4 Familial Factors to Consider When Creating an Estate Plan

Everyone with valuable assets and property should have an estate plan that is up to date and keeps your family members in mind.

While a last will and testament might seem straightforward, questions and confusion can arise if things are not spelled out in detail. 

Here are some important considerations that should not be overlooked.

Children

Your children might inherit equal parts of your estate if that is what you wish. However, if you plan to distribute your assets differently, that needs to be specified clearly. 

Also, if one of your children happens to pass away before you do, you will need to determine what will happen to their share portion of the estate. You should also address potential questions about foster children, step-children, and underage children. 

In addition, your estate plan should indicate whether surviving parents, siblings or other extended family relatives will inherit anything from your estate. Don't assume that a verbal suggestion made now will be followed later.

Pets

Although it may seem peculiar to consider your pet's needs when you pass on, someone will need to assume responsibility for any animals you own at that time. 

A surviving spouse might care for them if they are in good health. However, lacking a spouse or another family member who has agreed to care for the pets, your will should state who should care for the pets or where they will go.

Separation or Divorce

If you remain separated or divorced for the rest of your life, the estate plan should clarify whether any family-held possessions, such as a car or real estate, will be given to the surviving ex-spouse. 

Some family heirlooms acquired during the marriage might be of interest to an ex-partner while any children may have no interest in these things. Specify this in your will to prevent tensions when the time comes.

Make an Estate Plan

Don't wait to prepare your estate plan. Consult estate lawyers who can provide valuable information and help you make important decisions about your last will and testament, a power of attorney if warranted, and a living will. 

Your loved ones need to know who will make critical life decisions if you are unable to. They also want to know who will administer your estate when you pass away. 

An estate plan will prepare your wishes in a legal format that cannot be questioned or changed without your consent.

Although these issues may seem difficult to deal with now, it is best to work out your future plans while you are healthy and under no pressure to do so. 

That approach makes it easier to remain objective about your decisions and to prepare family members for the time of your passing.

What to Expect When Parents Move Into Your Home

Many families today are sharing homes to reduce costs and help raise children or manage a household. If you are thinking about inviting your parents to live with you, it is important to make plans to meet everyone's financial, social, and health needs.

Financial Agreements

Discuss with your loved ones how their living expenses will be managed. Will you all share their home or yours? Or would there be a monthly budget where your parents contribute a certain percentage? 

If they are assisting with childcare, you may decide to reduce their share of living expenses as a tradeoff. Often, it helps to prepare a budget that includes everyone's income and expenses so that everyone knows what to expect monthly except for unexpected bills that pop up. Those can be negotiated separately.

Household Duties

Housework can also be divided based on your parents' abilities and interests. One of them might like doing yard work while the other prefers cooking. 

They will probably want to pitch in and help in some way if they are able. Their duties might change over time based on health issues that may develop. It's important to make them feel appreciated without depending too much on their help or refusing their assistance. 

People with disabilities can sometimes help with simple tasks like folding laundered towels or setting the table for meals.

Monitoring and Supervision

If your parents help to care for your children, you will want to explain the house rules and boundaries. Grandparents love to spoil their grandchildren, so let them know what is acceptable or advisable. 

They may offer advice for raising kids that you don't agree with, and you can politely listen but explain your preferences. Similarly, if one or both parents require health care or supervision, you will need to figure out a schedule that works with everyone's needs and availability.

Health Support

Aging parents may experience health problems over time. You will need to decide how to help with their home care and medical appointments, possibly by hiring home health care providers. 

You may need to adjust your work schedule and other responsibilities to help care for their needs. Discuss reasonable options with family members to be prepared if and when that day comes.

Sharing your home with your parents is a wonderful way to enjoy a renewed relationship with them that could be beneficial to your children as they learn about life from their older relatives. 

Make practical plans in advance so that the transition will be smooth and clear with minimal tension or confusion.

Understanding Dementia

Dementia isn't actually a disease, according to the Mayo Clinic. It's a catch-all term for changes in the brain that cause a loss of functioning that interferes with daily life. 

It is a condition that diminishes with age and doesn't respond to conventional anti-aging treatments. Dementia can reduce focus, attention, language skills, problem-solving and visual perception.

What causes dementia? 

