When to Talk About Your Parent’s Financial Future

Finances is one of those topics that many families avoid talking about. The stigma around talking about money can leave many wondering what to do as our parents get older. But financial experts agree that waiting to talk about finances with your aging parent is a mistake, especially if they are already experiencing cognitive decline or signs of dementia. It takes time to gather all the information you need to
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New Law Makes it Easy to Report Elder Financial Abuse

The Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law on May 24, 2018. There are a few important factors of the Act to keep in mind: There is a section in the Act that was once a stand-alone bill from Sen. Susan Collins (R-Maine)– designed to encourage elder (age 65 and older) financial abuse reporting. The Act does not mandate that financial institutions report financial abuse,
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Prenups: Not Just For Movie Stars

George and Ginny had a great marriage, with an extended family to whom they wanted to leave everything when they passed. Unfortunately, Ginny was then diagnosed with cancer. She began to worry: What could happen if she died before George did, and George remarried? Or vice versa? What if the second spouse started pushing to get what Ginny and George had intended would be their children’s inheritance? Neither Ginny nor
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What to Include in a Letter of Instruction

A letter of instruction can be a beneficial piece in estate planning. It is an informal document that will give your loved ones important information about personal and financial matters after your death. Letters of instruction are not legally binding and do not replace your need for a will or a living trust, however it can be a nice complement to those documents. The informal nature allows you to create
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States Brace for Baby Boomer Retirement Age Challenges

There are demographic and cultural shifts occurring in the United States. The baby boomer generation continues to “gray” the country and is changing the way individual states set budgets and health care policies. More attention will be paid to the needs of the post age 50 generation(s). Changing attitudes towards working past the age of 65 has taken root in this country and “retirement age” does not necessarily mean a
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Planning For The Financial Future Of A Troubled Adult Child

Your 3-Step Guide to Creating an Informed Estate Plan Are you concerned about any of your adult children? Estate planning can pose extra challenges for families with adult children struggling with addiction, marital issues, or irresponsibility with money. The last thing you want is for your wealth to end up having a negative impact on your child, or to see them squander their inheritance. Many parents are concerned about what
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Help for Seniors Who Fall Victim to Abuse

In October 2017, President Trump signed into law the Elder Abuse Prevention and Prosecution Act. This bill was designed to combat the growing epidemic of the elderly being taken advantage of financially and abused physically. A study conducted by the National Council on Aging indicates that approximately 1 in 10 Americans aged 60 or older have experienced some form of elder abuse. Although, this number is likely higher according to
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