When Can You Destroy Financial Records?

The IRS has three years from your tax return filing date to audit your return, if it suspects good faith errors. (For example, your 2013 taxes were due by April 15, 2014. The IRS has until April 15, 2017 to audit your return for good faith errors). However, the IRS has six years to challenge…

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What to Do With Inherited IRAs

IRAs are usually among the largest assets inherited. These retirement accounts have been able to grow to such very large amounts because income taxes on the growth in the account are deferred until the owner begins to take distributions. (You may take distributions as early as age 59 1/2, but must take them at age…

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How to Keep Your Wealth from Turning Your Children into Brats

Congratulations are in order—you have accumulated enough wealth to be concerned about eventually passing it along to your children and grandchildren in a manner that will encourage them to lead positive and productive lives. Like many, your objective is to allow your children to enjoy the rewards of wealth without becoming irresponsible, overindulgent or feeling…

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Caring for the Caregivers

If you’re one of 43 million Americans caring for an aging relative, you know firsthand the physical and emotional pressures that accompany being the sole chauffer, cook, and physical therapist for an ailing person. A caretaker’s life can often revolve around medical appointments and medicine dosages. But what about the caretaker? Who takes care of…

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Do I Really Need Advance Directives for Health Care?

Many people are confused by advance directives. They are unsure what type of directives are out there, and whether they even need directives at all, especially if they are young. There are several types of advance directives. One is a living will, which communicates what type of life support and medical treatments, such as ventilators…

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Plan a Family Care Giving Meeting

A family caregiving meeting is an essential tool when dealing with the care of an aging loved one. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made along with changes in diagnosis or prognosis.  They also help to ensure that all family members feel that…

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Bankruptcy and the Elderly – a Growing Demographic

It’s called your “golden years” but for many seniors and baby boomers, there is no gold and retirement savings are too often insufficient to maintain even basic living standards of retirees. In fact, a recent study by the University of Michigan found that baby boomers are the fastest growing age group filing for bankruptcy. And…

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The Future of Assisted Living

With changes in medicine, technology, and socioeconomics, it’s no surprise that that assisted living is changing, too. The rising cost of assisted living means that some families are looking to new alternatives, while those who consider traditional assisted living have new options to consider. In-Home Care Alternatives to assisted living include multigenerational housing and in-home…

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There’s a Retirement Community for That

Whatever your interest, culture or lifestyle, it’s likely that there will soon be a retirement community for you, if one doesn’t already exist. While retirement communities have long tried to attract seniors with amenities like golf courses, fine dining and other on-site activities, the newest trend is “niche” or “affinity” communities that cater specifically to…

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