Healthcare is a major expense for seniors, so much so that recent estimates put the average cost of it at $387,644 throughout retirement for the typical 65-year-old couple retiring today. While that figure may seem astronomical, it actually doesn’t account for a related expense that many seniors will inevitably face: long-term care.
Although various degrees of control may accompany a limited guardianship, our discussion here applies to a general guardianship, which includes full control of an individual’s person and property.
Do you want to disinherit your loved ones? Then simply name the wrong person on your beneficiary forms. That sounds too simple, yes, but everyday individuals die leaving their financial assets to the wrong person.
Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.
I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?
Trusts have long been a tool for the ultra-wealthy to preserve wealth and pass it down through the generations. However, even those of more modest means may benefit from this powerful estate planning tool.
Most financial experts would agree that it is rarely, if ever, a good idea to take an early withdrawal from a traditional IRA or Roth IRA. This is due in part to the high cost of penalties that can hit an account holder for an early withdrawal (not to mention losing out on years of potential earnings).
Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition?
A power of attorney is a document that lets you appoint a person or an organization to handle the financial and medical decisions on your behalf, when you are not able to because of sickness or death. The person or the organization is called the attorney-in-fact or the agent. POA is given to someone whom you can trust with your life.