100 episodes

Earn and grow your money more easily. With Anthony Park.

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Simple Money Wins Anthony Park

    • Investing
    • 5.0 • 18 Ratings

Earn and grow your money more easily. With Anthony Park.

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    How to Plan for Old Age and Being Childless With Joy Loverde

    How to Plan for Old Age and Being Childless With Joy Loverde

    We had the privilege of speaking with Joy Loverde, author of two books, The Complete Eldercare Planner and Who Will Take Care of Me When I’m Old. She’s an expert in this area of solo agers and we are grateful that she shared her insight with our followers.
    Who Will Take Care of Me When I Get Old?  
    This is a very important question and Joy says that the answer is yourself. It’s a mindset. You
    have to have the willingness to talk to others, make plans, and be willing to have these difficult
    conversations right now. These conversations include signing legal documents, having them in
    order, and having money in the bank.
    Joy says that quite often, people are surprised to learn they are the person to take over the roll
    of caring for someone. You never know who will land on your doorstep or something will happen
    to us.
    The reality is that some people do not have family members that will around when the time
    comes. There are community groups out there for just this situation.
    There are situations where there is no one to care for you and you run the risk of becoming a
    ward of the state. This is not ideal. Joy says that you should do your research now to see what
    you may need down the road. The worst thing you can do is do nothing.
    Benefits of Aging in Place There are quite a few benefits to aging in place. But you need to show up and get out in the
    community where you live so that others get to know you and you get to know them.

    We get to know our surroundings and navigate them by memory, and if we get to know our
    strengths and weaknesses now where we live, it will be beneficial to aging in place. You have to
    be conscious of where you live. You can’t assume that things will be in place all the time. That
    goes for both inside and outside of the home in the community.
    Disadvantages of Aging in Place
    There are certainly a few disadvantages and risks, starting with the home aging along with us. A
    bedroom on the second floor or basement laundry may also pose problems.
    Another huge issue is that as we age, we may become forgetful. Being alone and forgetful is a
    recipe for disaster, especially financially. We need to remember to keep money in the bank, pay
    bills, etc.
    Lastly, there is a caregiver shortage. There may not be anyone available to help when you
    finally make the call to an in-home agency.
    Manhattan and other big cities are a great place to age alone, as the city is walkable, and the
    buildings have security. One advantage is that it’s easier to make friends. People tend to get
    know their doorman, neighbors, and even the mailman. Buildings become their own community.
    There are also many social activities you can get involved in that you can walk to.
    Outside of the city, transportation can become an issue. Particularly driving cars as we age.
    This is something to consider. You will need to factor in the cost of paying for ride share cars
    each time.
    How to Reduce Social Isolation (Zero Isolation) Joy’s chapter Zero Isolation talks about how to make friends. She says that one of the things we
    need to look for when we join an organization is to make sure there is new people coming in all
    the time. You want to look for clubs where there is a revolving door which will keep the
    organization thriving. If there are no new members, the pool of friends and members may dry
    up. You can also seek out new things online – cooking classes, language classes, etc. Just get
    out there and meet people.

    Another discussion is eating alone. While eating alone is fine, Joy recommends trying to eat
    with people as often as you’re able. This can be as simple as eating on a park bench with a new
    friend and inviting them to share your meal. Sharing your thoughts and ideas over food is a
    great way to meet new friends.
    During the holidays, Joy says that you do not have to feel obligated to go to f

    • 16 min
    3 Ways to Start Probate With No Upfront Fees

    3 Ways to Start Probate With No Upfront Fees

    If you’ve done your research, you know that a good probate lawyer is not cheap. So how can you start your probate case even if you can't pay now?
    How much are probate attorney fees? Lawyer fees for the simplest probate case start at $3,000. But probate is naturally messy, since is involves family, money, death, and high emotions.
    So probate fees are usually more, sometimes tens of thousands of dollars!

    When to probate fees have to be paid? Generally, lawyers require an upfront payment, or retainer, before starting work on your case. The upfront payment is usually a few thousand dollars, depending on the estimated total fees.
    Many folks, understandably, just don't have that money readily available, and ask "can probate fees be paid from the estate," at the end?
    Yes, but only under certain circumstance. Why? Because estates can be unpredictable, with many twists and turns. While you may feel certain that there'll be plenty of funds to cover the lawyer fees, we've often seen:
    Unexpected mortgages or debts Unknown huge taxes due Assets aren't worth what you expected Assets had a named beneficiary, and therefore not part of the estate What to do if you can’t afford probate fees? If you don't have the cash on-hand to pay a lawyer's retainer, here are some of your options to start your probate case now.
    Deferred lawyer fee Work with a lawyer who will accept a deferred fee (paid at the end, from the estate). If you're able to find a lawyer to work with no upfront payment, expect some conditions.
    For example, our office usually only accept deferred fee cases if you've also asked me to serve as your professional executor for the estate.
    Contingent lawyer fee Contingent fees are the ultimate "no win, no pay" arrangement. If your lawyer in unable to get your inheritance for you, then you don't owe any fees. He only gets paid if he succeeds in getting your inheritance.
    As you might expect, the trade-off is the fee will be higher than if you paid upfront: usually 1/3 of your recovered inheritance. But if you don't have the cash to start your case otherwise, you'll be glad this option even exists.
    Contingent fee probate is limited to certain types of cases, such as:
    Will contests Proving kinship Unknown assets Request your free consultation

    • 8 min
    When Does the Executor Tell the Beneficiaries?

