Estate and inheritance taxes vary by state
Federal estate taxes apply equally to all, no matter where in the United States they live. But state estate taxes and inheritance taxes vary significantly among states. Estate taxes are paid by the estate based on its size at the time of the estate owner’s death. Both federal and state estate taxes have exemptions. Taxes, if any, are based on the size of the estate above the exemption... READ MORE
What do you think of Medicare Advantage?
The Centers for Medicare & Medicaid Services (CMS) is asking for your help as it seeks to increase the transparency of the privately managed Medicare Advantage (MA) plans and to strengthen the program’s data capabilities. While traditional Medicare — Parts A and B — covers a large portion of medical expenses after you turn 65, there are things Medicare doesn’t cover [Ed.... READ MORE
Five potential uses for medical cannabis
Cannabis is an herb often referred to as marijuana. Most people think of it for recreational use, but it has medical benefits just like other herbs. In 1839, Irish physician Dr. William O’Shaughnessy introduced cannabis to Western medicine. After that, it was used as one of our primary go-to medicines for more than 200 years. Its use has been controversial for decades. Unlike the... READ MORE
Retiring isn’t easy — even for specialists
A couple of years ago, I wrote a column about how to have a retirement worth saving for. It ended with a quote from personal finance educator Barbara O’Neill, who reflected on how the pandemic disrupted many retirees’ plans. “It wasn’t just two years lost; it was two good years,” O’Neill said then. “You don’t know how many of those you have left.” One of my younger... READ MORE
Skip the cooking and have meals delivered
Dear Savvy Senior, Can you recommend some good healthy meal delivery options for seniors who don’t cook or get out much? My 80-year-old father, who lives alone, has a terrible diet, and I worry about his health. —Concerned Daughter Dear Concerned, There are actually a wide variety of healthy meal delivery options that can help non-cooking seniors who live at home. Here are... READ MORE
Find room for philanthropy in any market
We have all been feeling the squeeze as of late, and philanthropy is feeling it, too. The costs of things we buy, be it food, clothing or even entertainment (have you seen the price of a baseball game recently?) seem only to go one way — higher. Economists blame inflation, pandemic remnants and supply-chain challenges. We’re left with two issues: The things we buy are increasing in... READ MORE
Don’t be fooled by ‘simple’ scam emails
Scams have become ubiquitous in the digital age and are becoming more difficult to spot. According to the Better Business Bureau, the most recent iteration includes some key details that, to the blind eye, may fool you into thinking it’s legit. Like many other scams, this one comes via email and will appear to be from someone you know. “The message looks harmless and casual — like... READ MORE
Enlist an entourage to make life easier
If it takes a village to raise a child, it can take a small town to support an aging adult. As we get older, the range of professionals and services we rely on for physical, financial and daily living support expands and shifts. They are your entourage as you age. Who will be your entourage? The people and services that support you fall into these categories: Health care. For much... READ MORE
Key income tax deductions not to miss
It is no secret that the federal income regulations are very complex. As a result, many deductions are missed by individuals when they file their tax returns. I’ll discuss some of these deductions below. Because of the increase in standard deductions, according to the IRS, almost 88% of tax filers used the standard deduction on their 2020 tax return. For your 2023 tax return, the... READ MORE
Protect your documents from a disaster
Floods, wildfires, historic storms — severe weather events are on the rise. If your home was hit by high water or a fire, would your important papers be safe? “Unfortunately, I’ve had clients who’ve been victims of fires, flooding, hurricanes,” said Sev Tamayo, an agent with Goosehead Insurance in Palm Coast, Florida. “Some of them were prepared, and some of them... READ MORE
