“It took my husband Mike’s heart attack to force us to recognize the need for having an estate plan. It was not smart. You are smarter than that. Create an estate plan today.” The time to have an estate plan really begins the moment you have assets that need to be distributed, but most people […]

“For many older adults, claiming Social Security early would be a big mistake. It was a mistake made by many older workers, who lost jobs in the Great Recession.” For older employees who are laid off as a result of the pandemic, the idea of an early retirement and taking Social Security benefits early may […]

“The recent decline in asset values may make gifting a more attractive estate planning technique for many individuals, especially if you are considering gifts of stock or other non-cash assets.” Gifting assets to a trust for children or grandchildren is often an important part of an estate plan. The recent article “Is Now a Good […]

“I am my late brother’s sole beneficiary on various investments held at different investment companies. I would like to divide the assets equally among three relatives.” This generous individual may be facing a number of legal and logistical hurdles, before assets in eight separate accounts can be passed to three relatives, says the article “Sorting […]

“It’s hard to imagine being stripped by a court of the right to make decisions about finances, medical care and other matters. It’s even harder to imagine that happening without representation or the advice from a lawyer.” In many states, if a person is deemed unable to conduct their own affairs, a court appoints a […]

“Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.” For a limited time, Americans will now be able to withdraw money from tax-deferred accounts without penalties, under the Coronavirus Stimulus law. Rules on taking […]

“The Social Security hell morphed into Medicare hell and, will, not doubt, morph into federal income tax hell and then state income tax hell.” A cautionary report about a man who simply wanted to apply for Social Security appears in a recent article from Forbes, “A Social Security Application Mistake or A Malicious Policy with […]

“Does your ability to pass on your wealth to your heirs depend on where you live … and die? Indeed, it does.” When the current health crisis finally passes, many people will have spent time considering what they want to do with their remaining years. That may include relocating. For some people, taxes are a […]

“Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.” Transferring ownership of the family home to an adult child may seem like a simple approach for avoiding having the house go through probate, or even qualifying easily for Medicaid. […]

“When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.” Whether the reason is Alzheimer’s, Parkinson’s or any number of illnesses that lead to dementia, it’s hard for families to think about legal or financial concerns, when a […]