Emotions involved with caring for the elderly can seem almost as overwhelming as the finances. As your loved ones age, what topics must you be ready to discuss? Beyond money, you need to talk about independence and basic preferences for the way individuals want to live or die.
If you’re a woman of the Sandwich Generation¹, then you’re facing the challenge of managing your family, career, and the needs of your aging parents. First coined in 1981, the label ‘Sandwich Generation’ describes caregivers who are responsible for both children and elderly parents. About 60 percent of sandwich generation caregivers are women.2 This may be one reason why women of the sandwich generation exhibit the highest levels of stress among all demographics.3 If you’re in this situation, then you’re adjusting your goals, schedules, and finances now to care for your kids and parents, and possibly, your spouse in the future.
More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help minimize your exposure to risk.
A critical part of estate planning is deciding how to distribute your retirement assets, such as IRAs or 401(k)s. One option is to name a trust as the beneficiary of these accounts, which can offer benefits in terms of control and protection. However, this decision also comes with potential tax implications and administrative complexities. It's important to weigh the pros and cons carefully before proceeding.
Here's a closer look at the six most common estate planning mistakes and how you can sidestep them.
Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review.