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By popular demand, I will be doing a repeat of last week’s presentation: “Financial know-how for your elderly parents” on Thursday, March 21st at 6pm. If the responsibility of your parents’ well-being is increasingly falling on your shoulders, this webinar is for you. This Zoom event is free and open to the public. I’ll share a story of how I was able to increase a client’s monthly outlay toward long term care from $7K/month to $13K/month. I’ll teach how to stretch their assets out as long as possible, offer ideas on how to preserve your parents’ nest egg, optimize Social Security monthly benefits, better tap into their old insurance policies, and modify their investments. We will also cover my 10 best next steps to take to assist your elderly parents, including: • Use a family inventory workbook to get organized AND start the conversation with your folks (don’t worry, I will email one to you) • Set up duplicate copies of their tax forms to go right to their accountant so they don’t “forget to file their tax returns” and request copies of their statements to help watch out for all the scams out there • Consider being on their checking account as a joint owner (named second) because when they pass away, the POA is obsolete so this will allow you to still pay for their expenses like funeral costs, etc. • Be strategic about gifting. They may want to gift you a home but be careful, that may not be the best tax move. In contrast when a home is inherited you get the step up in cost basis. College funds on the other hand are a great place to gift and pass money two generations down while potentially lowering estate taxes. In fact, you can give up to $180K per grandchild from grandma and grandpa in one year. Email beck.vilk@rbc.com to RSVP. I know, from personal and professional experience, this process can feel overwhelming. But you got this! You don’t have to do it alone. I am here to help. #eldercare #yougotthi...
Please join us today March 12th at 2 pm for a presentation to the Boston Bar Association where I will cover “Financial Considerations for your Elderly Parents.” I’ll be reviewing my Top Ten tips on how to prepare for an emergency and walk you through a case study on how I found an elder more funds to pay for long-term care (like social security surviving spousal benefits, reworking existing insurance policies, investment tweaks and a lot more). Megan Fisher of Oasis Senior Advisors will join me to cover different living care options and to provide insight into costs. The talented Laura Goodman (estate attorney at Margolis Bloom and D’Agostino) will moderate the conversation and provide additional insights for the group. If you can’t make it, I will also be covering this topic on March 21st at 6pm. Comment below or send me a message if you’d like the details. (Pictured here was my lovely grandma, Betty, on our way to her doctor's appointment...and ice cream. :) ) #eldercare #longtermcare #longterminvesting #socialsecurity #financialplanning #icecream
It was great to present for the Women's Bar Association last week on “A modern woman attorney’s guide to legal & financial success: Family & estate law tips and financial considerations throughout the decades.” (You can tell by the title this was so up my alley.) Lisa Cukier masterfully summarized legal considerations and demystified lots of gray area when it comes to pre and post-nups, as well as trusts in the context of divorce. On the financial end, I offered some actionable take-aways like: 1. Lock in these 22-year high interest rates now before the Fed lowers rates down as opposed to simply parking money in a money market account. 2. Consider having 529s owned by family members other than parents to help keep those assets off the balance sheet that colleges review for financial aid. 3. If you’re running a private practice and you’re a sole operator, be sure to open a SEP IRA. Contributions are deductible to your practice and you can sock away as much as $69K this year towards your future. 4. Weigh term insurance over permanent life insurance because term is an efficient and more affordable way to protect your family. 5. As a divorcee, know you can collect an ex spousal Social Security benefit (which works the same as a spousal benefit) so long as you were married for 10 years. 6. As a widow, recognize you can step into 100% of what your deceased spouse was collecting AND you can even continue to collect your surviving spousal Social Security benefit so long as you remarry after age 60. In my work, suggestions like these come up a lot. If any of these were new or interesting to you, reach out to me for a consultation. I am always happy to help. #collegelife #financialaid #insurance #interest #socialsecurity #widow #divorcess #wbaofma #womensbar #women in law RBC Wealth Management Financial Advisors do not provide legal advice.