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It was a pleasure presenting for Mass General Hospital and Brigham & Women’s physicians about how to transition into retirement amidst change and tumult. This topic is so important in 2024. It’s an election year, we have multiple wars raging across the globe and closer to home, there have been changes in Massachusetts laws that you need to know about including adjustments to estate tax law in MA, the addition of the Massachusetts Millionaire Tax, as well as the changes that came with the Secure Act 2.0. All of this may scare you into putting money under your mattress but I am here to say, don’t do it! Instead, it is time to learn how to strategically invest during change as there are patterns during times like these. For example, war creates devastating humanitarian impact with long term implications, yet typically has only a short-term effect on markets. And investing during an election year is unique as well. (This will be the subject of my next 1-minute Empower House educational video coming out soon - be on the lookout!) If you’re a physician, there are additional considerations to know about. Message me for a link to the recording and of course, I am always here to chat about your personal plan and how together we can ensure you are ready for whatever changes may come. #doctor #physician #retirement #retirementplanning #change
By popular demand, I will be doing a repeat of last week’s presentation: “Financial know-how for your elderly parents” on Thursday, March 21st at 6pm. If the responsibility of your parents’ well-being is increasingly falling on your shoulders, this webinar is for you. This Zoom event is free and open to the public. I’ll share a story of how I was able to increase a client’s monthly outlay toward long term care from $7K/month to $13K/month. I’ll teach how to stretch their assets out as long as possible, offer ideas on how to preserve your parents’ nest egg, optimize Social Security monthly benefits, better tap into their old insurance policies, and modify their investments. We will also cover my 10 best next steps to take to assist your elderly parents, including: • Use a family inventory workbook to get organized AND start the conversation with your folks (don’t worry, I will email one to you) • Set up duplicate copies of their tax forms to go right to their accountant so they don’t “forget to file their tax returns” and request copies of their statements to help watch out for all the scams out there • Consider being on their checking account as a joint owner (named second) because when they pass away, the POA is obsolete so this will allow you to still pay for their expenses like funeral costs, etc. • Be strategic about gifting. They may want to gift you a home but be careful, that may not be the best tax move. In contrast when a home is inherited you get the step up in cost basis. College funds on the other hand are a great place to gift and pass money two generations down while potentially lowering estate taxes. In fact, you can give up to $180K per grandchild from grandma and grandpa in one year. Email beck.vilk@rbc.com to RSVP. I know, from personal and professional experience, this process can feel overwhelming. But you got this! You don’t have to do it alone. I am here to help. #eldercare #yougotthi...
Please join us today March 12th at 2 pm for a presentation to the Boston Bar Association where I will cover “Financial Considerations for your Elderly Parents.” I’ll be reviewing my Top Ten tips on how to prepare for an emergency and walk you through a case study on how I found an elder more funds to pay for long-term care (like social security surviving spousal benefits, reworking existing insurance policies, investment tweaks and a lot more). Megan Fisher of Oasis Senior Advisors will join me to cover different living care options and to provide insight into costs. The talented Laura Goodman (estate attorney at Margolis Bloom and D’Agostino) will moderate the conversation and provide additional insights for the group. If you can’t make it, I will also be covering this topic on March 21st at 6pm. Comment below or send me a message if you’d like the details. (Pictured here was my lovely grandma, Betty, on our way to her doctor's appointment...and ice cream. :) ) #eldercare #longtermcare #longterminvesting #socialsecurity #financialplanning #icecream