Author Archives: Site Administrator
Do I Need a DNR in My Estate Plan?
Forbes’s article entitled “Should “Do Not Resuscitate” Be Part Of Your Estate Plan?” explains the difference between a health care proxy and a DNR. A health care proxy is a legal document that lets you name an agent to make health care decisions for you. It is used if you’re unable to make those… Read More »
What Happens If Power of Attorney Documents are Rejected?
It is frustrating when a bank or other financial institution declines a Power of Attorney. It might be that the form is too old, the bank wants their own form to be used, or there seems to be a question about the validity of the form. A recent article titled “What to know if… Read More »
Can I Disinherit Anyone I Want?
If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive little or nothing from you when you die. However, be careful—disinheriting an heir is not as simple as leaving them out of your will, explains the article “How to Disinherit… Read More »
What are the Estate Planning Basics?
Estate planning is an all-encompassing term that refers to the process of organizing, inventorying and making plans for the proper handling of your affairs after you die, including your dependents as well as your assets, valuables and heirlooms. This typically involves writing a will, setting up a power of attorney and detailing funeral arrangements… Read More »
What Should I Know about Beneficiaries?
When you open most financial accounts, like a bank account, life insurance, a brokerage account, or a retirement account (e.g., a 401(k) or IRA), the institution will ask you to name a beneficiary. You also establish beneficiaries, when you draft a will or other legal contracts that require you to specify someone to benefit… Read More »
What Is a Will Codicil?
There are a number of reasons for adding a codicil to an existing will. KAKE.com’s recent article entitled “Using a Codicil to Modify a Will” says it’s good to know when you might need one and how to add it. A codicil is a way to change the terms of an existing will. A… Read More »
Protection from Long-Term Care Insurance Fraud
Long-term care (LTC) insurance is an important issue. However, making matters harder for many seniors is the prospect of long-term care insurance fraud. The Street’s recent article entitled “How to Protect Yourself and Your Family From Long-Term Care Insurance Scams” say this is a major issue with the skyrocketing costs of long-term care services… Read More »
What Should I Know about Medicare?
If you’re 65 or older and lose your job, you can keep your employer-based health insurance under a federal law known as COBRA. However, it also could be more expensive. In addition, COBRA coverage isn’t qualifying insurance in place of Medicare, and if you miss some deadlines for enrolling in Medicare without having the… Read More »
How Do I Protect an Inheritance from the Tax Man?
Inheritances aren’t income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source. Therefore, you must include the interest income in your reported income. The Street’s recent article entitled “4 Ways to Protect Your Inheritance from… Read More »
When Can an Executor Start Paying the Heirs of an Estate?
An estate executor or Personal Representative is the person who has been named to administer the estate of a deceased person. The PR is either named by the testator in the will or is appointed by the Court where the PR named in the will has resigned or where the decedent died intestate or… Read More »