In the June issue of the AARP Bulletin, Senator Bill Nelson of Florida wrote a column about the increasing risk that financial scams pose to aging baby boomers and other seniors. Not only are seniors being subjected to more financial scams every year, but an additional 10,000 boomers join the ranks of seniors every day. The aging population and the willingness of con artists, criminals, and others to take advantage of seniors means that financial elder abuse is a growing problem.A recent … [Read more...]
Ohio Veteran’s Cautionary Power of Attorney Tale
John Potter, an Ohio veteran who fought in Alaska’s Aleutian Islands during World War II, has been fighting a new battle to regain the title to the home he had built with his own hands. The Ohio man recently fought a legal and Internet campaign against his daughter, the woman who had retitled the home’s deed to her name after she received general power of attorney from her father.The saga started in 2004 when Mr. Potter and his wife, who has subsequently passed away, gave their daughter … [Read more...]
For Boomers, Retirement Statistics May Come as a Surprise
The first members of the baby boomer generation have already reached retirement age, and millions of them will get there over the coming decades. As more people grow older and the number of senior citizens balloons, many retiring boomers are unprepared for the reality of retired life. Here are some numbers that may prompt you to think about issues you might have put aside for too long.Your income will decrease.Retirement means a life of leisure and enjoyment, but it also means a time … [Read more...]
Why Estate Planning Mistakes Can Plague Everyone, Even the Famous
Even rich and famous celebrities can fall victim to a serious mistake planning mistakes. Whether they failed to get advice, make bad choices, or, like most people, fail to have a good plan in place, there are many celebrities who have had disastrous estate plans. Here are a few examples.Jim MorrisonThe lead singer of The Doors died young in 1971, leaving behind an estate and a legacy that still lives on today. He left the entirety of his estate to his girlfriend Pamela Courson. Courson … [Read more...]
Your Estate Plans and Your Fiduciaries
When you create an estate plan, part of the process involves selecting a number of people or organizations to act on your behalf. Whether you are choosing a trustee to manage your living trust, an attorney-in-fact to make medical or financial decisions for you, or an executor who will manage your estate, numerous people will be your fiduciaries. Here’s what you need to know about fiduciaries and fiduciary duties.Legal responsibilityIn everyone’s day-to-day life, you owe little to no duty … [Read more...]
Retiring Boomers Selling Businesses
If you are in the market to buy an established business, you will likely have a range of opportunities in the near future. As the baby boomer generation reaches retirement age, those owning businesses have begun selling them at an increasing rate. According to a new study by Pepperdine University and a pair of trade groups, the number of business sales jumped 56% in the first three months of 2013, when compared to the first three months of 2012.Experts say the increase in the number of … [Read more...]
How Your Family Benefits From Your Estate Plan
They know what you want.One of the best benefits of creating an estate plan is sitting down to make choices that you know can benefit your family after you die. The choices you will have to make go far beyond deciding on inheritances, and will also include such topics as making medical decisions and choices about the kind of legacy you want to leave behind. If you don’t make such choices, you can often cause your family significant hardship by forcing them to try to determine what you would … [Read more...]
Nursing Home Expenses Can Eat Away at Savings
A recent column by financial planning expert Liz Weston answers a question that many people with elderly parents have. When a parent has to transition into an elder care facility, such as a nursing home, how will this affect the elderly parent’s finances?Nursing homes and other eldercare facilities are notoriously expensive, costing as much as $150,000 a year or more. If your elderly parent hasn’t taken appropriate steps these costs can quickly reduce their savings.If the parents haven’t … [Read more...]
Living Longer May Cost You Big
These days everything comes at a price, including living longer. That’s right: living to a ripe old age is going to cost you the allegorical “arm and a leg,” and may even levy a price against your children. Humans may be living longer than ever, thanks to advances in science, medicine, and technology; but, by extending our life span, we have the likelihood of our succumbing to physical or mental afflictions such as Alzheimer’s. In turn, the elderly have to resort to assisted-care facilities and … [Read more...]
Three Things You Should Know About Long-term Care Insurance
Obtaining and maintaining long-term care insurance is an expensive undertaking, so be sure you gather as much information as possible before you commit to a plan. The following paragraphs contain three things that you should know about long-term care insurance.First, while purchasing this insurance is not right for everyone, you should know how your care will be paid for if you forgo purchasing insurance but wind up needing long-term care. If this occurs, you will be paying for your care out … [Read more...]
