New partnerships are being formed by older Americans experiencing widowhood or divorce at record rates. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating…
Estate planning typically involves wills, trusts, and passing assets on from generation to generation. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you thought about what type…
The process of distributing the decedent's property will be handled by a probate court if he or she died intestate. Also known as intestate succession, it has similarities to the probate process when a will is present. Still, the terms…
The process of estate planning involves the creation of several documents that spell out one's wishes. During the process, you can name people to make financial decisions on your behalf when you are unable. You can designate beneficiaries for your…
There has been an increase in the divorce rate among older US couples, often after long-term marriages. Divorces among baby boomers have risen dramatically in the past thirty years. If you are fifty or more, statistically, you are more likely to…
During the estate planning process, it is very important to implement Power of Attorney documents. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal…
It can be challenging and emotionally taxing to plan for your future and make long-term decisions regarding your finances. However, it is crucial to wisely manage your assets while aging and provide for the family members who will survive you.…
Planning for succession and estate planning for farm and ranch real estate, livestock, equipment, and other personal property can be challenging. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to…
After the death of a loved one, there is a period of mixed emotions as we deal with the loss and receive an inheritance. The loss of a loved one is sad but the influx of funds can bring joy…
Since the 1960s long-term care insurance is an option that allows people to be prepared for the future if they come to need nursing care. If they die without needing that care, the insurance company keeps the paid premiums. Policyholders…