Author Archives: Site Administrator
Will I Get A Bill as My Inheritance?
When someone dies and leaves debts, you may ask if you have any personal liability to pay them. The answer is typically no, even though those debts don’t automatically disappear. However, there are situations in which you may have to address issues with a loved one’s creditors after they are gone, says KAKE’s recent… Read More »
Affordable Long-term Care in the US is an Urgent Priority
The challenges ahead are many as AARP reports that the population age 85 plus, the most likely to need long-term care, will more than triple between 2015 and 2050. Elected leaders must rethink institutional care and its affordability and make improvements while creating innovative long-term care options for those Americans who are aging in… Read More »
How Much Should We Tell the Children about the Estate Plan?
Congratulations, if you have finished your estate plan. You and your estate planning attorney created a plan that is suited for your family, you have checked on beneficiary designations, signed all of the necessary documents and named an executor to carry out your directions when you pass. However, have you talked about your estate… Read More »
Senior Taxes, Money, and Retirement in a Biden Administration
The advent of a Biden Administration could bring significant changes to the current landscape for older Americans. Biden has outlined what he would like to accomplish for older Americans, and this post is intended to summarize some of those plans. Social Security benefits may become secure again. The Trump proposed payroll tax cut and… Read More »
Estate Planning Lessons from Celebrities for ‘Regular’ People
Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich And Famous: Why Estate Planning Should Be Part Of Your Retirement Plan.” The family had to file with the court to have family members appointed… Read More »
Do You Know Your Job as Executor, Agent or Trustee?
It’s not uncommon for a named executor or trustee to have some anxiety when they discover that they were named in a family member’s estate planning documents. With the testator or grantor dead or incapacitated, the named individual is often desperate to learn what their responsibilities are. It may seem like they’re asked to… Read More »
What Happens If You Fail to Submit a Change of Beneficiary Form?
Wealth Advisor’s recent article entitled “I’m being denied an inheritance. Can they do that?” explains the situation where an individual, Peter, was given a CD/IRA by a friend named Paul. Paul told Peter that he wanted him to have it, in case anything happened to him. Paul was married and didn’t tell his wife… Read More »
Is Probate Required If There Is a Surviving Spouse?
Probate, also called “estate administration, ” is the management and final settlement of a deceased person’s estate. It is conducted by an executor, also known as a personal representative, who is nominated in the will and approved by the court. Estate administration needs to be done when there are assets subject to probate, regardless… Read More »
Should a Husband and Wife have Separate Trusts?
The decision about separate or joint trusts is not as straightforward as you might think. Sometimes, there is an obvious need to keep things separate, according to the recent article “Joint Trusts or Separate Trusts: Advice for Married Couples” from Kiplinger. However, it is not always the case. A revocable living trust is a… Read More »
Does New Federal Regulation Mean Lower Prescription Drug Prices?
HHS announced a rule that would require manufacturers to give Medicare beneficiaries enrolled in the Part D prescription drug program the rebates that insurers and middlemen, known as “pharmacy benefit managers, ” use to negotiate and keep monthly premiums down. According to the nonpartisan Congressional Budget Office (CBO), this regulation would cause Part D… Read More »