Category Archives: Estate Planning

Domicile – Where You Live Affects Your Taxes

A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada. With a $2.5 billion estate, there were substantial federal and state taxes. While the estate proceedings were held in Nevada, both California and Texas sued to collect state estate tax. The Nevada Court eventually determined that the domicile or personal residence of the businessman was in Nevada. While this was an unusual case with a very large asset value, there are several reasons why you should understand the basic rules of domicile. Where you live can affect both the distribution of your estate assets and your estate taxes. Continue reading

Retirement Planning Resources for Women

Most Americans could stand to improve their knowledge of retirement planning, but it is especially important for unmarried women. Here’s what you should know. Continue reading

Ten Reasons You Should Update Your Estate Plan

You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are accompanied by a HIPAA release. All of your records are safely in place and carefully organized.

So you now are finished with your estate planning. Or are you? Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan? Continue reading

Why Your Ill Parent Fools the Doctor & What to Do About IT

Carol Bradley Bursack, with AgingCare.com, shares this

A  frequent problem expressed among adult children is that their parents aren’t truthful with their doctors. While the parent may complain at home of pain, exhibit memory problems and accuse family of theft when he or she can’t locate a commonly used item, the moment the parent faces their doctor a change occurs. Like an actor on stage, the person sitting in front of the doctor becomes animated and charming. My mom was a supreme example. She fell in her apartment—often more than once a week. She had memory problems. She was taken advantage of by telemarketers. She had digestive issues. However, when I took her to her doctor, what I called her “hostess personality” took over. While she may have complained of pain in the car during our drive, the minute she had a chance to tell her doctor how terrible she felt she was perkiness personified. Continue reading

Gifts of Home

Most families purchase their largest personal residence in their mid-forties. Families with children often need the additional space. Other families think they want to purchase a home that they can enjoy for many years. By the time you reach retirement age, you probably have an empty nest. The children or other family members have now moved on and are creating their own homes. Some individuals at that point decide they like their home in their neighborhood and would like to stay there for their lifetime. Others might want to sell the larger property and move to a condo or retirement community. Continue reading