On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE...
Leave the Snow Behind but Keep Estate Plan Up to Date
State laws oversee estates and those laws are rarely the same.
Many people retire in the snowy north and head to the warm south for a few months each year. If that is your scenario, it would be wise...
To die well, we must talk about death before the end of life
I would like to tell you an all-too-familiar story. It begins with a long-term care home resident, Laura, who has multiple chronic conditions and gets an infection that doesn’t get any better.
Her health has been declining for months, but no one has talked to her about her preferences...
Things You Can and Can’t Do With a Power of Attorney
Like most legal undertakings, setting up and enforcing power of attorney (POA) documents can be a confusing process. Yet, these essential tools can help aging adults and their families create a solid plan to address future care needs and gain peace of...
How to Talk with Aging Parents About Estate Planning
During a recent webinar, one of the questions we were asked was about how to address the topic of estate planning with your aging parents. It can be a tough topic to bring up as it can be emotional. After all,...
Do Annuities in 401(k)s Work for Retirement Income?
“Proposed U.S. legislation would make it easier for employers to offer annuities in 401(k) retirement plans that provide retirees fixed payments for as long as they live.”
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The role of annuities in retirement planning is one aspect of the Secure Act that...
It Can Be an Unpleasant Surprise but a 401(k) Is Taxable
While it is taxable on withdrawal, the contributions lower your taxable income.
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It turns out as a surprise to some retirees but the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower...
Ask Your Parents about Their Financial Plans
When everyone is comfortable, it is time to move forward with discussion.
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The key to learning about the financial plans of your parents, is to ask for advice on your plans and then ask about their plans, according to
Focusing on Elder Financial Fraud
Because seniors are particularly vulnerable, they are at a higher risk of being exploited financially. When seniors are forced to manage their own retirement funds while coping with an array of health issues, the potential of being victimized by financial fraud is high. If you or a loved one has been the...
In Focus: Long-term Care Planning
People are living longer today, giving them more time to enjoy their retirement years. Nonetheless, with aging comes challenges, not the least of which is declining health and medical conditions that may require long-term care. Given the high cost of medical care at home or in an assisted living facility, it is...