It can be stressful thinking about how much income tax you will owe in your golden years. But don't worry, because there are simple solutions you can apply now to keep those taxes down and your spirits up.
At some point in your life, perhaps as a result of illness, accident, or advanced age, you may lack the mental capacity to make or communicate responsible decisions about your own health care. Without directions to the contrary, medical professionals are generally compelled to make every effort to save and maintain your life.
In our increasingly digital world, it’s not only your physical property that holds value, it’s also the assets you’ve built up online. That includes money you hold in online-only accounts like PayPal, as well as files like your Kindle e-books and iTunes music. Important stuff—and yet, it’s often overlooked in estate plans.
Incapacity means that you are either mentally or physically unable to take care of yourself or your day-to-day affairs. Incapacity can result from serious physical injury, mental or physical illness, mental retardation, advancing age, and alcohol or drug abuse.