By Marc Shaffer There are countless articles for people nearing or in retirement, and just as many for young people starting out on their financial journey. But some of the most critical years can be the middle-age ones. It’s a long stretch of years where things seem...
Category: Aging
Insurance Needs Assessment: For Empty Nesters and Retirees
Although retirement should be a priority throughout your lifetime, when children leave the house, financial priorities tend to become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning potential and fast approaching peak savings as you lay the groundwork for retirement. During this final leg toward retirement, and throughout your retirement years, wealth protection is critical.
The preservation of your assets may not be solely a function of your financial planning and investment strategy but may also include a comprehensive insurance approach to protect you against an array of financial risks, most especially health care.
In addition to wealth protection, you may also now be seriously contemplating a number of important estate and legacy objectives.
Filing Final Tax Returns for the Deceased
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes.
Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return (Form 1040).
Similarly, if the deceased individual had a sizable estate or assets that might generate income in the future, the estate may owe taxes. Federal estate tax forms pertaining to the decedent’s estate may need to be filed (Form 1041, Form 706).
The Benefits of a Professional Estate Sale: Redeeming Time and Managing Emotions
By Dena Fischer
When my parents died within four months of each other I was left reeling by the loss, and I also knew there would be a lot to handle. Before they passed, I knew that I would inherit the house we had moved into when I was 15 years old; a lovely ranch with a full basement, next door to a horse farm. In the “country,” but just minutes from grocery stores, banks, post office and restaurants.
It was also full of stuff accumulated over a lifetime and needed a drastic update.
The Loss of Your Parents: It’s Not About the Phone Number
By Dena Fischer
There is no doubt that the loss of a parent is a life event that leaves a lasting gap in the emotional framework of your life. Losing both in a short period of time is a devastating experience, as I can personally attest. I lost both my parents during the pandemic, not as a result of it, they just both had health issues that finally caught up with them.
Creating a Safe Living Environment for Loved Ones with Dementia
By John Fales
When dementia impacts someone you love, their safety becomes a high priority. Making sure the home they live in doesn’t add to their confusion or cause additional harm is an important consideration.
Preparing for Extended Care
Health insurance and health care spending are popular topics of conversation among Americans. Most households are eager to maintain the quality of the coverage they enjoy well into their retirement years. But preparing for extended care requires consideration and thoughtful preparation.
Downsizing Before Retirement
For those whom retirement is a long way off, it can represent a never-ending vacation, a time free of work and full of play. For others who are closer to retiring, their next chapter may represent an exciting season filled with new and meaningful contributions. Whatever your retirement plans may be, shrinking your domestic footprint may be an important aspect to consider, and you may be surprised why it matters. In this article, we’ll explore some reasons to downsize, and some smart strategies to consider that can help make sure your retired life is everything you’re hoping for.
5 Tips for Making the Transition to Assisted Living
There comes a point, after living a robust and independent life, that a little help may be in order. You or a loved one may need some assistance with doing the everyday things that were once second nature and you may be considering a transition to a comfortable and affordable facility to suit your needs and desires.
Some people choose to start planning this phase of life early, for a few reasons:
9 Steps for Managing the Pressures of The Sandwich Generation
They are hard pressed on both sides. They manage the needs and challenges of several households. They firmly occupy the middle ground between two generations.
They are members of the sandwich generation. Typically middle-aged, they often help support parents 65 or older and children under the age of 18.