When we talk about retirement, most of us are still thinking about our parents’ retirement and how they did – or did not – plan properly for it. It’s no big stretch to think that our retirement will differ significantly … Continue reading
Or “I want a Trained Squirrel and I want it NOW!” One of the most frequently asked questions I get is, “How can I ask my parents about my inheritance without seeming like a gold-digger?” Well, the short answer is, … Continue reading
Posted in Elder Care, Estate Taxes, Families, Money, and Drama, Long Term Care Planning, Medicaid Planning, Probate
Tagged elder care, estate planning, estate tax, executor, HIPAA, inheritance, long term care, personal representative, probate, trusts, wills
Below is a fictional letter I drafted to anyone’s former partner because I know only too well what can happen when estate planning is not done properly. I hope you enjoy this outreach to an ex-spouse or partner and consider … Continue reading
The last few days, I’ve gotten four calls from single parents…okay, moms…asking for guidance with a divorce or parenting issue. Not unusual, considering I’m a single parent too. Though I did get married last weekend to a wonderful man, I’ll … Continue reading
Do you own a family business? If so, you’re in very good company. More than 90% of U.S. businesses are family businesses. Out of the Fortune 500, 150 are family businesses. Now, would you like to hear some really startling … Continue reading
You have a 401(k), right? Sure you do. And you have one (or more) because everyone tells you it’s a heck of a deal. But has anyone ever told you that your IRS qualified fund strategy could end up being a horrible weight on your retirement?
Every January, you opt in to contribute to your 401(k) the maximum allowed that year. You’ve been told over and over that this type of retirement fund will become a nice big nest egg for your retirement on dollars you never paid tax on! Isn’t that something?! What could possibly be wrong with stiffing Uncle Sam every year for the taxes you owe on that maximum contribution?
Well, a lot, actually.
Photo by Nicki Varkevisser on Flickr (http://www.flickr.com/photos/clickflashphotos/)
Posted in Elder Care, Estate Taxes, Legal Planning for Families with Kids, Medicaid Planning, Probate
Tagged 401(k), elder care, estate planning, long term care, Medicare, probate, qualified funds, senior care, trust, will
Picture this scenario…
You’ve worked hard, saved and managed to accumulate some wealth.
You’re not a robber baron by any means but you’re comfortable. Your siblings haven’t fared as well and you want to make sure that their children have the benefit of a solid higher education. With no children of your own, it seems the right thing to do.
What does this have to do with estate planning?
Nothing. I just like it.
So you set up 529 college education savings plans for your nieces and nephews, make them the beneficiaries, and mention everything in your will. Continue reading
Last week, I promised to give you some thoughts on nursing home care. And here it is!
Now that we’re living longer than ever, we need to ask some tough questions about how to care for our elders (and ourselves) when the time comes. Making the decision to place a loved one in a nursing home can be one of the most heart-wrenching decisions you’ll ever make.
Mom, long before her last illness.
Can you believe this woman had 10 kids? Continue reading
Posted in Elder Care, Families, Money, and Drama, Long Term Care Planning, Medicaid Planning, Probate
Tagged cost of care, elder care, elder law, estate planning, long term care, Medicare, nursing home, probate, senior care, trust, will
My mom, shortly before she passed away.
She’s why I want to help people have a good, secure, content old age.
Ain’t she something?
We all know that Americans are living far longer today than we were even a short time ago. But we’re living sicker lives. Currently, elder Americans spend 65 cents of every dollar spent on health care and that amount is expected to take a sharp upward turn in dollars and as a percentage of expenditures in the near future. Continue reading
Posted in Elder Care, Long Term Care Planning, Medicaid Planning
Tagged cost of care, elder care, elder law, estate planning, home care, long term care, Medicaid, Medicare, nursing home, senior care
Making a decision about who would raise your children if something happened to you can be puzzling and even dramatic—especially for a married couple trying to agree on potential guardians. Rest assured, you know your children better than anyone and you’re uniquely qualified to make the decision in a way no one else is—not even a judge. So before you throw your arms up with an “I have no idea who to pick!” here’s a method to come to a decision that you can live with. REMEMBER: guardian nominations can be changed and should be changed over time as your children grow and their needs change. Don’t be afraid to make a decision and then change it later. That’s the natural progression of childhood in operation.
Does this kid looks like he needs a special kind of guardian? Oh yeah. Continue reading
Posted in Families, Money, and Drama, Kids' Protection Planning, Legal Planning for Families with Kids, Parenting
Tagged children, choosing a guardian, estate planning, family, Guardianship, legal planning, nomination of guardian, probate, trust, will