Takeaways Many high-net-worth families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the
Takeaways A durable power of attorney is a legal document that allows a trusted individual to make financial or health care decisions on your behalf if you become unable to handle your own affairs. This document provides long-term safeguards, ensuring your affairs are managed without court intervention. Though you are likely in good health now
Takeaways Many older adults underestimate their likelihood of needing sustained, day-to-day care in their later years, and a significant portion of adults aged 50 and older are not adequately planning for long-term care. As Alice struggled to get up from her chair she remarked “I always got up and moved around without giving it a
Takeaways Annuities, particularly Qualified Longevity Annuity Contracts (QLACs), can be used within Individual Retirement Accounts (IRAs) to manage income, defer taxes, and provide peace of mind in retirement. While QLACs offer specific tax advantages, other annuity types and alternative strategies can also be considered to meet diverse retirement income and estate planning goals. You’ve worked
Takeaways A charitable remainder trust (CRT) is an estate planning tool that allows you to donate to charity while receiving income for a set term, blending philanthropic goals with financial strategy. CRTs offer such benefits as tax deferral and income streams, but they are irrevocable and complex. The remaining assets ultimately go to charity rather
Takeaways Do not resuscitate (DNR) orders instruct health care providers not to perform CPR or other life-saving measures if a patient's heart or breathing stops. DNRs offer a balance of benefits, including patient autonomy and avoiding unnecessary suffering, as well as drawbacks, such as potential for undertreatment or misinterpretations by health care providers. If you
Takeaways Continuing to work while collecting Social Security can increase future benefits and provide additional income but may also result in benefit reductions before full retirement age. Careful consideration of tax implications, Medicare enrollment, and personal financial goals is essential when deciding whether to work while collecting Social Security. Many Americans nearing retirement age face
Takeaways Pet trusts are legal tools that provide for the care of pets after their owners’ deaths. A pet trust includes a trustee – someone to manage the money set aside for the pet’s care – and a caretaker who would be responsible for the pet’s day-to-day needs. Pet trusts ensure that your beloved companion
The official average cost of one day of nursing home care in Pennsylvania (2025) is $399.80. This amounts to over $12,000 each month or close to $146,000 a year! And, to the surprise of many, Medicare and health insurance don’t pay for this. There are helpful financial products persons can buy when healthy and before
A Medicaid asset protection trust (MAPT) allows someone who requires long-term nursing home care to qualify for Medicaid benefits to pay for that care without first going broke. Medicaid is the only government program that pays for long-term care. Medicare and private health insurance don’t. Financial products such as long-term care insurance and life
