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Wednesday, February 12, 2020

Free Tax Preparation Help Is Available to Seniors


Seniors and retirees should know that they may be able to use online tax preparation software free of charge. Most low- and middle-income Americans qualify for the free help, but do not take advantage of it. And all seniors are eligible for free counseling assistance from the IRS.

The tax preparation software industry has had a decades-long deal with the Internal Revenue Service (IRS) to make free versions of its software available to low- and middle-income individuals. However, a Read more . . .


Thursday, January 23, 2020

Caregivers Are Getting Younger, Making Planning for Long-Term Care Even More Important


As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain. 

The term “sandwich generation” was coined to refer to baby boomers who were taking care of their parents while also having young children of their own. Now millennials are moving into the sandwich generation at a younger age than their parents did.


Read more . . .


Tuesday, January 21, 2020

When Should I Review My Estate Plan?


You took one of the most important steps you can take to protect yourself and your loved ones by creating a proper estate plan.   Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expenses, delays and frustration associated with managing your affairs when you pass away or become disabled.   The next step is knowing when to have your estate plan reviewed.

A great time to review your estate plan is if you have experienced any major changes in your family situation, health or finances.  The addition of new family members is a time to rejoice and celebrate, but is also a good time to review your estate plan to assure that the newest members are properly accounted for in your estate.
Read more . . .


Thursday, January 2, 2020

New Law Makes Big Changes to Retirement Plans


President Trump has signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several ways:

  • Stretch IRAS. The biggest change eliminates “stretch” IRAs. Under current law, if you name anyone other than a spouse as the beneficiary of your IRA, the beneficiary can choose to take distributions over his or her lifetime and to pass what is left onto future generations (called the "stretch" option).
    Read more . . .


Wednesday, December 11, 2019

The Most Important Estate Planning Documents


Making sure you have the right estate planning documents is one of the simplest ways to have a positive impact on your family's future. Proper planning ensures that your wishes will be followed and that your family will have less to worry about after you are gone. 

Estate planning does not need to be difficult; a few documents can make a big difference. Here are the five legal documents, in order of priority, that everyone should have in place:

  • Durable Power of Attorney. This appoints one or more people to act for you on financial and legal matters in the event of your incapacity.

Read more . . .


Thursday, December 5, 2019

Five Tips for Starting Retirement Planning in your 50s


When it comes to retirement planning, many Americans find themselves underprepared. A majority of baby boomers (born between 1946 and 1964) and Generation X’ers (born between 1965 and 1978) often end up without retirement savings or don’t have realistic expectations about post-retirement costs. According to the Insured Retirement Institute, only 25 percent of boomers are confident of having sufficient savings in retirement.
Read more . . .


Wednesday, November 27, 2019

Medicare Premiums to Increase by Almost $10 a Month in 2020


After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60.
Read more . . .


Wednesday, November 20, 2019

Five Estate Planning Myths


There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you. 

A properly crafted estate plan allows you, while you are still living, to ensure that your property will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs and attorneys' fees; and it affords the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.

The following are some common myths that people have about estate planning:


Wednesday, October 30, 2019

Halloween Activities For All Ages including Seniors!


Halloween Activities & Treats for Seniors & Their Families

Halloween isn’t just for kids. It’s a great excuse for seniors to dress up, do some spooky crafts, and, of course, eat goodies. Preparing easy-to-make Halloween goodies is a great way for families to spend time with loved ones of all ages, and provide activities for seniors during a holiday we usually think of as child’s play.  So forget the tricks and head straight for the treats and have a fun time with your loved ones this Halloween! 

Here are some activities your senior loved ones can enjoy:

1.         Movie night:  What’s Halloween without a spooky movie? Here are some of our favorites that are fun for all ages:


Wednesday, October 9, 2019

Estate Planning for Blended Families


Ideally, when a second marriage joins two families together, it should be a joyous occasion that creates one bigger family unit. Unfortunately, it too often also creates inheritance fights between stepparents and children. A good estate plan is necessary to help avoid these types of family squabbles.

Complications can arise when two people who both have children from previous relationships marry. Married people typically leave everything to their spouse, so children from the previous relationship may now see their inheritance go to their stepparent, who may in turn leave it to his or her own children.
Read more . . .


Wednesday, September 25, 2019

Avoid Disagreements Between Your Power of Attorney Holder and Health Care Representative


A durable power of attorney and a health care representative are two very important estate planning documents. Both allow other people to make decisions for you in the event you are incapacitated. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along.

A power of attorney allows a person you appoint -- your agent or "attorney-in-fact" -- to act in your place for financial purposes when and if you ever become incapacitated. A health care representative is a document that gives an agent the authority to make health care decisions for you if you are unable to communicate such decisions.
Read more . . .


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