When she worked on the trading floor of the Chicago Board Options Exchange, long before cellphone calculators, Susan Saran could perform complex math problems in her head. Years later, as one of its top regulators, she was in charge of investigating insider trading deals. Today, she struggles to remember multiplication tables.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.
Long-term care providers could soon have access to a newly developed tool that can accurately predict the life expectancy of dementia patients.
While many retirees have considered purchasing a vacation home to escape cold winters, to rent out for income, or simply have a gathering place for far-flung family members, there are a number of financial matters to consider that could make ownership onerous.
Generally speaking, if you make under 100-200% of the federal poverty level and are elderly, you will likely qualify for your state’s Medicaid program.
Regardless of one’s feeling on estate planning, there is one estate planning document that all Americans should have: A Health Care Directive.
The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.
Estate planning clients, typically those nearing or beyond retirement, often ask what kind of information they should share during their life with the beneficiaries of their estate.