Blog

I often get asked who inherits if someone dies without a will.  This is called dying "intestate", and there are laws that specify who inherits.  The persons that inherit are called "heirs at law".  This post covers who inherits if a person domiciled in Tennessee dies without a will.  State laws v...

Legendary singer Aretha Franklin was thought to have died without a will, but the recent discovery of handwritten documents in her home is calling that into question. A representative of her estate has asked a Michigan probate court to determine if any of the documents could be considered a val...

Movies, television, and books like to present wills in dramatic ways--handwritten notes, videos, deathbed utterances--but what actually makes a will valid? The law varies depending on what state you live in, but there are some basic rules.  The legal requirements for a will are fairly simple. ...

Older Americans with a life insurance policy that they no longer need have the option to sell the policy to investors. These transactions, called "life settlements," can bring in needed cash, but are they a good idea?  If your children are grown and your mortgage paid off, you may decide that ...

Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes ...

This is a bit off topic for this blog, I know, but the unfortunate reality is it is about something that affects us all. I myself get a phishing scam email at least once per week, sometimes more.  I am often tempted to play along for a while to waste the bad actor's time, but unfortunately that w...

Have your prepared for your digital death? According to an excellent online article entitled Your Guide On Digital Death (and How to Handle It): "Digital assets and possessions can carry both sentimental and monetary value, but they aren't generally given much thought. Only 2.3% of the survey p...

With an Inherited IRA, you need to take annual distributions no matter what age you are when you open the account. Inherited IRA distribution rules: Generally, you must take distributions during your lifetime or within five years after the original account holder passed away. ...

The folks at ConsumerAdvocate.org have created a comprehensive guide to reverse mortgages - what they are, who they're best suited for, and their pros and cons.  This guide includes rankings of various reverse mortgage companies based upon transparency & reputation, loan options and availability....

The median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth's Cost of Care survey, which the insurer conducts annually

You are turning 65 and enrolling in Medicare, but as a healthy senior do you really need to also sign up for Medicare's supplemental coverage? Not signing up initially can be very costly down the road.

Hospital patients who need additional care after being discharged from the hospital are usually sent to either an inpatient rehabilitation facility (IRF) or a skilled nursing facility (SNF). Although these facilities may look similar from the outside, Medicare offers very different coverage for...

The IRS is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance.

Technological advances have made it easier to stay connected with loved ones all the time. This has included the ability to install cameras in a loved one's nursing home room. These so-called "granny cams" have legal and privacy implications.  The benefit of putting a surveillance camera in a ...

If you are paying for your own insurance, you may think you do not need to sign up for Medicare when you turn 65. However, not signing up for Medicare Part B right away can cost you down the road.  You can first sign up for Medicare during your Initial Enrollment Period, which is the seven-month...

Spouses who are turning full retirement age this year are the last group who can choose whether to take spousal benefits or to take benefits on their own record. The strategy, used by some couples to maximize their benefits, will not be available to people turning full retirement age after 2019. ...

In a recent case, North Carolina Dept. of Revenue v. Kimberly Rice Kaestner 1992 Family Trust (U.S., June 21, 2019), the Supreme Court of the United States ruled that North Carolina had no business taxing Ms. Kaestner, a North Carolina resident, solely because she was a future beneficiary of a trust...

Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die ...

The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your tax-deferred retirement savings that you may have spent decades building up.  ...

Inheriting an IRA may seem like a good thing, but there can be tax consequences if you aren't careful. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out your options.

Individual Retirement Accounts (IRAs) are a popular investment tool for retirement, but they also need to be taken into account when doing estate planning. Although IRAs can be used to provide for heirs either directly or through a trust, to what extent your heirs will benefit from the IRA and ...

This eye disease is age-related, striking a significant portion of senior adults and robbing them of independent living in their retirement years. If you want to avert the development of this sight-robbing disease, called macular degeneration, you are going to have to step outside modern medicine. Eye doctors only have treatment but no prevention for this dastardly eye disease that robs senior adults of their central vision for reading, driving and watching TV.

Federal law has required certain businesses to offer family and medical leave for decades. An increasing number of states have also enacted or considered passing laws requiring businesses to offer family and medical leave. For small businesses, these laws have distinct pros and cons. This article...

Today, U.S. Senators Bob Casey (D-PA) and Pat Toomey (R-PA) applauded the decision by the Centers for Medicare and Medicaid Services (CMS) to publicly release the monthly list of nursing facilities that are candidates to the Special Focus Facility program. This announcement by CMS comes on the heels of Casey's and Toomey's release of a report on under-performing nursing homes across the U.S. nursing homes.

Clients sometimes ask me whether they can authorize their healthcare agent (named in their advance directives or medical powers of attorney) to, essentially, euthanize them if their quality of life becomes intolerable.  The answer is no, that would be considered murder, at least the way the laws ...