Recent figures suggest that elderly Americans have come under increasing debt pressures during the past several years. The Employee Benefit Research Institute recently published an analysis of government information that studied death rates between 2007 and 2010. During that time, people age 75 and older increased their chances of falling under debt pressure. While people in this age group are less likely to have debt than younger people, they have increased their chances of acquiring debt in … [Read more...] about More Elderly Facing Debt Problems
Financial Planning
More Elderly Workers in Workforce
From figures released by the U.S. Census Bureau, the workforce is becoming an increasingly grey place. As more Americans reach the age of 65, more of them are also choosing to stay employed and are significantly altering the demographics of the modern labor force. About one out of every eight Americans is a senior citizen, but by 2040 that number is expected to rise to more than one out of five, or greater than 20%. As the recent recession has also taken a toll on birth rates, that percentage … [Read more...] about More Elderly Workers in Workforce
Baby Boomer Health a Growing Problem
As baby boomers continue to get older and reach retirement age at a rate of thousands every day, health industry experts are becoming increasingly concerned with the prospect of facing an aging population that has more and more health problems. According to a recent study, baby boomers are far more likely to live longer than previous generations, while at the same time having chronic diseases that lower their quality of life significantly. The study, published in the Journal of the American … [Read more...] about Baby Boomer Health a Growing Problem
Wealthy Parents Intend to Avoid It, but Rich Kids are Spoiled
A survey by PNC Wealth Management had some interesting results about how wealthy parents feel about the creation and maintenance of wealth when it comes to their own children, and those results may not be what you would expect. Of the millionaires that were surveyed, 75-percent had grown up in a more middle-class, financially average family, whereas the percentage who grew up in a rich family or a poor family was 12-percent for each; in other words, 87-percent had to work their way to … [Read more...] about Wealthy Parents Intend to Avoid It, but Rich Kids are Spoiled
Estate Planning and the Importance of Creating Succession Plans for Your Family Business
After working all of your life to create and expand your family business, it is unlikely that you are willing to relinquish control easily, or allow it to fail after you die. Nevertheless, there will come a time when you will need to relinquish control to the next generation. Before this happens, you will need to make the decision about whether you want your business to continue on after your death. If you do not wish it to continue, then you can stop reading; if you would like it to continue to … [Read more...] about Estate Planning and the Importance of Creating Succession Plans for Your Family Business
When Planning Inheritances, Think About Child Divorce
For most parents, leaving your children inheritances through your estate plan is a natural choice. However, if you have children who are married, or who may become married, you will need to consider the possibility that those children may get divorced. When this happens, what happens to an inheritance you leave your child? The answer depends largely on the state in which you live. Usually, inheritances that a child receives from a parent are considered separate property under the law. However, … [Read more...] about When Planning Inheritances, Think About Child Divorce
Inheritance Laws as Old as Human Civilization
While you set about to making a last will and testament, deciding what kind of trust to establish, and making other estate planning decisions, you probably have not taken a lot of time to think about where our inheritance laws come from. But trying to figure out what should happen to a person’s property after that person dies has been an idea that humanity has tried to answer for as long as recorded history. The earliest ancient Mesopotamian civilizations had already established some quite … [Read more...] about Inheritance Laws as Old as Human Civilization
Work-Related Retirement Considerations for LGBTQ Couples
Small steps have been taken to bring equality to LGBTQ persons. Same-sex marriages are allowed in more states than ever, many favorable changes have been made in the work place, and it is just a matter of time before a challenge to the federal Defense of Marriage Act (DOMA) is brought before the U.S. Supreme Court. However, since the fight is far from over, here are some retirement planning considerations available for LGBTQ individuals and couples: 401(k) beneficiaries Due to recent … [Read more...] about Work-Related Retirement Considerations for LGBTQ Couples
Why Escheat Matters
The term escheat refers to the transfer of title to the state of a person’s property when the owner of the property dies without a valid Will, called intestate, and is not survived by any heirs legally entitled to take the property without a valid will. An applicable heir may be a spouse, descendants, parents, grandparents, descendants of parents, children or grandchildren of grandparents, or great-grandchildren of grandparents, or as otherwise set forth by each state’s escheating laws. Real … [Read more...] about Why Escheat Matters
Powers of Attorney in New York – 3 Key Variables
Variable 1: What types of powers does the power of attorney convey? Powers of attorney typically allow someone else to make one of two types of decisions: either financial or health-care related. Financial powers of attorney are used to give someone else the ability to manage your bank accounts, bills, as well as your ability to enter into new agreements. Healthcare powers of attorney, on the other hand, allow another person or organization to make health care decisions, such as what kind of … [Read more...] about Powers of Attorney in New York – 3 Key Variables
