Author Archives: Linda Fisher
What to Do First when Spouse Dies
Forbes’ recent article entitled ‘Checklist for Handling the Death of a Spouse” tells us what to do when your spouse passes away: Get Organized. Create a list of what you need to do. That way, you can tick off the things you have done and see what still needs to be done. Spending the… Read More »
How to Plan for Spouse’s Medicaid
Medicaid eligibility, assuming that you require long term care and have satisfied the medical eligibility requirements , is essentially a two-prong test or analysis of assets and income. That is, there are restrictions on the types of resources that you can have when you apply for Medicaid, specifically with regard to assets, if you… Read More »
How to Help Care for Yourself when Caring for Dad
More than a third of family caregivers rate their job as highly stressful emotionally, and almost 20% report a high level of physical strain, according to the “Caregiving in the U.S. 2020” report from AARP Public Policy Institute and the National Alliance for Caregiving (NAC). According to AARP’s recent article entitled “Respite Care: Create… Read More »
How Does Family Pay for Parents’ Care?
Women 50+ who leave the workforce to care for a parent forfeit an average of nearly $325, 000 in wages, future Social Security benefits and retirement assets. Reducing their hours or leaving a job may mean buying health insurance, while also paying for caregiving-related expenses—like medications and gas for driving their parent to doctors…. Read More »
Why Does a Person Need a Living Will?
An advance directive or “living will” is a legal document that can give instructions about what kind of medical care you want, if you become seriously ill and are at the end of your life. You can state the types of medical treatments you do and do not want to receive and can designate… Read More »
What Happens If Trust Not Funded
Revocable trusts can be an effective way to avoid probate and provide for asset management, in case you become incapacitated. These revocable trusts — also known as “living” trusts — are very flexible and can achieve many other goals. Point Verda Recorder’s recent article entitled “Don’t forget to fund your revocable trust” explains that… Read More »
Does a Will Supersede a Beneficiary Form?
It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if key information is missing on beneficiary forms, which is often the case. According to this recent article from The Street, “Secure your IRA—Review Your Beneficiary… Read More »
Your Estate Planning Checklist for 2021
If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you created a trust, gave gifts of real estate, business interest or other assets, you need to address the loose ends and do the follow up work to ensure that your planning… Read More »
How Does a Charitable Trust Work?
A charitable trust can provide an alternative to meeting your wishes for charities and your loved ones, while serving to minimize tax liabilities. There are pros and cons to consider, according to a recent article titled “Here’s how to create a charitable trust as part of an estate plan” from CNBC. Many families are… Read More »
Is an Irrevocable Trust a Good Idea?
An irrevocable trust is mainly used for tax planning, says a recent article from Think Advisor titled “10 Facts to Know About Irrevocable Trusts.” Its key purpose is to take assets out of an estate, reducing the chances of having to pay estate taxes. For estate planning purposes, placing assets inside the irrevocable trust… Read More »