Kylie JohnsonEnd of Life Planning Part 2
Planning a Memorial As your loved ones age, it’s important to know how they want to be memorialized and buried. While many people still prefer solemn, formal funerals or mourning ceremonies, others are beginning to lean more towards parties and celebrations of life. Knowing the kind of memorialization that your loved one wants will take the decision making off your shoulders when the time comes to carry out their wishes. Detailing these wishes as part of a legal document will ensure that your loved one is honored and memorialized as they want. If you’re concerned about the cost of funerals,
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Guest BloggerMaking Your Plan for Aging
From the caregiving days when helping my parents, I learned the importance of planning ahead for my advanced years. Growing older forces change -- the kind we don't want to think about. And that change often impacts our living choices, financial matters, driving, relationships, physical and mental health and end of life. We have to think about what will happen and if we can remain at home without help? How do you tell your adult children or siblings that you want to move because you no longer feel safe at home or you feel isolated in the suburbs? What will
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Barbara Bates SedoricWhy don't we talk about death?
Why don't we talk about death? First of all, it’s going to happen to each and every one of us. Yet, why does initiating a conversation about planning ahead for death always seem to make people run in the other direction? Why don't we talk about death? What is it that makes us so fearful? Do you think that having conversations about end-of-life plans will in fact “jinx” you? Why don't we talk about death? Why talking about death and planning ahead is beneficial: We are less prepared to tackle end-of-life decisions during a crisis (when incapacity occurs or when a loved one
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Carol MarakPower & Limitations of Power of Attorney Documents
Estate planning structures current and projected assets for future allocation and disposal. It eliminates the uncertainties over probate and maximizes the value of a families' or individual's estate. Having one helps reduce taxes and other expenses. Power & Limitations of Power of Attorney Documents The estate covers all the things a person owns - a car, home, another real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions, even pets. Estate planning includes a will, trusts, beneficiary names, powers of appointment, a person writing the will selects a person (agent) to distribute the property under the will. An estate
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Kimberly JohnsonTips Reducing Debt
Nobody enjoys being up to their eyeballs in debt. I mean let's face it life is hard enough without having to worry about how you're going to pay bills that seem to keep piling up all around you. If you're feeling this way I can assure you it's not just you. Sadly millions of people suffer from having to pay a large financial obligation due to an enormous amount of debt they have accumulated over time. Just doing a quick search on Google shows that there are over 16,000,000 million web pages that use the term debt reduction which explains
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Jeff DaileyHow to Make Backdoor Roth IRA Contributions
Many investors are enticed by the long term benefits of a Roth IRA. Unfortunately for those who do participate in an employer sponsored retirement account, such as a 401k, and earn a high annual income (over $116,000 for single filers and $183,000 if you are married, filing jointly), you are unable to make a Roth contribution. How to Make Backdoor Roth IRA contributions Fortunately, there are ways around this. There are steps outlined below that can be taken, which would allow a high income earner to move after tax funds into their Roth IRA. This is only possible because there are
Continue readingReal Estate Documents Your Children Need After You Die
5 Real Estate Documents Your Children Will Need After You Pass Away Planning ahead for what happens at the end-of-life shouldn't involve frantic last minute searches for information that someone in your family will need, and want, after you are gone. It's so much easier if you take some time now to plan ahead. Real Estate Documents Your Children Need After You Die One of the biggest items to plan for is what happens to your real estate. Unless you want to send your loved ones on a wild goose chase looking for documents, keys, and other assorted valuable information that
Continue readingMoney Perils Facing Widows
A fascinating, unsettling survey shows that many widows run into serious financial difficulties after their husbands die — and the problems go far beyond not having enough money to live on. Money Perils Facing Widows Mathew Greenwald & Associates’ Survey of Recent Widows raises red flags that all couples over 50 should know and deal with before it’s too late for them. That’s particularly true if the husband handles most of the household’s investments and financial planning. Money Perils Facing Widows What the Survey Discovered The survey, conducted for the Women’s Institute for a Secure Retirement (WISER) and funded by the American Council of Life Insurers, interviewed
Continue readingGeneral Estate Planning Tax Issues
Estate planning is that unique time when death and taxes come together. The game plan for many people is to give more of their money to their heirs when they pass and less of it to the government. Here’s a simple overview so you can be in the know. General Estate Planning Tax Issues The federal government assesses a tax on the assets or things you own that are transferred to others. If the transfer occurs while you’re alive, any tax applicable is called a gift tax. If it happens after your death, it’s called an estate tax, which is where
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