Your kids are grown and you are rattling around in five-bed, four-bath suburban home. It’s not like you see the kids for overnight stays on a regular basis, and so you may be wondering what to do with that extra space. You could rent out a room, but that proposition seems iffy at best. Really, …
Read MoreNew Tax Laws Explained 0
When Congress passed and President Barack Obama signed into law the American Taxpayer Relief Act in the first week of January – averting the so-called fiscal cliff – it made permanent the previous two years’ exclusions on estate and gift taxes. And those exclusions have been adjusted for inflation. As reported by Bloomberg, this means …
Read MoreMoney Managers Cut Worry for Seniors 0
It’s tough enough for many adults to keep track of their bills, but it can be especially hard for those in their retirement years. Failing eyesight and hearing, coupled with arthritis-stricken hands and fading memory, can make keeping track of everything a Herculean task for many seniors. That is especially true if there are no …
Read MoreNow or Never to Take Advantage of Gift-Tax Exemption Limits 0
At the end of the year, the federal gift-tax exemption will fall from $5.12 million to $1 million, making this the perfect time to take advantage of the higher limits and avoid future estate taxes for beneficiaries. The Wall Street Journal (http://tinyurl.com/cy3xval) recently listed several ways that you can take advantage of the current gift …
Read MoreAdvance Directiveness Could Have Saved ‘Legally Blonde’ Actress a Day in Court 0
Guardianship over a relative is much more difficult to obtain after a loved one has already become legally incompetent due to physical or mental illness. Lengthy, costly and heartbreaking court proceedings can be avoided with advance directives. You should understand the importance of having these documents in place before they become necessary. Even movie stars …
Read MoreSome Helpful Advice on Choosing a Successor Trustee 0
When you create Revocable Living Trusts, you must choose someone trustworthy to assume the role of a Successor Trustee – the person who manages a Trust and its assets after you die or are incapacitated. Making this decision is not as simple as picking a favorite aunt or an eldest child. The choice can be …
Read MoreShould You Consider Giving Away Property Over Cash? 0
It’s decision time for people who want to take advantage of the $5.12 million gift tax exemption that expires at the end of this year. While cash is the most direct way to pass wealth to heirs, you might need that money at some point. If you’ve already given it away, it’s not very easy …
Read MoreCan You Really Be Billed for all Elderly Parent’s Nursing Home Care 0
Did you know you could be liable for your parent’s nursing home bills under a little known law on the books in most U.S. states? This summer, several news outlets picked up the story of a Pennsylvania man who was billed about $93,000 after his retired parents were injured in an auto accident and moved …
Read MoreHow to Prevent Alzheimer’s from Destroying your Family’s Financial Future 0
Alzheimer’s disease, and the demands it places on a caregiver’s time and energy, can devastate a family’s emotional resources. It can devastate the family’s bank account, too. According to the Alzheimer’s Association, 5.4 million Americans are living with it, and one in eight older Americans is afflicted with the progressive, incurable disease. The association says …
Read MoreYou Could be Asked to Sign Arbitration Agreement Agreement by Nursing Home 0
It’s hard enough to make the decision that an elderly loved one must move into a nursing home. During admission, your family’s given stacks of papers – “Just sign here,” they are instructed – and, under stress already, many families’ sign without closely reading the documents. Increasingly, one of the papers nursing homes include binds …
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