Monthly Archives: November 2020
Preparing for the Impact of Alzheimer’s Disease
The impact of these diseases will not just be on the individuals, but on their spouses and families. Surveying 1, 000 mass affluent and high net worth families currently caring for relatives with cognitive decline, the study found that the lifetime direct and indirect costs can be more than $750, 000. A recent article… Read More »
Will I Owe Taxes on My Life Insurance Benefit?
MoneyWise’s recent article entitled “Are Life Insurance Benefits Taxable?” explains that, although the proceeds from a life insurance policy are usually tax-free, there are some exceptions. Life insurance payouts may be subject to taxes in the following situations: A high-value estate. The federal estate tax exemption is $11.58 million this year, so if you… Read More »
Federal Estate Tax Exemption Sunset Is Not Far Off
In 2018, the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, estate and generation-skipping tax exemption to $11.18 million from $5.6 million. With adjustments for inflation, that exemption in 2020 is $11.58 million, the highest it’s ever been, reports the article “Federal Estate Tax Exemption Is Set to Expire—Are You Prepared?” from… Read More »
What Should We Know about Elderly Home Care and Depression?
For older adults, a variety of issues, such as loss of vision, social isolation, mobility problems and memory issues can make enjoying life more difficult. The Laconia Daily Sun’s recent article entitled “Elderly home care and depression: Symptoms and prevention tips” asks, why is it important for seniors to focus on mental health? Research… Read More »
The Wrong Power of Attorney Could Lead to a Bad Outcome
There are two different types of advance directives, and they have very different purposes, as explained in the article that asks “Does your estate plan use the right type of Power of Attorney for you?” from Next Avenue. Less than a third of retirees have a financial power of attorney, according to a study… Read More »
Estate Planning Actions to Consider before 2020 Ends
When it comes to estate planning, there’s no such thing as a “one-size-fits-all” solution. That is especially true before a presidential election. However, there are several factors that should be considered and discussed with your estate planning attorney, as recommended in this recent article from The National Law Review “Top Ten Estate Planning Recommendations… Read More »
What Doesn’t Medicare Cover?
Medicare Part A and Part B, also known as Original Medicare or Traditional Medicare, cover a big part of your medical expenses after you turn age 65. Kiplinger’s recent article entitled “7 Things Medicare Doesn’t Cover” reviews what isn’t covered by Medicare, plus information about supplemental insurance policies and strategies that can help cover… Read More »
How Much Power Does an Executor Have?
The Pauls Valley Daily Democrat’s recent article entitled “It doesn’t end with the will” explains that there’s constant confusion about wills. This misunderstanding involves the scope of power of those named in the will as the personal representative (or executor) of the decedent’s estate. Let’s try to straighten out some of these myths or… Read More »
How Do You Ask Parents about Estate Planning?
How do you ask your parents about their estate planning? No matter how you slice it, it’s a touchy subject to bring up. You don’t want to come off as greedy when asking your parents about their estate planning. However, you need answers to certain questions to ensure that their financial wishes are carried… Read More »