No one wants a nursing home but the longer we live, the higher the chance we may need a nursing home at the end of life.
Prince’s 2016 death created one of the largest and most complicated probate court proceedings in Minnesota history.
Taking care of an aging or ill family member can be enormously rewarding but also exhausting and emotionally draining.
Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.
Marilyn Monroe’s estate makes millions every year. At the time of her death in 1962, the icon’s net worth was $10 million, when accounting for inflation. In 2020 alone, she made almost as much as that. But fans of the late star might be surprised to learn that it isn’t her many movies that make her estate the most money.
More than 53 million Americans are unpaid caregivers for family members. The majority are women—often, an adult daughter who lives closest to an aging parent starts out helping with daily activities. As the parent/care recipient requires more assistance, the daughter cuts back on work hours– risking her own financial security.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.
When you envision your “golden years,” what do you see? Are you living independently, being active and enjoying life? Or do you worry that you’ll struggle with declining health and physical limitations? For many seniors, reality falls somewhere in between. Perhaps you see that in your own aging parents.
An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.
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