The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about money, others wonder how they will fill the time. As such, the possibility of being […]
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What Is a Durable Power of Attorney?
How is a durable power of attorney different from a regular power of attorney? Essentially, a power of attorney authorizes someone else to handle your finances and medical care on your behalf. On the other hand, a durable power of attorney remains in effect even if you become incapacitated. With a power of attorney, […]
How To Choose a Beneficiary for Your Will
A beneficiary is someone who inherits your assets when you pass away. Unless you die prior to naming beneficiaries, your will should contain the people to whom you want your assets to be allocated in your absence. In most cases, people name their spouses, children or other family members as beneficiaries. However, a beneficiary can […]
Start the Family Retirement Conversation
If you have not yet had a serious conversation with your children about your plans and hopes for retirement, you are not alone. Most aging parents had never addressed it with their families. Why not? Money is often a taboo subject. There are reasons galore to procrastinate. Many children do not want to raise the […]
How To Plan for Estate and Gift Taxes
Federal estate tax in 2023 mostly remains an issue for the very wealthy — those with an estate valued at more than $12.92 million or $25.84 million for a married couple. Even with the generous exclusion, some estates may be subject to tax, i.e., you may be on the hook for state taxes. The tax […]
How To Value Items in An Estate
If you’re the executor of an estate, part of your job is to oversee the valuation of assets. Finding out how much the estate is worth and how that value is distributed will determine your approach to probate, the allocation of the assets among the heirs, and how much the estate will pay in taxes. […]
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