Ever wondered if you should consider setting up the power of attorney for yourself? Read here to find out more about this legal authorization.
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Managing your money is hard for anyone, especially when you’re no longer working. It becomes an increasing struggle for older adults that retire since many rely on social security benefits and savings. Living on a fixed income can make it challenging to pay ongoing and unforeseen bills.
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Considering the various subcategories of expenses and relevant tax regulations, filing taxes can be immensely stressful and confusing. Keeping in mind the digitalization of most filing procedures and platforms, which may make it more difficult for older adults to figure out how their age and social status affect their tax requirements, we’ve listed some tax deductions and benefits applicable to individuals aged 65 and older.
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The United States first collected death certificates beginning in the early 1900s. Since then, how has it left its mark in the post-mortem industry? For the basics and beyond, here’s what you should know:
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As you enter the later years of your life, it’s important to begin planning for retirement if you haven’t already. The average American lives 20 years past retirement, creating the possibility you outlive your savings. Accordingly, proper planning and saving are paramount to ensuring the quality of life in your older years.
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Did you know the Social Security program provides benefits to qualifying family members of deceased relatives? Widows, widowers, dependents of deceased individuals, and other relatives are entitled to receive Social Security Survivor benefits after the death of a loved one—provided the deceased individual meets the qualifying requirements for the program.
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If you or your relatives are suffering through the loss of a veteran in your family, you may be eligible for veteran funeral benefits to help ease the cost of an end-of-life ceremony. The Department of Veteran Affairs provides these benefits to help families pay.
Annuities are one of the most effective yet least-known ways to save for retirement and ensure financial stability in your later years. This article will cover how annuities function, and how you can use them to help yourself in retirement.
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Money is a major player in life. For many people, it determines whether they will struggle to be happy and successfully care for those dependent on them, or live comfortably and free from stress. Though managing personal finances is a huge factor in all stages of a person’s life, it is of particular importance in older adulthood and post-retirement.
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In order for all people to practice their faith safely and with deserved security, not only is awareness of the existence of predatory evangelists a necessity, but the steps one must take in order to detect both them, and the harm they do to their followers are also required.
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Setting up an estate sale for yourself or others may seem like a large and unfamiliar task, but it can be simple and efficient with a few easy steps.
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How you go about shutting down a business depends on what kind of business it is. In this article we’ll break down the process into manageable steps.
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GRIT trusts are often used by those with a fairly large estate to reduce the size of the tax burden on that estate. Read more about this estate management tool here.
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Blind trusts can create a layer of separation between your employment and investment, helping you avoid conflict of interest between your assets and your professional or political activities.
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Certain types of trusts called constructive trusts can be established against one’s will to remedy situations of "unjust enrichment." This occurs when someone possesses assets through breach of fiduciary duty or fraud.
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If you would like to free yourself and your children from high estate taxes, a Qualified Personal Residence Trust (QPRT) can help. Once established, this trust will help you “freeze” the value of your residence and reduce the gift tax incurred when transferring your assets to your children.
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As estate-protection tools, trusts have a reputation for being less flexible than simple bank accounts. While this is by and large true, Totten trusts are essentially bank accounts with a named beneficiary.
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If you are looking for an effective way to reduce or eliminate estate taxes while keeping all the death benefits from your life insurance policies, this trust may be the right choice for you.
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If you are leaving money behind for heirs who are new to managing money or have a hard time controlling their spending, you should look into spendthrift trusts.
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