When you go through the legal process of Estate Planning, this includes you deciding: (1) who you want to receive any real estate, savings/investments, tangible personal property, and other assets of yours after your death; (2) who you want to put in control of making decisions and handling your legal and financial affairs after your […]
Making Seniors Wishes Come True and Planning for Charitable Giving
Dear Hayek, Every year, I give to the Make-A-Wish Foundation, to help make dreams come true for children with critical illnesses. I heard there was a similar group for seniors and those in elder care facilities. What do you know about this? Also does the Farr Law Firm help seniors with charitable giving as part […]
What Is the Financial Impact of Caregiving? New Report Offers Interesting Insights and Valuable Tips
November is National Caregiving Month, a time to acknowledge the family caregivers who provide assistance to older adults, Veterans, people with disabilities, and those with serious and/or chronic health conditions. These caregivers voluntarily assume this responsibility, often with little or no training or support and with little or no financial compensation. Anyone who is a […]
Teaching Grandchildren about Finances
Dear Oakley, I’ve been thinking about gifting money to my grandchildren. Before I do so though, I’d like to teach them about financial responsibility. As a financial planner who works with seniors and their loved ones, how do you suggest I do so? Finn Anshull —- Dear Finn, Grandparents are often […]
After the Covid-19 Pandemic—How It Has Impacted Retirement
Jane and Steve were planning on retiring in five years. Now, a year after the COVID-19 pandemic, those plans have changed. When Steve’s business wasn’t doing well this past year, they couldn’t contribute to their retirement accounts, as they had every month in the past. A year of not being able to contribute and a […]
Is Declining Financial Literacy an Indicator of Impending Dementia?
People with dementia often have problems managing their money. In fact, money problems may be one of the first noticeable signs of the disease. A few years ago, Angie O’Leary, head of wealth services at RBC financial, noticed that her father-in-law’s household bills and financial statements were scattered around the house. “There were envelopes with […]
When You’re Navigating Retirement as a Solo Ager
Q. I’m 58 years old and am single. I would like to retire in the not so distant future, but most of the information available is for married or even divorced people, and I’m feeling lost. I’m not feeling confident about retirement and sometimes even worry I will run out of money and have no […]
Why Retirement Planning Is Even More Important During a Pandemic (Part 3 of a 3-part Series)
Randy Smythe, 60, took an early retirement last September after a career in e-commerce sales and soon took off to spend a year visiting the national parks while renting out his home. Now, similar to most Americans, he’s stuck at home because of the coronavirus pandemic and still two years away from eligibility for Social […]
Top 19 Articles of 2019
Those who read our newsletter or follow our blog know that we covered a lot of ground in 2019. This past year, the Federal Tax Act increased the federal estate and gift tax exemption from $11.18 million dollars per person to $11.4 million dollars per person ($22.8 million dollars per couple). On the gift tax […]
Retirement Expenses You May Not Think About
Dear Angel, My husband and I are planning for retirement and trying to figure out our expenses. We have considered fun expenses, such as travel and hobbies and many not-so-fun expenses, including health care, day-to-day bills, mortgage, and many other things. Are there any common expenses that seniors sometimes don’t think about when planning for […]
What’s the Difference Between Retirement Planning, Financial Planning, and Estate Planning?
Q. My wife and I are hoping to retire in 12 years. We have already done our estate planning but have been told by friends and relatives that we need to also do financial planning and retirement planning. Aren’t financial planning and retirement planning the same thing done by the same person, or are they […]
Are you Ready for Retirement? Advice from Warren Buffett
Mike has worked for the federal government since he graduated from college. He estimates that he will retire in ten years, and he wants to make sure he is prepared when he does. His wife, Lily, is a consultant, who does not have benefits through her job. Lily wants to ensure that she is prepared, […]
The Financial Problems of CCRCs
A Continuing Care Retirement Community (CCRC) is an age-restricted community where, in most cases, incoming residents must be at least age 55 or older. The facilities offer independent-living units, assisted living units, and skilled nursing all in the same building or on the same campus. In addition to paying a sizable entrance fee, residents pay […]
U.S. Life Expectancy Has Declined for the First Time Since 1993
Last Wednesday, The Economist’s “Business of Longevity” conference took place, attracting world-renowned experts in aging. One of the main themes of the conference was the need to change the way we think about longevity, as we are living longer, more productive lives. Coincidentally, on the same day the conference began, a study was released that […]
Financial Uncertainty in Retirement. . . We Can Help with That!
Life spans are increasing, and many of us are living well into our 80’s and 90’s. At the same time, however, the price of long-term care is increasing, and as we learned last week, you CANNOT count on long-term care insurance to pay for it. Still, many Americans do not recognize that planning in advance […]
The Death of Long-Term Care Insurance?
Maureen’s husband is retiring within the next few years, and her family is now planning in advance for long-term care, in case the need should arise in the future. Recently, in doing some research on long-term care insurance, Maureen read that John Hancock is leaving the long-term care market early next year. She couldn’t believe […]