No one knows, though. It's thought to be related to stress. Its thought to be the brains way of coping with life. It is not associated with aging, and there is no known cure. When present, it usually develops over several months.

The Mayo Clinic writes, "The condition usually begins in late adulthood, which is the time when the brain is most susceptible to demineralization because of its physical activity."

Demineralization

Demineralization refers to reducing the number of salts and minerals in the brain. When our brain gets salty or basic, it can cause a loss of functioning, showing up as losing memory or language skills. 

At times the brain changes its structure, too. A change in the brain called dementia is the most common type of dementia. It occurs most often in older adults. 

It's characterized by a decline in intellectual abilities so that people cannot recall words, comprehend language, and enjoy the sights around them.

Demineralization is not a disease. It's an adjective that describes changes in the brain. Like, say, gray hair, the condition of demineralization refers to a state of the brain. In dementia, the brain's ability to hold information and make decisions diminishes.

Demineralization can develop at any age but is more likely to show up in older adults who are stressed or lonely.

In both cases, the brain is trying to cope with the changes in the outside environment and has been found to decrease in volume as the brain shrinks.

Brain Atrophy

The Mayo Clinic defines "brain atrophy" as "a gradual loss of brain tissue. Although the brain shrinks during aging, this is not the same as a loss of brain shrinkage. When the brain has atrophied, there is less volume or area available for nerve fibers."

The brain gets smaller as we age, but when the brain is less dense and loses volume, it doesn't mean the part that controls functions are affected. The part of the brain that regulates actions and memory is more affected than that of purely analytical and reasoning functions. 

As we age and the brain loses volume, more brain areas are affected. As it is typical for the part of the brain that controls certain parts of our cognitive functions to shrink, if not wholly lose volume, the portion that controls those portions of our cognitive functions may also be affected.

Dementia

Brain atrophy is the most common form of dementia, affecting one in five older adults. This also affects almost one-third of those over 80. It is the most common kind of dementia in people aged 65 to 79, affecting about half of those in this age bracket. It also occurs in 10 percent of those in the 80 to 84 age bracket.

The word dementia is from the Ancient Greek word daimon, meaning dumb. This came from the word daimon, meaning "used up" in reference to the human being's potential. This is a familiar concept that has been present in many philosophies of life and health for many years.

Brain Shrinkage

Brain shrinkage can be measured through a tool known as the "volume of the brain" measurement. This is accomplished by measuring the volume of the brain by wrapping a piece of foil around the brain. 

The volume of the brain should be similar to the volume of the head measured from the top of the cranium (the top of the head) to the eyebrows. When this volume is greater than that number, the part of the brain that controls functions is lessened or affected by dementia. 

When the measurement is smaller, the other portion of the brain is more vital. The measurement of the volume of the brain is not precise, however. And the measuring of the location of the forehead on the top of the head is much more accurate. 

The location should match the location on the head that indicates which area of the brain is weaker. This is why brain volume measurements are the more accurate.

Dementia can make walking and dressing difficult. It causes the affected person to have impaired judgment and ability to perform. To carry out daily activities such as dressing, eating, and bathing, the affected person has to be helped. 

There may also be some symptoms of restlessness, confusion, anxiety, and agitation. As dementia progresses, the person may become helpless and require constant supervision. There may be some vision problems due to the deterioration of the brain tissue. 

If it is severe, there may be vision loss. The person may also show difficulty swallowing, slow speech, and slurred speech. The person may also show symptoms of weakness on one side of the body, known as a leg drop.

Other symptoms may be anorexia, tremors, seizures, blurred vision, involuntary movements, muscle rigidity, unsteadiness, twitching, stiffness, hunched posture, and muscle spasms.

The Benefits of Trading Online

Trading stocks online is the best way to make the most out of your money. Online trading provides an easy and accessible way to invest in securities with more flexibility than traditional methods. It's possible to trade without ever leaving your home.

The financial world has changed significantly over the past few decades as technology has advanced, and now trading is more accessible than ever before. Here are some of the benefits of trading online.

Accessibility

Trading online is easy. You don’t have to be a professional trader or have much prior experience in making trades or the stock market. You can trade from anywhere in the world, so you don't have to be tied down to one location to make trades. 

