When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Personal Representative Under state law, a personal representative is the person appointed by a court to administer an estate. The term includes both executors (appointed when decedent has a will) and administrators (appointed in the absence of a will). A personal representative nominated in a will has no authority over estate assets unless appointed … [Read more...]
Four Reasons Your Parents Might Be in Financial Trouble
"When retirees were asked about their overall expenses and spending in retirement, 37% said they were higher than expected, 52% said they were about what they expected, and just 8% said they were lower than expected." Source: 2018 Retirement Confidence Survey, Employee Benefit Research Institute As your parents age, they will probably need more help from you. But it may be difficult to provide the help they need, especially if they're experiencing financial trouble. Money can be a … [Read more...]
Is a nursing home the only option for long-term care?
If you or a loved one needs long-term care, other choices besides nursing home care may be available. Here are some of the other options. Home care Most people would prefer to stay in their homes as long as possible. Depending on your needs, you may only need help with some common daily living activities such as laundry, shopping, cooking, and cleaning. First, talk to your family to see if they can help with your needs. There are probably home health-care agencies that can assist you with … [Read more...]
Don’t Wait to Ask Aging Parents These Important Questions
It's human nature to put off complicated or emotionally heavy tasks. Talking with aging parents about their finances, health, and overall well-being might fall in this category. Many adult children would rather avoid this task, as it can create feelings of fear and loss on both sides. But this conversation — what could be the first of many — is too important to put off for long. The best time to start is when your parents are relatively healthy. Otherwise, you may find yourself making critical … [Read more...]
