Author Archives: Site Administrator
Caring for Your Aging Parents – Top 5 Questions and Answers
Caring for aging parents can be stressful. It’s a new experience, and one that you’re not always prepared for. The good news is that there are plenty of resources out there to help you navigate this new chapter in your life. To help get the process started, we’ve curated the top 5 questions that… Read More »
How to Spot Problems at Nursing Homes
The best time to shop for a nursing home, is when you do not need one. If you wait until you can no longer safely or comfortably live on your own, you probably will not be in a position to do a lot of legwork to investigate facilities. Do your research well ahead of… Read More »
I’m a Fiduciary—What Does That Mean?
There are any number of pitfalls that may occur when administering an estate, a trust or another person’s finances under a Durable Power of Attorney (POA). Fiduciary duties are the highest under the law, and the fiduciary is legally required to put the interests of the person they are representing above their own. The… Read More »
What Happens If A Beneficiary Dies Before Receiving An Inheritance?
When the beneficiary of a deceased person’s probate estate or living trust dies during the course of administering the estate and before the full distribution of the inheritance has been made, things can get sticky and complex. Let’s say a mother dies and her estate is in the process of being probated when her… Read More »
The Many Responsibilities of Inheriting a Home
When you inherit a home, there are three key factors to consider: the financial and legal responsibilities of the home, the tax liabilities of the home and what you’ll eventually do with the home. All of these different things relate to each other, explains Million Acres in “A Guide to What Happens When You… Read More »
Not a Festive Thought, But A Kind One: Planning for Your Own Funeral
Leaving instructions for your funeral and burial wishes relieves loved ones of the burden of making decisions and hoping they are following your wishes. In addition, says the article “Important to provide instructions for preferred funeral, burial wishes” from The Leader, it also prevents arguments between relatives and friends who have their own opinions… Read More »
What 2020 Tax Changes May Bring for Wealthy Families
What happens in the political landscape in 2020 could have an impact on wealthy individuals, in a positive and a negative way. The biggest impact may be changes in estate and income taxes. With income taxes, the tax brackets are indexed, so they will go higher in 2020. There are also new IRS thresholds,… Read More »
Can I Place My IRA in a Trust?
Unfortunately, you can’t place an individual retirement account (IRA) in a trust while you’re alive. This rule applies to all types of IRAs including traditional, Roth, SEP, and SIMPLE IRAs says Investopedia’s article, “How Can I Put My IRA In a Trust?” However, if you establish a trust as part of your estate plan… Read More »
Alternatives to Medicaid – A Short Primer on Long-Term Care Insurance
Medicaid is a state-run program that caters to those surviving on less than 125% of the official poverty level. Many elderly individuals forego purchasing long-term care insurance, in favor of relying on Medicaid to cover their expenses. Unfortunately, after bankrupting themselves to qualify for Medicaid nursing home coverage, many of these same individuals find… Read More »
End-of-Year Financial Tasks
There are some tasks that, left undone, can have an enormous impact on those you love. The end of the year is a good time to set some deadlines for yourself. Give yourself a December 31 deadline, and you’ll stay focused says The Daily Journal’s article “5 financial tasks you should tackle by year-end.”… Read More »