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Many movies and television shows include a scene where a family gathers around a big table after a relative has died to listen to the reading of the will. While this makes for great drama, things don’t usually happen this way in the real world. In fact, there is no requirement that a will be read out loud to anyone. So what does happen with the will? Once the will is located, it should be given
Many people use the terms “Alzheimer’s disease” and “dementia” interchangeably, but the two have different meanings, and it can be very important to know the difference. Dementia is a general term for memory loss that is severe enough to interfere with daily life. The signs of dementia may include forgetfulness; difficulty making plans, thinking ahead, or using language; and a change in character traits, among other symptoms. Alzheimer’s disease is a partially hereditary disease that causes
Nearly 10 million adults age 50 and over are now caring for an aging parent, according to a new study published by MetLife. There has been a dramatic rise in the number of men and women providing parental care over the past decade and a half, the study notes. In 1994, only 9 percent of women and 3 percent of men in that age group were providing care to parents. By 2008, the percentage of female
Most seniors prefer to stay at home as long as possible rather than move to a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone – directly and through a home health agency. The benefit of hiring a caregiver yourself is that you can select the person you like the best and who is the best fit for your family.
IRAs are popular investment vehicles for retirement. But if you don’t need all the assets in your IRA to support yourself after you retire, they can also be an excellent tool for estate planning. Handled properly, an IRA can provide tax-sheltered growth for your heirs for many years to come. But you need to be careful, because it can be easy to make costly mistakes. An IRA, or Individual Retirement Account, is a personal savings plan
Florida has a new law on powers of attorney. The law is important for anyone who recently moved to Florida, as well as anyone who lives elsewhere but owns a vacation home there or regularly spends time in the state. Florida will no longer accept powers of attorney unless they are signed by two witnesses and notarized. Also, powers must take effect immediately, rather than only if the person becomes incapacitated. Power of attorney documents that
People are sometimes concerned that after they die, a beneficiary (or more likely a non-beneficiary) will go to court to contest their will. Typically, a disgruntled would-be heir might claim that the person who made the will wasn’t mentally competent, or was under undue influence from some other person. These types of will contests can be very expensive, and they can cause a lot of emotional hardship within a family. Recently, a handful of states have
Some 22 states have a state estate tax or a state inheritance tax. These taxes are in addition to the federal tax. For some people, it’s possible to reduce or eliminate these state taxes by making gifts before the end of 2012. Ordinarily, you can give up to $13,000 each year to as many people as you like without paying gift tax. Through the end of 2012, you can also make total lifetime gifts in addition
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