This financial product isn’t without some controversy. However, it may be a smart move, when there are few or no alternatives. It’s not an unusual scenario: one spouse has moved to live in a nursing home and will never be…
Inheritances are not always straightforward. This is especially the case, when the beneficiary is encumbered by financial problems. A parent who wants to leave children a home or the proceeds from the sale of the home, needs to think long…
Depending on where you die, you may be able to leave a relatively large sum to your heirs, tax-free, since some states have tied their state estate taxes to the federal amount. If you die in 2018 in Hawaii, Maine…
A will must be very clear in spelling out what the individual wishes to happen, so that if there is an estate battle, the decedent’s wishes can be easily understood in plain English. The role of the court is to…
In Hawaii, there is now help for family members who take care for their elders. It’s a measure of respect, both for the tradition of caring for family members and respect for the elders themselves. Unlike in the lower 48…
Whenever there is a big change in the tax law, it’s a good idea to review your estate plan to ensure that you are not missing any opportunities. The Tax Cuts and Jobs Act of 2018 is no exception. A…
If you fall prey to the rose-colored glasses approach to retirement, you may be in for unpleasant surprises when retirement finance gets real. Be prepared and avoid these fictions. During our working years, it feels like we’ll never actually get…
Barbara Bush’s final days are an example of what some call “a good death.” She left this world with dignity and on her terms. Her health care directive likely ensured that her wishes would be followed, and is an example…
Tax laws change, so do lives. You could be missing out on planning opportunities, or forget to make an important change that cannot be fixed after you pass. Creating an estate plan entails a detailed review of every aspect of…
Putting money into an IRA is not complicated, but taking it out can be tricky. Warning: mistakes can be costly! Does your 70th birthday fall before or after July 1? That is an important factor in determining when you must…