How TOD Accounts Work and Do You Need One?
If you want a simple way to pass a part of your estate to a spouse, one way to do it is through the use of Transfer on Death (TOD) accounts. Many spouses share a checking and savings account. Both…
Three states are winning the retirement race, while three others are falling in favor
Data from one source points to one state—New Mexico—as the new hot spot for retirees. It may be a stereotype, but didn’t everyone on the East Coast retire to Florida, and everyone from the Midwest went to Arizona? That’s all…
Deferred Annuities Present a Way to Prepare for Long Retirements
An expanded life expectancy is a blessing, but it could also be a curse, if you run out of money and there’s no way to generate any new money. Deferred annuities are an option. A study from the Employee Benefit…
How to Make a Succession Plan for a Family Business that Succeeds
Where many succession plans go off the rails, is when they focus solely on the economics of the business. That may work fine for a corporation, but for a family business, the dynamics and relationships of the family members must…
Financial Advisors Join the Fight Against Elder Financial Abuse
Both banks and financial advisors are starting to take a more pro-active role in preventing financial abuse. It’s common sense, since they are often the first to see questionable transactions. Don’t be surprised if your next visit to a financial…
Boomer’s Retirement May Not be as Much Fun as Their Childhoods
The statistics on baby boomer’s retirement savings are not encouraging. The same generation that was famous for picture-perfect childhoods, may be facing some tough realities as they age. About half of the baby boomers are already in retirement. Those are…
Amazon’s Billionaire Bezos Divorce: He’s Still Very Rich
Getting married without a prenup was okay when he was just a hedge fund guy. However, there are some steps that Jeff Bezos could have taken as his wealth grew, to protect himself and his company. When personal wealth is…
How to Select a Health Care Proxy
You’ll need a brave soul with a backbone to make the hard, sometimes unpopular decisions on your behalf, if you become incapacitated. Designating a health care proxy is like picking a guardian for your children, only it’s for yourself. Who…
Medicaid Work Rules Blocked by Federal Judge
A state law that imposed work requirements on low-income Medicaid recipients in Arkansas and Kentucky was struck down by a federal judge, who noted that the requirements are counter to the mission of the program goal: to provide health care…
How to Build an Estate Plan When Beneficiaries Aren’t Up to the Task
Not everyone is ready to receive an inheritance. Some are too young, others are elderly and vulnerable, while still others can’t manage large sums of money. That’s what trusts and good estate plans are for. If you have to think…