $6,500 into your Roth IRA: that includes a “catch up” contribution of $1,000. Typical Roth IRA contributions are still limited to $5,500 a year. There are income limits, which you’ll need to be careful about. One good thing about the new…