July 1, 2014
As the number of seniors in the U.S. population continues to increase, so does the number of people taking care of an aging parent. In 2011, an estimated 10 million adult children over the age of 50 were caring for an aging parent. Having to take on this type of responsibility, especially during your prime earning years, can take a toll—not only emotionally and physically, but financially as well. Research has shown that working Americans who must reduce their working hours or leave their jobs to care for an aging parent can sacrifice their own financial stability to do so.
Ideally, before you step into a caregiver role, you should have a discussion with your parent(s) or the relative who needs your help about their wants and needs and how finances will work. You should you also determine in what situation you will become responsible with the legal power to make decisions for them. While this conversation may be uncomfortable, it is critical.
Balancing your own financial needs with the need to care for your aging relatives can be stressful and challenging, so consider the following tips to help you manage both of these priorities:
Having a parent or other relative with health problems is stressful, and the burden of taking on the role of caregiver or finding affordable long-term care solutions only adds to the challenge. While it may be difficult to do so, talking through the situation and potential options with the individual needing care is critical before you make decisions that could impact your own financial future. Our trusted advisors can help you look at the financial implications of caring for your loved one. Please contact us if you would like to talk.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.