Family

Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy-sounding name, it’s a fact that a tremendous amount of wealth will pass from aging Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of inter-generational wealth in history. Because no one knows exactly how long Boomers will live or how much money they’ll spend before they pass on, it’s impossible to accurately predict just how much wealth will be transferred. But studies suggest it’s somewhere between $30 and $50 trillion. Yes, that’s “trillion” with a “T.” A Blessing Or A Curse? And while most are talking about the benefits this asset transfer might have for younger generations and the economy, few are talking about its potential negative ramifications. Yet…Read More

"When the parents are gone, there’s all kinds of unforeseen stuff they leave us with, stuff they never intended.” – Ira Glass, in This American Life, Episode 763: “Left Behind” If you grew up with siblings, you probably remember some sibling rivalry. That rivalry can continue well into adulthood, especially after the parents are gone. In many families, parents are like the glue that keeps the family together. Once their gone, old issues can resurface, especially when it comes to dividing the parents’ personal property. That’s why it’s important to have a plan for how you want your personal, sentimental property distributed to the people that you love. If you don’t, that can make an already tough situation so much worse. This American Life, a popular podcast, recently featured a family with such…Read More

Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability. But there is a tax credit available to help working caregivers defray the costs of day care (for seniors it’s called “adult day care”). In Order To Qualify For The Tax Credit, You Must Have A Dependent Who Cannot Be Left Alone And Who Has Lived With You For More Than Half The Year Qualifying dependents may be the following: A child who is under age 13 when the care is provided A spouse who is physically or mentally incapable of self-care An individual who is physically or mentally incapable of self-care and either is your dependent or could have been your dependent except that his or…Read More

Although A Nursing Home Cannot Require A Child To Be Personally Liable For Their Parent’s Nursing Home Bill, There Are Circumstances In Which Children Can End Up Having To Pay This is a major reason why it is important to read any admission agreements carefully before signing. Federal regulations prevent a nursing home from requiring a third party to be personally liable as a condition of admission. However, children of nursing home residents often sign the nursing home admission agreement as the “responsible party.” This is a confusing term and it isn’t always clear from the contract what it means. Typically, The Responsible Party Is Agreeing To Do Everything In His Or Her Power To Make Sure That The Resident Pays The Nursing Home From The Resident’s Funds If the resident runs out…Read More

A new report that combines nursing home quality data with a survey of family members ranks the best and worst states for care and paints a picture of how Americans view nursing homes. The website Care.com analyzed Medicare’s nursing home ratings to identify the states with the best and worst overall nursing home quality ratings. Using Medicare’s five-star nursing home rating system, Care.com found that Hawaii nursing homes had the highest overall average ratings (3.93), followed by the District of Columbia (3.89), Florida (3.75), and New Jersey (3.75). The state with the lowest average rating was Texas (2.68), followed by Oklahoma (2.76), Louisiana (2.80), and Kentucky (2.98). Care.com also surveyed 978 people who have family members in a nursing home to determine their impressions about nursing homes. The surveyors found that the family…Read More

Passing your family heirlooms to your family should be a welcome and sacred tradition. But sadly, for many families it can cause a lot of drama. Did you know that your family is more likely to fight over sentimental items instead of money? If you don’t want that to happen in your family, here’s what you can do: 1. Add Specific Designations To Your Will And/Or Trust Typically, a Will or Trust will specify that all personal property goes to the “residue” and is split equally between all heirs. But you may want to get more specific with items that are already family heirlooms or that you want to become family heirlooms. All too often children will discover after Mom or Dad has passed that an item was promised to more than one…Read More

Is it time to have “the talk” with your kids about your estate planning? It can be hard to have these conversations with your family. Here are some tips to make it easier. Preparation Is Key 1. When You Choose Important Decision Makers, Make Sure You Match The Skills Of The Person To The Job For example, the Personal Representative (also known as the executor) of a will must be able to gather assets, prepare paperwork, handle finances, and deal with potential family disputes. Don’t choose a Personal Representative that isn’t up to that job. Too often, people choose executors, trustees, guardians, and powers of attorney based on emotions or arbitrary factors, such as who is the oldest child or who might be offended if not chosen. These are difficult, demanding jobs, and…Read More