Larry McClanahan, casl™, cfp®

Financial Guidance for Life’s Second Half

Keeping Mom and Dad Safe at Home

Generally, elderly parents want to remain living in their own home. However, remaining in the home becomes a concern when children see their parents slowing down, perhaps even having trouble with handling stairs and doing general daily activities. Yet, with parents’ mental and physical health currently not creating problems, there seems to be no imminent need to search out support services or other accommodations for aging parents.

This is the time to evaluate the home to make it safe and secure for your loved ones—now and in the near future—in anticipation of aging disabilities that may occur. Continue reading →

Posted in Long Term Care

Have Your Cake And Eat it Too, Sort Of

Most of us don’t like to think about the possibility that we may one day need long term care. And while the costs of long term care insurance can be discouraging, they pale in comparison to the truly expensive costs of long term care itself.

So why don’t more of us pay to transfer that potential risk to the insurance company? It’s because the big question on everyone’s mind is: “What if I stay healthy and never need the care? I’ll have flushed all those premiums!” Right? Continue reading →

Posted in Insurance, Long Term Care

Watch Those Beneficiary Designations

We all want to live a long and productive life, with our retirement account landing at zero as we take our final breath. But of course it rarely works out that way. So when was the last time you reviewed and updated the beneficiary designations of your 401(k), 403(b), or IRA? Continue reading →

Posted in Estate, Retirement, Taxation

Are You Strangling The Goose That Lays The Golden Eggs?

If you’re like many retirees—or those soon to be retired—your investment portfolio has probably taken a big hit in the recent market meltdown. Even traditionally conservative investments such as municipal bonds and dividend-paying preferred stocks have behaved in unusual ways.

While you can’t control the markets, you do have some control over how and when you take withdrawals from your portfolio. And without even knowing it, some folks are strangling the very goose that lays their golden retirement nest eggs. Continue reading →

Posted in Investment, Retirement

Give The Gift That Keeps On Giving

It’s that time of year again when our hearts naturally turn toward giving—to friends and loved ones and, for many of us, to favored charitable causes.

As you think about those organizations that work to make the world a better place, have you ever wanted to develop a pool of resources that could provide them with continuous support year after year? A Donor Advised Fund can do just that. Continue reading →

Posted in Charitable, Estate, Taxation

New Roth IRA Rules Open Doors For Taxpayers

A convergence of factors in 2010—tax deferral, no income limitations, and lower IRA balances due to market declines—is creating a potential opportunity to win in the income tax game. Continue reading →

Posted in Retirement, Taxation

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