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Money

April 2016
Ambord
Dollar Sense

What Are Your Chances of Needing Long-Term Care? And Then, How Will You Pay For It?

Adults who are 65 years old today have nearly a 70% chance of needed some type of long-term care (LTC) services and support in their remaining years. Men average 2.2 years in long-term care, while women spend an average of 3.7 years there. A full 20% of people who enter LTC will need it for five years or more.

David
Legal Ease

Tracking the Elusive Beneficiary

I don’t have much in the way of assets, but I do want what I have to go to my only child, my daughter, upon my death without going through probate. I know all about trusts and the advantages of setting up a trust, but that is not the direction I want to go in because I don’t think the assets I have justify the cost of setting up a trust.

Telleen-Lawton
Financial Fortitude

Whose Side Is Your Fiduciary Actually On?

This distinction becomes important when an advisor receives a commission for a product that is "suitable," but an alternative product (for which maybe she or he won't receive a commission) would have been a better choice for the client....Conflicted advice costs the public something like $8.5 to $33 billion annually, mostly from higher fees and sub-par returns.

March 2016
Ambord
Dollar Sense

Lump Sum Pension Payouts: A Good Idea for You?

With the goal of making your money last another 20 years, you were getting a monthly pension check of $1,500. Then you took your money out in a lump sum. Still hoping for 20 years of payments, you might only get a monthly check of $1,213. Why?

Ambord
Dollar Sense

What to Do When an Inheritance is Coming Your Way

Suppose you’re within a few years of retirement when Uncle Buck leaves you a large amount of stocks. You’re grateful, but your asset allocation is now skewed. Don’t rush to sell. You’ll need to sit down with your advisers and rebalance your portfolio, being careful not to trigger a tax bill.

David
Legal Ease

Death, Taxes and Gifts in 2016

A person or a married couple can make annual exclusion gifts of $14,000 or $28,000, respectively, to as many people as they want without any gift tax consequences.

Telleen-Lawton
Financial Fortitude

Saying Goodbye to Social Security File and Suspend Provisions

Your wealth manager was correct that strategizing with your Social Security claim has been a financial boon to many retirees, and you are right that some of these strategies (or loopholes, depending on your persuasion) are ending.

February 2016
Ambord
Dollar Sense

January Potpourri: One Way to Reduce Prescription Costs and Other Pill-Related Stuff

Suppose you find a pill you can’t identify. Maybe it’s in the bottom of your purse, or maybe you found it when you swept the floor. Pills are too expensive to just toss, and too dangerous to guess about.

Ambord
Dollar Sense

Mysteries Are Fun, But Your Estate Plan Shouldn’t Be Mysterious

It’s a good idea to have your attorney and financial advisers present, so they can answer questions your heirs might have about tax implications and legalities involved in an inheritance. You can build trust among your family members and give them a chance to ask questions and work out contentious issues ahead of time.

David
Legal Ease

Can You Step In Now or Not? Finances and Health Are Hanging in Balance

It appears that the type of durable power of attorney your mother created was a springing durable power of attorney, which means you have no authority to act as her agent until she has been determined by one or more doctors to be disabled.
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The health care power of attorney naming you as your father’s patient advocate only becomes effective granting you authority to act on your father’s behalf at that time when your father can no longer make decisions for himself regarding his health care.

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