Estate planning is important regardless of age. However, it is especially important to families with young children. Many young families with small children do not have estate planning at the top of their list. However, it really should be a top priority, according to The Daily Sentinel...
If you are Generation X, you are facing some unique circumstances. Members of Generation X, who are still feeling the impact of the Great Recession, are facing some real challenges in saving for their retirement, according to TheBalance.com...
Don't wait until it is too late. Get a POA now. While most people are familiar with a will in an estate plan, a power of attorney draws a lot of misconceptions, according to the article in A Place For Mom “5 Misconceptions About a Power of Attorney.”
The challenge will be to prove that Campbell, who was diagnosed with Alzheimer's disease, lacked the capacity to execute the wills. Three of Glen Campbell's children, who were intentionally left out of his will, have been given the right to contest the will by a judge, according to Wealth Management...
Okay, you have saved for retirement tax free for years. However, now it is time to think about the taxes. You have been fortunate over the years to grow your IRA tax free. However, withdrawals from your traditional IRA is taxable income. You will have to make Required Minimum Distributions...
It's easy to put off starting an estate plan. However, you really do want to take care of your family. Why should you have an estate plan? There are many reasons and many goals, including providing for your spouse and children, as well as dealing with a family business, minimizing tax liability...
Most people seek confirmation that they have accumulated enough for the remainder of their years. You can put a lot of effort into saving for retirement and still have questions. However, it is important to know that the success of your plan will often be your income to expense ratio...
There are tools in an estate plan that a college student may need and are also beneficial to you. If your child is heading off to college you have prepared them already with background education and the ability to live away from home.
Retirees may find themselves facing a major federal tax increase fueled by tax-deferred accounts. There are many financial strategies occurring as you save toward your retirement, including maximized annual contributions and compounding interest. This can cause a tremendous tax bite, unless ...
Shortages in some sectors make partial retirement an inviting opportunity for both parties. Not every person who reaches retirement age wants full retirement. Some labor markets make it easy to ease into retirement while helping out employers, according to The New York Times...
If you do not have children or a spouse to include in an estate plan, the first thought may be family and friends. That is probably a good place to start. If you do not have any children or a spouse, there are many options available for creating an estate plan that benefits others, according...
Pew Research analysis reports 20% of population living in multigenerational homes. There are a record number of multigenerational homes in the U.S. and that trend is expected to keep rising, according to a Pew Research Center analysis reported in Financial Advisor Magazine...
Second marriage? You've entered a brave, new world, when it comes to estate planning. A second marriage can sometimes create a problem, because the biggest reason that stepparents and stepchildren fight is over money, according to the AARP in “Don't Split Heirs With Your Estate.”
Fees can drain your accounts, so watch them carefully. You have saved for many, many years and are now ready for retirement. You need to accomplish many tasks as you get ready to leave your job but one of the most important things to watch for as you go over your accounts is hidden fees, ac...
Social Security rules and regulations are the key to the magic retirement age. For some reason, many American have come to believe the magic number for retirement is 61 and they are wrong, according to The Motley Fool's article “Americans' Ideal Retirement Age–and Why It's Not Realistic.”
The concept still going strong after three decades. The economic answer for retirees living in expensive cities, such as Seattle, may be cohousing communities, according to the Seattle Times in “Battling rising cost of living? Seeking a community? A look at the cohousing lifestyle.”
The new law goes a long way in protecting the elderly from the increasing threat of scams. Elder financial abuse is very costly, at billions of dollars annually, as well as the emotional toll on the elderly, as the scams become more sophisticated, according to Forbes...
Expected lifespan should be taken into consideration in savings plan. Woman face a challenge in the U.S. This is because they have a longer lifespan than men but statistically make less money to be used for saving, according to The Motley Fool...
You may think your work is done when your estate plan is completed. However, a remaining step may be informing the kids about what they face. If you wish to pass your estate on to your children, it might be a good idea to spend some time educating them about the challenges and responsibilities...
A family may find a business model for meetings is a helpful guide if an elder member of the family requires caregiving. An elder member of the family sometimes needs caregiving. If it is a family project, it can be easier, according to aPlaceforMom.com...
The fear of huge medical bills causes worry to many a retiree. However, there is hope of solving the situation. Retirees generally fear that a medical expense shock will decimate their savings. However, there are ways to make the shock less stressful, according to Reuters...
Knowing the difference between a will and a trust is crucial, as well as how they will work for you as estate planning tools. Estate planning is unique to the particular circumstances of the individual or family. However, the two different tools that often come to the forefront are wills an...
There are ways to give away money that help people and create some tax breaks. If you've reached a point in life where you feel you have enough and want to give your money away, it would be wise to consider what your family thinks about sharing your resources, according to the AARP...
Your child is getting ready to leave the nest and head off to college. Now would be a good time to make sure proper legal documents are ready, before the student departs. There are several standard preparations required as your child gets ready to head off to college life.
The estate includes assets as well as frequent flyer miles … and where they will go. There is considerable interest in the estate of celebrity Anthony Bourdain and it is getting even more interesting, according to Forbes...
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