First Steps After a Loved One Has Died
Unless you have been an executor for a loved one in the past, you are probably not thinking about a “to-do” list of things that must be done shortly after someone dies.This is a useful list, and one you may…
Expensive—and Commonly Made—Estate Planning Mistakes
You’d be surprised at the things that people do wrong with their estate plans. Improperly prepared documents can result in beloved children being left out of estates, tax bills that take a huge bite out of inheritances and fractured families.…
Competence and Mental Capacity Key for Farm Succession and Estate Planning
With the average age of farmers and ranchers across the United States around 60 years old, the ag world is looking carefully at succession and aging issues. It is estimated that as many as 10 million acres of farmland will…
Here’s an Unexpected Way to Improve the Quality of Your Retirement
A new study reveals a surprising approach that is based on serious statistical analysis. This doesn’t seem possible, but the source is impressive, and the concept warrants a closer look. Imagine that you have a choice of how to boost…
Executing a Durable Power of Attorney Requires Witnesses—How Many?
Make sure that your legal documents are executed properly. This is a critical and last step for completing an estate plan. Don’t neglect this last detail. First, let’s define what a durable power of attorney is and what it does.…
Yes, You Have to Pay Taxes, But You Can Pay Less
There are a number of savvy strategies to minimize your tax liability, but some are better known than others. Here are two more to add to your tax toolbox. A Spousal IRA and a Backdoor Roth IRA Contribution are two…
The Challenge—and Benefits—of Long Term Care
If long-term care insurance seems expensive, do the math and figure out how much it would cost, if you do not have long-term care insurance. It won’t look so expensive. Boomers are concerned about rising premiums, but the longer you…
Late to the Retirement Party?
It will take discipline and serious belt-tightening, but if you haven’t saved for retirement, you can still recover. More than 30% of workers in America ages 45-54 report having saved less than $25,000 for retirement, according to the Employee Benefit…
What Happens When the Beneficiary Doesn’t Want a Payout?
There should always be a contingent beneficiary on a life insurance policy. There are times when someone simply does not want the proceeds from a life insurance policy. It sounds like an unlikely scenario: someone gets a call that an…
Retirement Planning is a Process, With a Long-Range Outcome
If your retirement planning includes being glued to the television, watching markets rise and fall, minute by minute, you’re doing it wrong. What’s happening inside your portfolio today, has little or no bearing in your retirement. Many investors have tools…