The new, buzzy Netflix documentary on the late, beloved, iconic public broadcasting TV host, painter Bob Ross—“Bob Ross: Happy Accidents, Betrayal and Greed”—documents how the artist’s son, Steve, now 55, was allegedly robbed of his late father’s inheritance by the artist’s business partners.
Estate planning is perhaps the area of tax practice where one must consider the whole.
In a nutshell, it might be better for your mom to put the home in a living trust that allows her to control the home while she is alive and allows you to inherit the home through the trust upon her death.
You’ve done your homework, and now you’ve got this retirement stuff all figured out. Savings socked away. Debts paid off. A plan in place to transition from work to leisure. However, some retirement mistakes operate under the radar.
For older people and people with disabilities, solving everyday practical problems can be the difference between being able to live at home or being forced to move to an institution. Sometimes people need help getting dressed or making meals. Sometimes they need help managing medications or shopping for groceries.
It’s hard to escape the Medicare ads that fill the airways each fall, when insurance companies vie for beneficiaries’ attention during the annual open enrollment period. Running from Oct. 15 through Dec. 7, this period is when the more than 63 million Medicare beneficiaries can pick a new Medicare Part D drug plan, a new Medicare Advantage plan, or switch from Original Medicare into a Medicare Advantage plan or vice versa.
Trusts are useful financial tools, often used for the purpose of planning an estate. A trust is essentially a legal framework into which ownership of assets can be placed. These assets can include financial products like stocks and bonds, or it can include real physical property, like land, jewelry or vehicles.