People all over the globe watched the festivities as American actress Meghan Markle and Prince Harry said their “I do’s” at Windsor Castle near London, England on May 19. Everyone acknowledges it was the wedding of the year, but now word is out that the groom’s grandmother, Queen Elizabeth was thinking about estate planning, as well as how the...
Continue ReadingThe National Council on Aging found that one in 10 Americans over the age of 60 has experienced some type of elder abuse. One southwest Virginia community has placed a new emphasis on seeking justice for those victims. Wise County, Virginia’s MDT which stands for “multi-disciplinary team,” recently gathered for the very first time. WJHL.com’s recent article, “Fighting elder abuse with...
Continue ReadingThe contingent beneficiary receives the insurance proceeds of a life insurance policy when there is a primary beneficiary and a contingent beneficiary when the primary beneficiary predeceases. What if that beneficiary is alive, but refuses to collect the benefit? A recent nj.com article asks “Who would get this life insurance payout?” The article explains that an individual who’s designated as a beneficiary of...
Continue ReadingQuestion: Which of these has the greatest effect on your retirement standard of living? MarketWatch’s recent article, “The single most important retirement strategy,” says that a new study by the National Bureau of Economic Research found that the two options have roughly the same impact for the majority of investors. No, really! It’s hard to believe because not spending 1% of...
Continue ReadingIf you’re in your early 50s and have next to nothing saved for retirement, you’re not alone. The Employee Benefit Research Institute found that more than a third of workers between the ages of 45 and 54 who responded, said they had less than $25,000 set aside for retirement, while more than a quarter of those 55 and older...
Continue ReadingA 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...
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