Tip #22 of 50 – A Look Back at 2019 and a Look Forward to 2020

As The Wesley Communities celebrate 50 years of excellent service, our CEO Peg Carmany offers “Peg’s Perspective” on a variety of topics affecting seniors and their adult children as they plan and choose to age well – 50 tips to celebrate 50 years!

Tip #22 of 50 – A look back at 2019 and a look forward to 2020

As we plan for 2020 at The Wesley Communities, I found myself looking back over all that 2019 has brought to us. First and foremost, 2019 was the year where we celebrated our first 50 years of providing excellent housing, care and services for seniors. And we will continue that celebration into this year – 50 plus years of excellent service! We are proud of where we’ve been and where we’re going. Click the link above to read more about our memories from 2019 and our plans for 2020.


The Effects of Not Having a Will

When a person dies without having made a Last Will and Testament, and they have property titled in their name alone, whether it is a boat, house, bank account or a motorcycle, there is a good likelihood that they have made life more difficult and more expensive for their surviving spouse or children.

By not leaving a Will, the deceased has not had the opportunity to name an Executor; therefore, the survivors must apply to the Court for the right to probate their estate. The process of transferring assets of a decedent to those people who rightfully should receive the assets is what is referred to as probate. Without a Will, the survivors must apply to the Court for the right to be named Administrator. Then, they are required to post a bond and obtain permission of the Court to transfer the assets. Without a Will appointing an Executor and waiving bond, the survivors of the decedent will be required to post a bond, which is generally twice the amount of the personal property value. This value is usually somewhere between $50.00 and $500.00 per year for the minimum bond requirement.

Also, without a Will, real estate title vests in a decedent’s loved ones. If there are minor children, they each will have rights in the real estate that is left behind. However, in order to sell that property, the Administrator must apply to Probate Court for permission to sell, with notice to all interested parties. If the Administrator sells any of the real estate, then the money received from the sale increases the amount of personal property and the bond must be increased. This can be a stressful and frustrating situation but can easily be avoided by simply preparing a Will naming an Executor, granting certain powers, and directing that no bond is required.

Without a Will, there is sometimes a lengthy period where nobody is in charge or has authority over a loved one’s assets who has passed. During this time, assets can often disappear, and the disappearance can be the cause of family strife and costly litigation.

In many cases, attorneys can help prepare the simplest will to avoid the problems stated above or can help craft an estate plan designed to control assets from beyond the grave, or in larger estates, design a plan to take advantage of any tax saving opportunities.

 

The above article was written by John W. Hoppers, Esq. of Strip Hoppers Leithart McGrath & Terlecky


New Year, New You – 2020 Resolutions for Seniors

The New Year has officially kicked off and for many, this is a time to set new goals and to plan for the year ahead. Health is typically one of the main areas people focus on once January rolls around, and while it may be a more obvious goal in the younger generations, it is just as important for our seniors as well.

If you are planning to focus on your health in 2020, set goals that will benefit both your physical and mental health. Typically, there are small changes and adjustments that can be made to your regular routine that will have a lasting, positive impact overall. Click the link above for some New Year’s Resolutions that will help you start 2020 in the right direction.


A Neglected Part of Retirement Planning

The term “retirement planning” is frequently used in the financial industry and in the media. But what does it really mean? For some, retirement planning includes strategies for saving and investing to prepare for future retirement. For others, it may focus more on various methods for tax efficiency and generating income during the retirement years. Of course, to others, it may have less to do about money and more about the psychology of transitioning into retirement. Clearly, “retirement planning” is a broad topic. Click the link above to learn more about how to plan for retirement and the many items that should be considered.