Articles

U.S. report questions continuing care retirement communities

A new U.S. government report warns that a number of “continuing care retirement communities” are facing financial problems, while regulation of these facilities is spotty. Continuing-care communities offer an entire continuum of care – from independent housing to assisted living to round-the-clock nursing services – in a single facility, with the goal of allowing residents to age in place.

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‘Senior move managers’ can make moving easier

Moving can be stressful for anyone, but it’s particularly stressful for seniors. On top of hiring movers, packing, and setting up a new home, there is the emotional toll of leaving a house the senior may have lived in for decades. If a move seems overwhelming, a “senior move manager” may be able to help.

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Does your estate plan include your pets?

Have you considered your pets when planning your estate? If not, you should, according to the Humane Society of the United States, the nation’s largest animal protection organization. “Since pets have shorter life spans, people don’t think to include them in their estate plans,” says Anne Culver, Director of Disaster Services for the Society. “But animals left homeless when an owner has failed to make adequate provisions for their care are distressingly common in animal shelters

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Not paying attention to property taxes can be costly

Even if you have paid off your mortgage, you still have to keep on top of property taxes. Most people who have a mortgage don’t pay their property taxes directly. Instead, a little of each mortgage payment is put into an escrow account, and the lender pays the taxes from the funds in the account. Thus, when many older people pay off a mortgage, and begin having to pay property taxes directly, they aren’t used to

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Don’t leave your children unequal shares by mistake

If you intend to leave your children equal shares of your estate, don’t forget to consider any money or property held jointly with a child. If you have recently added a child to a bank account, own property jointly with one of your children, or have set up a payable-on-death account with a child as the beneficiary, you might want to revise your will.

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How parents can provide for a caregiver child

Taking care of an aging parent can be a full-time job. Adult children may have to give up paying jobs in order to provide care. Even if they don’t, they may still devote hundreds of hours of their time and make sacrifices in many other ways. Often, aging parents want to find ways to compensate their caregiver children. Unfortunately, this is more complicated than it seems, because many techniques have tax or other consequences that aren’t

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How does the new financial overhaul law affect you?

So what’s all the fuss over the new financial reform law? The headline-grabbing law raised quite a furor on Wall Street, but what does it mean for you and me? Here is how the law will affect ordinary folk.  The biggest change associated with the new law is the creation of a new federal agency, the Consumer Financial Protection Bureau. The mandate of the Bureau is to create and enforce regulations that will protect consumers of

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Harvest some losses to lower your 2010 taxes

Consider the following strategy between now and the end of the year to restructure your investment portfolio in a tax-efficient manner. Taxpayers are allowed to offset capital gains (such as from the sale of stocks) with capital losses. If capital losses exceed capital gains for the year, up to $3,000 of losses can be deducted from other income, such as wages. Any loss greater than that can be carried forward to future years. It’s important to

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W-2 reporting of health costs optional for 2011

The IRS and the Treasury are giving employers additional time to adjust payroll systems and procedures to meet the requirement to include the cost of employer-sponsored health coverage on employees’ W-2 forms. This reporting requirement was mandated in the 2010 health care reform legislation and was scheduled to take effect with the issuance of W-2 forms for 2011. Reporting the cost of coverage will be optional for Forms W-2 issued for 2011. Employers who fail to

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New restrictions on health accounts

This year a tax advantaged health account (such as a flexible spending account, health reimbursement account, health savings account, or medical savings account) can be used to purchase aspirin, flu medications, allergy pills, cold medicines, and other over-the-counter medications. Effective January 1, 2011, funds from these accounts can no longer be used to purchase over-the-counter drugs unless the taxpayer has a prescription for them. Insulin is an exception and will still be eligible for tax-free reimbursement

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