Many people make their trades from home or at work. This is especially useful if you want to trade but sitting down or going somewhere is inconvenient for your job or family schedule.

Technology

With the help of technology, trading has become a much more accessible possibility than ever before. You don’t have to worry about your trading account being hacked or about the security of your computer, you don’t even have to go to a specific location to do it. 

For online trading services that you can do from anywhere, such as E-Futures, you can ensure that all of your information is secure and that your investments are safe.

Flexibility

You can trade with just about any broker, and you can trade whenever you like. You are not forced to be at a particular place at a specific time. This means that you can trade from wherever you want to, and it's an advantage over traditional trading methods.

Instantaneous Trading

Trading through the internet is much more efficient than traditional methods of trading. When you trade through the internet, you can make a trade in just a few clicks of your mouse. 

There is no need to wait for hours to make a trade because everything happens instantly. This means that you can make trades anytime and when it suits you best.

As you can see, online trading is a great way to invest for many people. It's easy to use, and it's quick. You can be sure that your investments are safe and secure because you have total control over them. 

This means that you will be able to make the most of your investment, which is one of the main reasons you should consider trading online.

Four Things to Consider When Filing Your Taxes

Many people are finding themselves in a situation where they need to file their taxes and they don't know how to do it. There are so many different tax forms that you can be faced with and the IRS website has a lot of information about them, but not all of it is relevant to the situation you're in. The following are four things that you should consider when filing your taxes.

Home Office

1) If you have a home office, make sure that you include the space that you use as part of your income. This may seem like an obvious thing to do, but there are a lot of people who forget to include this space. 

It's easy to forget about the fact that you are allowed to deduct the cost of your office space from your income, and if you don't take advantage of this benefit, then you'll end up paying more than you should on your taxes.

Business Expenses

2) You also need to keep track of any business expenses that you incur. Many people will find that they have a lot of expenses that aren't directly related to their business, such as food or gasoline. 

If you don't have a good way of tracking these expenses, then you could end up paying a lot more than you should on your tax returns.

Self Employed

3) If you are self-employed, then you will want to keep track of your sales. You can get a lot of help with this by going online and looking at sites that allow you to keep track of your income. 

There are also websites that will allow you to keep track of what you spend on advertising and other marketing costs, and then you can calculate how much you've made.

4) Finally, you should make sure that you keep track of your mileage. If you're driving to and from work every day, then you can deduct the cost of your gas from your income. 

If you have a car that gets used for personal reasons, then you should still be able to deduct the cost of gas from your income.

Financial Benefits of Downsizing Your Home as You Get Older

One of the most popular trends in the housing industry right now is downsizing your home. As people get older, homes often become too large and expensive for a single person or family. 

Instead, they are moving into apartments or living in smaller houses that they have put on the market. Downsizing has many benefits to consider, including financial savings if you move into an apartment and potential tax benefits as well. 

People who decide to downsize their homes as they get older have several reasons for doing so, which we will explore in this article.

Reduced Cost of Utilities

By moving into a smaller home, you will likely reduce your utility costs. If you choose to live in an apartment, it may be possible to save money by choosing a local power provider with lower rates and fees and who offers senior discounts.

Reduced Home Insurance Costs

One of the most common ways seniors save by downsizing their home is lowering their home insurance costs. A smaller house means you will need to spend less on insurance. You won’t need as much coverage. This can save you a significant amount of money each month.

Lower Property Taxes

The IRS allows people to offset some of their income taxes by lowering their taxes when they are older. The amount you receive depends on how much you would have paid in taxes by filing as a younger taxpayer and whether or not your income has changed since you filed your original tax return. 

The process is called "stepped-up basis." If you sell out of town, it's possible to offset the entire value of the home with the sale proceeds less any debt involved in the deal.

Less Maintenance Expenses

When you are young, your home may seem big and convenient, but when you get older, your needs change. A smaller house or apartment can be easier to maintain. You will spend less on furnishing it and doing repairs.

In conclusion, downsizing your home can be one of the best ways to save money. As you get older and wish to move, you may be able to find a suitable apartment or smaller house that fits your needs and your budget. 

The critical thing to remember is that you can use those savings to pay off debts or invest in other ways once you make a move. Talk to a real estate agent who can help you sell your house fast so you can begin to see the financial benefits.