How a Cancer Diagnosis Clarifies Estate Planning

March 26, 2025

This won’t come as a big surprise: Dying makes you look at the world in a different way — the world of money included.

How To Choose a Guardian for My Children

March 20, 2025

Selecting appropriate guardians will ensure that your minor children are cared for, if you pass away.

Retirees Need Six Legal Documents

March 18, 2025

Retirees are dropping the ball over crucial legal documents.

Retirement Top Regrets

March 13, 2025

If you are moving quickly to the end of your working life, be careful to avoid some of these retirement top regrets. Are you picturing your retirement? Without careful planning, those years might not live up to your plans, according to The Washington Post in “The top regrets of retirees.” Retirement expectations don’t always line up with reality. Global Atlantic conducted a study of retirees and found that many admitted to making mistakes in their retirement planning. The report was based on data from more than 4,200 retirees and pre-retirees in America. The company wanted to learn how expectations for retirement costs lined up with reality. The expectations often did not. The report said the risk of running out of money is real, noting that 39% of retirees said they had planning regrets. Here are the top reasons for regret: They found themselves relying too much on Social Security for income. They did not pay down debt before retiring. Many people today are retiring with a mortgage. It used to be common for people to pay off their mortgages before retiring, but it’s less common now. Failing to do so is a retirement top regret. Many retirees didn’t save enough. Most people didn’t start saving for retirement until they turned 31. Missing almost a decade in savings can make a massive difference over time. Let’s say an employee puts away $50 every time she gets a paycheck—twice a month—and puts the money into an account with a 6% annualized return. If she started saving at age 23, by retirement age, she’d have $227,150 in that account. If she waited to start saving until age 31, the account would be worth $128,578—$88,572 less. If she could save $100 per paycheck by retirement, she’d have $434,299 versus $257,156. The power of time and compounding makes a huge difference. Compounding is the process through which an asset’s earnings are reinvested to earn additional earnings over time. The more time your assets have to grow, the more compounded growth can occur. Age 31 seems relatively young to start thinking about retirement. However, by waiting that long, workers are missing out on almost a decade of savings, asset accumulation, and the associated potential of compound returns. The survey also revealed that women are more likely than men to have retirement planning regrets, with 62% of women having retirement regrets versus 47% of men. Reference: The Washington Post (Dec. 10, 2018) “The top regrets of retirees.”

Biggest Estate Planning Mistakes

March 10, 2025

These wills gone wild may be extreme examples of poor estate planning. However, experts explain how easily a will can go to the dogs.

Divorce Affects Estate Plans

March 6, 2025

Divorce significantly impacts estate planning, requiring updates to wills, trusts and beneficiary designations to ensure that assets are distributed according to new intentions.

Aging with Purpose: Lessons from Pope Francis

February 28, 2025

Regardless of your religious beliefs, Pope Francis can inspire all Seniors to age with purpose. With age comes wisdom and sometimes physical and health challenges that affect even the pontiff. Pope Francis, at 88, continues to exemplify resilience and dedication, even as he faces significant health challenges. Recently he has been hospitalized due to double pneumonia and a complex lung infection, conditions that have required intensive medical care. Despite these serious health issues, the Pope remains alert and has continued to fulfill some of his papal duties from his hospital room, such as signing decrees for new saints. His openness about his health struggles serves as a powerful example for seniors worldwide, demonstrating that physical limitations need not hinder one’s purpose or contributions. Cardinal Kevin Farrell has highlighted the Pope’s transparency, stating that it encourages older adults to acknowledge their limitations while continuing to engage actively in life. Pope Francis has also been a vocal advocate for the elderly, instituting the World Day for Grandparents and the Elderly to honor their invaluable contributions to society. He emphasizes that aging should be viewed as a blessing, urging seniors to embrace their later years with gratitude and purpose. The Pope’s journey underscores the importance of proactive planning in the later stages of life. Engaging in thoughtful estate planning can provide peace of mind and security for individuals and their loved ones. Addressing healthcare directives, powers of attorney, and asset distribution ensures that one’s wishes are respected, regardless of health challenges they may arise. “Along with old age and white hairs, God continues to give us the gift of life and to keep us from being overcome by evil,” Pope Francis has said. “Aging is not a condemnation, but a blessing!” Pope Francis truly inspires us to age with purpose! Reference: ABC News (May 10, 2022) “Cardinal: Pope’s wheelchair use an example to older adults”

Estate Planning Is Important

February 27, 2025

Managing and planning one’s estate sounds like a task reserved for the uber-rich. However, that’s a common, and potentially costly, misconception.

Power of Attorney Requires Trust

February 20, 2025

If you think of an immediate power of attorney, take your time and decide carefully. When you create a power of attorney, the authority granted in that document can be immediately effective or alternatively can be activated only by documented proof that you are incapable of acting. Everything in life has its advantages and disadvantages. The immediate power of attorney is excellent because it is very easy to use. It can be not so great because it is equally easy to misuse. However, that requires some very careful thought before making the decision, according to the Glen Rose Reporter in “Should you add hot powers to your power of attorney?” The “hot” powers are well-named since they give a financial power of attorney considerable power. This gives an agent a lot of leeway during one’s lifetime. It allows the agent to create, amend, revoke, or terminate a trust during the principal’s lifetime. The agent may also be given the power to make gifts to themselves or others. They can also include other special powers, such as the powers to create or change rights of survivorship, create or change a beneficiary designation, and authorize another person to exercise the authority granted under the power of attorney. These extraordinary powers can be very helpful for long-term care planning if someone is currently or will soon need nursing home care. The agent’s gifts are further limited to being consistent with the principal’s objectives if the agent knows what those objectives are. However, if the agent does not know what those objectives are, he or she must still make sure the gift is aligned with the principal’s best interest based on the value and nature of the principal’s property, foreseeable obligation, and the need for maintenance. The person holding the power of attorney needs to know their responsibilities, and if they are given “hot” powers, they need to be informed what those specific powers are. If the agent is someone other than a spouse or descendant, that agent may not make gifts to themselves. A spouse or descendant, however, could make gifts to themselves. It boils down to the degree of confidence you have in the person you are empowering in your power of attorney. The person does not need to be a financial genius. They can hire advisors. However, there is no replacement for trustworthiness. Reference: Glen Rose Reporter (Jan. 3, 2019) “Should you add hot powers to your power of attorney?” Estate Planning Attorney Can Help Avoid Family Feuds

Think of Estate Planning as Gift of Love

February 19, 2025

Estate planning isn’t about focusing on your demise; it’s about taking control and making decisions that ensure that your loved ones are cared for.

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