Maddie was asked by her mother to assume the role of agent under her Power of Attorney, entrusting her to act on her mother’s behalf and to place her mother’s interests ahead of her own when the time comes. Maddie lives the closest to her mother and has proven to be both responsible and trustworthy. This […]
How Can You Reduce Your Capital Gains Taxes?
Diane, at age 80, resides in the home she has lived in for nearly 40 years. When she initially purchased the home after her husband’s death, it cost only $25,000 (and she since put in $45,000 in improvements); today it’s worth at least $675,000. Diane’s only child, Michael, moved in with Diane several years ago […]
Should You Talk About Death During the Holidays?
I saw the following quote on Facebook today, and it really resonated with me. It made me think about my own mortality and about my loved ones, who I will be seeing during the holidays: “None of us are getting out of here alive, so please stop treating yourself like an afterthought. Eat the delicious […]
Dementia Directives: Making Your Voice Heard When You Can No Longer Remember
Worldwide, around 50 million people have dementia, and there are nearly 10 million new cases every year. At that rate, in 2050, it is estimated that the number of people living with dementia will increase to more than 130 million. Alzheimer’s disease is the most common form of dementia and is the estimated cause of […]
Passing Along Your Values Along with Your Valuables
Q. My wife and I are approaching retirement, and we are updating our estate planning documents. We read something about writing a legacy letter along with our estate planning, where we leave more than material things to our children and grandchildren – where we pass along our values as well as our valuables. As a […]
Is the Charitable Tax Deduction Gone for 2018?
Q. I give to charities every year during the holiday season. However, I’m concerned about the ramifications of doing so this year with the new tax law. Can I give as I usually do and take tax deductions, or is there something different I should know? Also, my husband, John, is 80 years old and […]
Why Am I Left in the Waiting Room?
Patricia Hardy Johnson was the mother of three daughters: Kathy Wolens, Deirdre Mistri, and Carol Alexander. Prior to her death, Patricia Johnson maintained several investment accounts with Citibank worth nearly $850,000 that were managed by Morgan Stanley Smith Barney (MSSB). Ten years ago when she fell ill, Ms. Johnson sent a typewritten letter to her […]
Estate Planning for Every Stage of Life
Q. I am a middle age divorcee who lives in a condominium complex with people of all ages, some who rent and others who own. My next door neighbors are a 60-year-old couple who have been married for 35 years, and on the other side of me is a single mom with a daughter in […]
What Should I do with my Valuable Collectibles?
Dear Ernie and Jannette, I have a huge collection of clown dolls that I haven’t had appraised, but I know are worth a lot based on Internet research. My adult children don’t want them because my grandchildren think they look creepy. How should I handle them in my Estate Planning? Thanks for your help Thea […]
Downsizing So It’s Not So Overwhelming
Q. My parents knew it was time to downsize soon after my son (their grandson) Logan was born. They started to re-evaluate what’s important to them at this stage in life and decided that their health and family were more important than a larger home with a big backyard. Recently, they started getting their two-story […]
What if Nobody Wants My Stuff?
Dear Angel, I am thinking about moving to a senior living community sometime in the near future. So, now is the time to start figuring out what to do with the houseful of furniture, artwork, china, crystal, jewelry, and sentimental collections I won’t have space to take along. Last Christmas, I asked my children and […]
With the New Tax Law and Life Changes, it’s Time to Review Your Estate Plan
Q. Throughout the last decade, I have gone through so many changes in my life. Nine years ago, my wife passed away. A few years later our daughter got married, followed by my other daughter, followed by me getting remarried. Now I have a new wife, two son-in-laws, and five grandchildren. I heard as major […]
Estate Planning for Your Pet
Dear Bebe, I inherited a macaw from my deceased sister several years ago. My husband and I are in our 60s, but I know these birds can live long time and could be around a lot longer than us. I don’t know anyone personally who would want to take on the responsibility. What can we […]
Adult Children Seek Guardianship of Their Astronaut Dad, Buzz Aldrin
In July 1969, the first person to set foot on the moon’s surface was Neil Armstrong. Nine minutes later, Edwin Eugene “Buzz” Aldrin Jr. touched down. History was made! On the 50th anniversary of Apollo 11 next year, astronaut Buzz Aldrin, 88, seeks to remain an influential voice on our country’s space exploration policy. Just […]
The Biggest Misconceptions About A Power of Attorney
Q. My lifelong friend, Peter, has an aunt who was never married and never had children of her own. Peter was the closest family member she had, but she was not a very trusting person, and didn’t trust Peter or anyone, especially when it came to money. When she was beginning to experience memory loss, […]
The Graduation Gift Every 18-year-old Really Needs
Q. My daughter, Becca, is graduating from high school next week and attending college in Richmond in the fall. We couldn’t be more proud of all of her accomplishments. We are thrilled that she is just a little over two hours away, and that she can bring a car to school, so she can come […]
Muddy Waters’ Family Still Singing the Blues: An Estate Plan Still Not Settled After 35 Years
Dan just turned 65 and is beginning to tackle the items on his bucket list. Recently, he was able to check off an item that was near the top—a trip to New Orleans to experience Mardi Gras, see the French Quarter, eat a beignet at Café Du Monde, and listen to some of the best […]
Estate Planning for the Modern Family
Q. My family is not what many would consider “ordinary.” I am divorced and have been remarried for five years. I have a 40-year-old stepdaughter, a 25-year-old daughter, and a 10-year-old grandson, all of whom reside with us. My mother lives with us, as well, in a large home that I purchased with her, my brother, and his husband. Any suggestions when it comes to estate planning for my “modern” family? […]
What Happens if You Die Without a Will in Virginia, Maryland, or Washington, D.C.?
Q. I am retired and recently moved to the DC area to be closer to my daughter, her husband, and my three grandchildren. I have lived a pretty simple life, and don’t have a lot. Although I am now in my early 70’s, I have never done estate planning. After reading your newsletter and perusing […]
Is Social Security Taxable?
Q. I retired last year, and started receiving Social Security benefits. I am getting ready to do my taxes, and was wondering if I have to pay federal or state taxes on my Social Security income. My understanding was that Social Security is considered a tax-free benefit, but I heard that is not always the […]
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