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How 529 Plans Can Help Grandparents Leave a Lasting Legacy
by Ivan Havrylyan, Outside The Box Financial Planning
There’s no greater joy than watching your grandchildren grow and flourish. From their first steps to their first day at school, you’ve been there, cheering them on every step of the way. Now, imagine leaving a legacy that continues to support and cheer them on long after you’re gone. Sounds wonderful, doesn’t it? That’s exactly what a 529 plan can do. Think of it as a time capsule of love, wisdom, and support that will help your grandchildren thrive in their educational journey.
How to Use a Crisis to Help Your Parents
by Elliott Appel, Kindness Financial Planning
You’ve tried everything to get your parents to plan for aging, but they still won’t do it.
You want them to finish their estate plan, give you a copy of their durable power of attorney, discuss end of life wishes, tell you what kind of funeral services they want, and ask where all the important things are located, but no progress happens.
You are waiting for a crisis. You don’t want it to happen and are stressed thinking about it, but you recognize it’s an opportunity to get something done. You start to strategize about what you can do.
Where should you start in a crisis?
Becoming Aging Parent’s Financial Power of Attorney
by Chad Holmes, Formula Wealth
Maybe you're an only child, or the most trustworthy, or simply the closest, whatever the reason may be: you now have power of attorney over your aging parent(s). Congrats! You now have a limited window of time to act on the below time- and money-saving strategies, or lose these legacy optimizing opportunities forever.
Most families don't have estate documents. Of those that do, an even smaller portion actually uses them to proactively maximize the family's wealth. Welcome to Family Wealth Resources. I'm Chad Holmes and I specialize in financial planning for families with aging parents in their sunset years. My 2023 book, The Inheritance Playbook: Helping Your Parents Pass the Torch, Not the Tax, became a #1 best seller on Amazon and has helped thousands of readers. I've created this blog as a free resource for families who want to learn even more.
Will Social Security & Medicare Run Out of Money? Unlikely
by Michael Becker, Toberman Becker Wealth, LLC
The state of national finances significantly influences retirement planning decisions, and recent headlines about the fragile future of Social Security and Medicare are particularly unsettling. But how concerned should you really be?
Before making any changes to your retirement strategy, it’s important to consider the realistic implications of an insolvent Social Security system and assess the more probable scenario where the U.S. government will take steps to preserve Social Security by raising taxes or adjusting retirement benefits.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone, regardless of age or assets.
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