So what happens when a spouse passes away with the former sub-trust estate plans from 20+ years ago? The trust administrator endures headaches and could spend a lot of time on unnecessary sub-trust allocations or administration complications.Details
Are you taking care of a family member and paying for their living expenses out of your own pocket? Some may think getting reimbursed for such expenses can be as simple as writing a check, but hasty actions could have long-term effects on benefits from federal and state assistance programs and have the potential to be viewed as financial abuse.Details
Gerontologist Mary Winners outlines how to prepare critical documents that provide guidelines for the care of an aging family member. Winners uses the acronym GIFT as a simple way to trach the process. “G” is for gathering information. The “I” is for involving everyone – professionals, family members and so on. The “F” is for follow through on everything, especially all document requirements. Lastly, “T” is a reminder that family members need to tell everyone where all the documents are kept, as well as any other pertinent information.
To watch Forms 101: Mary Winners on Important Documents, click here.
The so-called sandwich generation– those caring for their children and their aging parents — are being squeezed more than ever these days.
The retirement savings their parents were depending on are being decimated, while health care and other costs associated with caring for them skyrocket. Add to that steep college tuition bills and the strain on the family budget is, well…overwhelming. According to a 2005 Pew Research Center report, 13% of baby boomers (about 9.75 million) are in such a situation.
It’s the holiday season again and you haven’t seen your parents face-to-face since this time last year– has it been that long already? You are looking forward to a visit with your whole family: your mom, dad, siblings, aunts and uncles, cousins and everyone else in between. Although you’ve kept in touch over the phone, you worry about your parents since it’s hard to tell if everything is going smoothly for them.Details
Fortunately, with the implementation of an accounting system, bookkeeping and daily money management, seniors will discover the peace of mind that will liberate their lives and health from unnecessary stresses. With sound daily financial practices, seniors find greater independence.Details