Author Archives: Site Administrator
Marilyn Monroe’s Estate Makes Money 50 Years after Her Death
Screen siren Marilyn Monroe starred in 23 films in her career. She created the first female-owned production studio. Marilyn Monroe Productions first film produced was The Prince and the Showgirl with Laurence Olivier. Cheat Sheet’s recent article entitled “Marilyn Monroe’s Estate Is Still Making Millions but Not Because of Her Movies” says that as… Read More »
How to Plan for a ‘Fragile’ Beneficiary – Minors, Special Needs, and Those with Creditors
Frequently, estate plans will include an inheritance for a minor beneficiary. If you have minor children, you should spell out exactly what you want as far as who will care for your children and how your children’s financial needs will be met. Wealth Advisor’s recent article entitled “Handle with care: Tips on planning for… Read More »
What to Do First when Spouse Dies
Forbes’ recent article entitled ‘Checklist for Handling the Death of a Spouse” tells us what to do when your spouse passes away: Get Organized. Create a list of what you need to do. That way, you can tick off the things you have done and see what still needs to be done. Spending the… Read More »
How to Plan for Spouse’s Medicaid
Medicaid eligibility, assuming that you require long term care and have satisfied the medical eligibility requirements , is essentially a two-prong test or analysis of assets and income. That is, there are restrictions on the types of resources that you can have when you apply for Medicaid, specifically with regard to assets, if you… Read More »
How to Help Care for Yourself when Caring for Dad
More than a third of family caregivers rate their job as highly stressful emotionally, and almost 20% report a high level of physical strain, according to the “Caregiving in the U.S. 2020” report from AARP Public Policy Institute and the National Alliance for Caregiving (NAC). According to AARP’s recent article entitled “Respite Care: Create… Read More »
How Does Family Pay for Parents’ Care?
Women 50+ who leave the workforce to care for a parent forfeit an average of nearly $325, 000 in wages, future Social Security benefits and retirement assets. Reducing their hours or leaving a job may mean buying health insurance, while also paying for caregiving-related expenses—like medications and gas for driving their parent to doctors…. Read More »
Why Does a Person Need a Living Will?
An advance directive or “living will” is a legal document that can give instructions about what kind of medical care you want, if you become seriously ill and are at the end of your life. You can state the types of medical treatments you do and do not want to receive and can designate… Read More »
What Happens If Trust Not Funded
Revocable trusts can be an effective way to avoid probate and provide for asset management, in case you become incapacitated. These revocable trusts — also known as “living” trusts — are very flexible and can achieve many other goals. Point Verda Recorder’s recent article entitled “Don’t forget to fund your revocable trust” explains that… Read More »
Does a Will Supersede a Beneficiary Form?
It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if key information is missing on beneficiary forms, which is often the case. According to this recent article from The Street, “Secure your IRA—Review Your Beneficiary… Read More »
Your Estate Planning Checklist for 2021
If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you created a trust, gave gifts of real estate, business interest or other assets, you need to address the loose ends and do the follow up work to ensure that your planning… Read More »