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I saw an interesting article from AARP that discussed how to approach and talk about your final wishes.

How to Begin
The first conversation you must have is with yourself, to find out what your feelings are regarding your own death.

• Where do you want to die? At home? In a hospital or medical facility? Do you want to move to be closer to relatives, friends or other loved ones?
• What kind of medical treatment do you want? What don't you want?
• Who do you want to take care of you?
• What do you think is a "good death?"
• What kind of funeral services do you want?
• Where do you want to be buried?

You can read more at: http://www.aarp.org/families/end_life/a2003-12-02-endoflife-finalwishes.html

When to Start Social Secuirty Benefits?

Often times clients have questions on when to begin taking out their Social Security benefits. The AARP had an interesting article on this topic recently.

Once you retire, calculate your personal breakeven point for beginning to receive a reduced amount versus delaying your benefit until your full retirement age. The closer you are to your full retirement date when you stop working, the lower the number of years to breakeven. Unfortunately, none of us has a crystal ball to tell us how long we will be collecting Social Security, so your final decision may not be based purely on the numbers.

You can read more here.

Reverse Mortgage & Keep The Home

Reverse mortgages have become a popular way to turn home equity into spending money. Typically, in a reverse mortgage, the bank writes the homeowners a check every month and the homeowners never have to pay back the loan. However, the bank ends up inheriting a big chunk of the house, which usually doesn't make the homeowner or the kids very happy.

So what is a possible solution to keep the home in the family? The Family Reverse Mortgage. This strategy allows the children of the homeowners to play banker and keep the house in the family. Additionally, this can reduce estate taxes and save the parents/homeowner on the reverse mortgage fees.

Contact me to learn how to do this the right way.

Zombies + Estate Planning= Bad

Funny Dilbert Cartoon!

April 16th : National Health Care Directive Day

TAGS: Estate Planning, Health Care Directive, Patient Advocate, Living Wills

On April 16, 2008, join Americans across the country to talk to others about your future health care decisions and to complete your advance directive! From the website spearheading this effort...

What is an advance directive?

All adults can benefit from thinking about what their healthcare choices would be if they are unable to speak for themselves. These decisions can be written down in an advance directive so that others know what they are. Advance directives come in two main forms:

• A "healthcare power of attorney" (or "proxy" or "agent" or "surrogate") documents the person you select to be your voice for your healthcare decisions if you cannot speak for yourself.
• A "living will" documents what kinds of medical treatments you would or would not want at the end of life.

How can I learn more about advance directives/advance care planning?

The links below explore a variety of resources to help you make, discuss and document future healthcare wishes and decisions.

• AARP: End-of-Life Planning
• Aging with Dignity: Five Wishes
• American Bar Association: Tool kit for Health Care Advance Planning; 10 Legal Myths about Advance Medical Directive
• American Health Lawyers Association: Guide to Legal Issues in Life Limiting Conditions
• American Hospital Association: Put It In Writing
• Caring Connections: Advance Care Planning; Financial Information; Planning Ahead Checklist; Free Brochures
• Center for Practical Bioethics: Caring Conversations Workbook

Learn more here.

Heath Ledger; Family Feud

TAGS: Messy Estate Planning 101

His will which was written before Matilda's birth, left his entire estate to his parents and three sisters. Although his father, Kim, has promised Williams and the 2-year-old "will be taken care of," the uncertainty surrounding the will has started a family feud between Kim and his three estranged brothers. This shows how not updating a plan can cause family strife.

Read more here.