Q. Since my wife, Linda, and I retired, we travel a lot. A few weeks ago, when we flew to San Diego, we saw someone with a dog in the cabin of the plane, sitting on the owner’s lap, and the flight attendant didn’t say anything about it. The dog was small enough to fit […]
New, Overlooked, and Odd Tax Deductions for Seniors
Q. With tax season upon us, I am preparing for the grueling task of filing my taxes. I am aware that every year, the IRS makes a litany of changes to the tax code and Congress often weighs in with its own alterations as well. Of course, like most seniors on a fixed income, I want to deduct all I can. Are you aware of […]
I’m Not Dead Yet!
Q. When my Aunt Barbara died in 2002, my cousins had to rely on the legal system to help negotiate with their half-brother over her estate. To sell her personal possessions, the family had a large auction. They all agreed to keep a few things, but it was the real estate that caused a […]
Will Christmas Gifts Disqualify Grandma?
Q. My grandmother is really excited about Christmas this year. In the spirit of the season, she is considering making a truly meaningful gift of $5,000 to the local animal shelter, and giving another $5,000 to her church. She also told me that she will be giving my husband and me $2,000 for a backyard […]
Facing the Elephant in the Room
When Alyssa left for her long drive back to college or for a vacation, she would always give her father a long, meaningful hug, and would reassure him that if something happened to him or her, that she loved him very much. Since she was always prepared for EVERYTHING, when she came home for holidays, […]
Spooky or Reassuring? Posthumous Messages from Loved Ones
Image from express.co.uk Imagine you had a letter from someone who was likely to pass away – could you resist reading it? Morgan received a letter from her cancer-stricken brother-in-law, Jack, to be opened after his death. She put it in her safety deposit box, to keep from opening it. When his health took a […]
Giving Money to Your Children (while you’re still alive)
Janet’s granddaughter, Grace, recently got accepted to veterinary school. Janet is thrilled at this huge accomplishment, and would like to give Grace a gift of $40,000 ($10,000 a year), to help her pay for school, so she wouldn’t have as many loans to repay when she graduates. For Janet, the experience of losing her own […]
Don’t Attempt this on Your Own
Image from Scientific American Q. My Aunt Linda is very stubborn. She has been divorced twice, has three kids, two step-children, and a grandchild on the way. She did her estate planning documents when she was married to her first husband, and insists on making updates to them with a red pen. I told her that […]
Is Estate Planning Needed for Cohabitating Couples?
Dear Commander Bun Bun, I live with my boyfriend, Rich, in a house we own together. For a number of reasons, we have decided not to get married, but will continue to cohabitate for the foreseeable future. Why would people in our situation need to do estate planning? Thanks! Liv Togeth-Herr — Dear Liv, Even though cohabitation may be […]
Living with Fewer Rights than a Convicted Felon
Q. My 30-year-old cousin, Donnie, is intellectually disabled. He works at the Wendy’s near my house, serving burgers and greeting customers with a smile. He has a bank account, saves most of the money he earns, makes a mean chili, and drives to work each day. Yet, his mother has guardianship over him, leaving him […]
“Life Reimagined”- Guidance for Retirement Planning
Are you at a point in your life where you’re asking, “What’s next?” You’ve finished one chapter and you have yet to write the next one, and this one involves an empty nest, no more commuting to the office, lots more time for yourself, and limitless options. Many of us face these exciting transitions as […]
A Year Later: Robin Williams’ Family is Still at Odds
Robin Williams with his son, Zak, and his wife, Susan in 2012. Photo from New York Times Many wealthy people die having done inadequate estate planning, or none at all. This was not the case with late comedian Robin Williams, or so we thought. It seemed that Mr. Williams attempted to spell out his wishes […]
Please Don’t Leave that to Me!
Source: dalje.com Q. My aunt Bettina (Betty) has over 6,000 Barbie dolls, worth more than $150,000, that she mentioned she may leave to me when she does her estate planning. Although they are valuable, I am secretly hoping she doesn’t, because she wants them displayed in their own room, and asks that they never be sold. The challenge for […]
New IRA Rules Close the Loopholes
Dear Commander Bun Bun, I heard that there are some new rules that were proposed by President Obama that IRA owners should know before planning their estate or transferring money between IRAs. Do you know about them and, if so, can you explain? Thanks for your help! Ira Nurooles —- Dear Ira, Under President Obama’s […]
I Am Single With No Children. Why Should I Bother Planning?
Dear Commander Bun Bun, I am a free-spirited single person who has never been married or had any children. I don’t even have brothers or sisters. Yesterday, my neighbor told me about her estate planning during our morning walk. She suggested I call Evan’s office and make an appointment. I disagree. Dying is the last […]
A “Guardian Angel” When One is Needed Most
Marjorie never felt alone at her nursing home. Although her husband died last year, and her children couldn’t be there a lot of the time to visit her, she seemed content. Her ability to speak clearly and her memory were diminishing and most people couldn’t understand what she wanted or needed, but somehow she always […]
A Different Type of Funeral
Q.I am the kind of person who likes to plan ahead for everything. I started planning my wedding before I was even engaged, and named my children long before I was pregnant. Now that I am getting older, I am beginning to think about my funeral. I was baptized and raised Catholic, and I married […]
Help! My Bank Won’t Recognize Co-Trustees
Q. My mother named me and my brother as co-trustees of her Revocable Living Trust. She passed away earlier this year in her home town of Abingdon, VA (near the Tennessee border), where my brother still resides. Since then, when it comes to managing the trust, we have had nothing but trouble with the bank. […]
Ask the Expert: Can Banks Refuse to Accept a Power of Attorney?
Q. My cousin’s parents executed a Power of Attorney naming her and her sister as co-agents. My aunt is now deceased. My uncle, who has dementia, is owner of an investment portfolio with monthly dividends being automatically reinvested. My cousins wish to have the dividends placed into my uncle’s checking account so that they may […]
When Loved Ones Aren’t Permitted to Visit
Peter Falk and his daughter, Catherine. (from dalje.com) Jane and Maria are sisters who haven’t spoken in ten years due to a disagreement over their mother’s care. Jane was a caregiver for her mother, Millie, and served as her guardian and had Power of Attorney until she passed away. Maria lived in another state and […]
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