A durable power of attorney is a written document, whereby a person (“the principal”) can authorize or grant authority to another individual (or individuals, called the “agent” or the “attorney-in-fact”) to perform certain tasks on behalf of the principal, whether or not the principal is under a disability. nj.com’s recent article, “Don’t mess up this estate planning document,” says that whether two...
Continue ReadingInvestopedia’s recent article, “2 Ways to Reduce Taxes and Save More for Retirement,” provides two great ways to start accumulating more tax-free retirement savings: a Spousal IRA and a Backdoor Roth IRA Contribution. Spousal IRA Under the usual situations, a person who wants to contribute to an IRA has to earn income. However, there’s an exception, if you’re a non-working spouse. Your...
Continue ReadingAn effective way to safeguard your retirement savings from the high price of assisted living, in-home care or the cost of a stay in a nursing home is a long-term-care insurance policy. However, recent premium hikes have many baby boomers concerned that this type of coverage is no longer affordable. Kiplinger’s recent story, “The Long-Term-Care Insurance Dilemma,” reports that the median cost...
Continue ReadingThere are a lot of variables when you reach retirement: Social Security checks may or may not be taxed, depending on your income. You’ll pay federal income taxes on most retirement plan withdrawals, but there may also be state taxes based on where you live. The tax rates on investments can also vary. The San Francisco Chronicle’s recent article, “Beware of hidden...
Continue ReadingA temporary restraining order has been issued against Stan Lee’s caregiver, because of allegations of elder abuse, as Sky News reports in the article, “Stan Lee’s caregiver handed restraining order over ‘elder abuse’.” A lawyer for Stan Lee, the creator of many of the most successful Marvel Comics, says his caregiver Keya Morgan “inserted himself into Mr. Lee’s life” following the death...
Continue ReadingWhat is a Living Will? How do You Create a Living Will? Drafting a living will now is a prudent move that gives you a say in how you want to be treated at the end of your life. The (St. George UT) Spectrum’s recent article, “How to Make a Living Will,” explains that to adequately detail your wishes concerning your end-of-life...
Continue ReadingThe sudden deaths of fashion designer Kate Spade and chef and storyteller Anthony Bourdain are sparking discussions about mental health. They’re also a stark reminder that a sudden death can affect any family. CNBC’s article, “Sudden deaths like those of Kate Spade and Anthony Bourdain can devastate family finances,”explains that a number of the leading causes of death in the US...
Continue ReadingIt used to be that the final days of a person’s financial life, were when they reached their 60s or 70s. However, today, that’s just the start. A generation ago, it would have been unthinkable to have a 90-year-old person still making decisions and still managing the family’s wealth. Baron’s recent article, “Planning Ahead for Longer Lifespans,” says that people are just...
Continue ReadingAccording to a 2016 study by Oregon State University and Portland State University, the average age of farmers and ranchers is now 60. An estimated 10 million acres of farmland will change ownership over the next 20 years, making farm succession and estate planning that much more critical. The Salem, Oregon Capital Press asks in its article, “Mental competence a key factor...
Continue ReadingWhen a person dies, and after his or her family members have dealt with their initial emotions, the real work begins, according to Kiplinger in the article “5 Things to Do the Moment a Loved One Passes Away.” If you know you are named as executor of the will, take these steps to be sure that the named beneficiaries receive as much...
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