Decades ago in America, it was prevalent that extended family members lived near to one another, providing a system of general support and care for the family young and old. Now many families live far out of reach from the…
The gift tax is a tax on the transfer of assets, cash or property, to another without receiving something of equal value. The asset has to be of a certain value for the tax to apply; otherwise, it falls under…
Caring for a seriously ill spouse can trigger relationship challenges. In the process of change, you can lose your best friend, your love, and your future as you both had imagined it. Promises will change from words spoken in oath…
Elder abuse scams are everywhere, but they are reaching a new level of sophistication in targeting their potential victims. Forbes is reporting about the problem that unscrupulous scam artists are contacting veterans and service members pretending to collect money to…
Although it can be useful to have another party available to keep track of bills when you’re sick or away, adding a child’s name to a bank account may be more of a hassle than it’s worth. Doing so may…
Federal spousal impoverishment protections were set to lapse in March 2019. Two bills were proposed to deal with that issue. H.R. 1343 is still sitting in the House, but H.R. 3253 was enacted on August 6, 2019. H.R. 1343, or…
It is essential to bring up a parent’s aging expectations and set goals together even though initial discussions may be uncomfortable. Often, an exploration into a parent’s future thoughts about health, finances, and residential plans can make the difference between…
When the US federal government established its social insurance program on August 14, 1935, its purpose was to provide retirement, disability, and survivors’ benefits. Since that time, in part due to the disappearance of extended family networks, an increase in…
America experienced its worst financial crisis since the great depression between 2007 and 2010. Known as the subprime mortgage crisis, it happened because home prices fell in 2006, triggering loan defaults. Then the risk spread into pension funds, mutual funds,…
Diminishing brain function due to the onset of dementia can lead to the destruction of your financial well-being. If you are age 50 or older, easy access to your financial assets like stocks and bonds, checking and savings accounts, money…