In this episode of Retire With Style, Wade and Alex talk with Beth Pinsker, author of My Mother’s Money, about the realities of financial caregiving. Beth shares her experience managing her mother’s finances during a health crisis, underscoring the value of preparation and clear legal documentation. The discussion covers the importance of establishing power of attorney, the practical challenges of budgeting for someone else, and the emotional strain that arises when court involvement becomes necessary. The episode offers listeners a straightforward look at why financial caregiving matters and what steps can help families prepare before a crisis hits.

Takeaways

• Preparation is crucial; having legal documents in place can save time and money later.
• Power of attorney is essential for anyone over 18 to ensure decisions can be made on their behalf.
• Financial institutions have varying requirements for accepting power of attorney documents.
• Navigating a loved one's finances can be complicated without access to their accounts.
• Budgeting for someone else requires understanding their entire financial picture, including bills and accounts.
• The court experience for those without power of attorney can be lengthy and emotionally taxing.
• Many people underestimate the importance of estate planning, regardless of their financial status.
• It's important to normalize discussions about power of attorney and healthcare proxies among families.
• Planning ahead can prevent significant stress and financial burden during a crisis.

Chapters

00:00 Introduction to Financial Caregiving 01:45 The Journey Begins: Beth's Personal Experience 04:11 Preparing for the Inevitable: Legal and Financial Steps 10:21 The Importance of Power of Attorney 16:20 Navigating Financial Institutions 25:32 Reverse Engineering the Budget 30:34 The Court Experience and Its Implications

Links

Find links to order Beth Pinkser's book, "My Mother's Money," at www.bethpinsker.com

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this episode, Alex and Wade unpack the complexities of Social Security claiming strategies, weighing the benefits of delaying versus claiming early. They examine key financial considerations such as survivor benefits, tax planning opportunities, and the psychological factors that shape these decisions. The discussion also highlights how the Retirement Income Style Awareness (RISA) tool can help align Social Security choices with individual retirement preferences. Ultimately, the episode underscores the long-term financial impact of claiming decisions.

Takeaways

• Delaying Social Security can significantly increase lifetime benefits.
• Social Security provides inflation-protected lifetime income.
• Survivor benefits are a crucial consideration for couples.
• Building a social security delay bridge can ease financial pressure.
• Claiming early may be necessary for those without sufficient resources.
• Psychological factors play a role in claiming decisions.
• Discount rates can influence the perceived value of Social Security benefits.
• RISA helps align retirement income strategies with personal preferences.
• Claiming early can be rational under certain circumstances.
• Social Security reforms are likely but won't eliminate the program.

Chapters

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

This is the third and final installment of our discussion with Brett Layton, which explores key updates to tax laws, including estate tax limits, the alternative minimum tax, expanded uses of 529 plans, new “Trump accounts” for children’s savings, and changes to clean energy credits and business taxes. It emphasizes the importance of understanding these updates for effective financial and tax planning.

Takeaways

• Estate tax limits are increasing, providing more leeway for wealth transfer.
• Paying income taxes can strategically reduce your taxable estate.
• The estate planning community has been advocating for higher exemptions.
• 529 plans are evolving to cover a broader range of educational expenses.
• Trump accounts allow children to start saving without needing earned income.
• The government will contribute to Trump accounts for eligible children.
• Bonus depreciation for businesses has returned to 100%.
• The first $15 million of capital gains from qualified small business stock is tax-free.
• Understanding these tax changes is crucial for effective financial planning.
• The complexity of tax laws continues to increase, necessitating careful planning.

Chapters

00:00 Estate Tax Changes and Implications 07:08 Alternative Minimum Tax and Its Impact 11:25 Expanded 529 Plan Eligibility 17:19 Introduction of Trump Accounts 29:42 Clean Energy Credits and Business Tax Changes

Links

Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”