    When Does the Executor Tell the Beneficiaries?

    When does the executor tell the beneficiaries? Once the court process starts, which is usually shortly after death.
    We often get this question when our Solo Ager clients name me as executor in their will.
    When does the executor notify beneficiaries? No, the executor does not notify the beneficiaries upon you signing your will. This is a common concern. An executor only notifies the heirs after death.
    When exactly? Usually during the court probate process. But sometimes informally before probate.
    Example: if you best friend and beneficiary is working with me to coordinate funeral arrangements, it may naturally come up during conversation that she's named in the will.
    Otherwise, the executor notifies all beneficiaries by mailing them a formal court document.

    What does an executor have to disclose to beneficiaries? All beneficiaries in the will receive the same court form, which lists:
    The names of all beneficiaries A general description of what each beneficiary receives For example: the form will not specify that Jane received your diamond ring, and John received $10,000. Instead, it will say something like "Jane received items of tangible personal property" and John "a cash bequest."
    Generally, the executor does not send beneficiaries a copy of the full will. However, he must send the will to any beneficiary who also happens to be a distributee (next-of-kin).
    Note: if you have a trust-based estate plan, rather than a will, then the notification requirements are different. You can keep information as private as you like. 
    Who else does the executor notify?
    In New York probate court, the executor must send notice to your closest surviving family, even if you disinherited them in your will.
    Your executor must serve a court document and a certified copy of the will on each surviving family. So any disinherited heir will definitely be aware they were cut out.
    Free copy of "The Solo Ager Estate Plan"
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 5 min
    Can an Executor be Out-of-State?

    Can an Executor be Out-of-State?

    No, it's not a good idea to have an out-of-state executor. Although it's technically legally allowed, in reality an out-of-state executor causes tons of problems.
    Banking Problems Opening the estate account You probably think opening a bank account is a piece of cake. And you'd be right, if you were opening an account for yourself, personally.

    But banking for an estate is a different animal. But an estate account has tougher "know your client" rules, and the executor often must meet with a banker in person, at a branch, to open an estate bank account.
    Troubleshooting problems When you have a problem with your personal bank account, these days you have limitless customer support options. Website, email, live chat, tweets, or call or walk in.
    But with estates, you usually must walk into a branch and speak with a banker to get that missing statement or re-issue that 1099. And that can be a pain for an out-of-state executor.
    Selling Real Estate Clean out Yes, cleaning out the home or apartment is part of the executor's duties. For an out-of-state executor, this can mean several trips in and out of New York to supervise the clean out.
    New York is one of the few states where most real estate closings are in-person, with all parties sitting around a table for a few hours.
    Yes, it's sometimes possible to close with an out-of-state executor by signing and FedEx-ing the documents. But if any problems popup (as they often do with estate sales), it's better to close in-person, so the lawyers can troubleshoot any problems in realtime, and avoid an aborted closing.
    Minor stuff (mail forward, etc.) There are countless small executor tasks to get the home ready for sale. Forwarding the mail, small repairs, returning extra keys, conversations with the super, etc. All much easier to handle with a local, New York executor.
    Travel restrictions
    Sometimes an executor simply cannot legally enter the US:
    Unable to get a visa Immigration problems Quarantine or other travel restrictions If any of these apply, the heirs may be better off hiring a New York professional executor, rather than a non-New York person.
    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 9 min
    Erica’s Court-Appointed Stranger

    Erica’s Court-Appointed Stranger

    Erica Loberg shares the story of her mom's court-appointed stranger, and what she would to do differently to avoid a court-appointed conservator.
    Erica first shared her full story at NextAvenue.org.
    About Erica’s mom
    When all this happened, Erica's mom was 70 years old.  She was not diagnosed with dementia, technically. But for years Erica's dad had handled everything. So when he passed away, it created a vacuum for mom's care.
    How did she end up with a court-appointed guardian? Unfortunately, Erica's family was divided on how best to care for mom. So their uncle (mom's brother) stepped in and hired his own attorney. And that attorney recommended an independent, court-appointed conservator to have legal authority over Erica's mom.
    Once that lawyer got the ball rolling, there wasn't much discussion or debate. This was happening. And before they could get their bearings, Erica and her sisters were in court.
    What was so bad about mom's court-appointed stranger? First, he was a total stranger. Neither mom, nor Erica, nor any of the family members had ever met this person. And even after he received his court-appointment, he only met Erica's mom once.
    Second, Erica discovered that he had a history of complaints. She spoke with the families of several of his past conservatees, and they had one message: keep him away if you can!
    As for his actions:
    He isolated mom from her daughters He changed mom's phone number several times to hinder contact He cleaned out mom's house, disposing of all family and sentimental items He ordered renovations to the house, not for mom's benefit, but to generate rental income or sell (once he moved mom to a nursing home) The court-appointed stranger was able to coerce mom into all these steps with the constant threat that he would move her into a nursing home, otherwise How did Erica finally get rid of the conservator? Erica contacted every agency and authority she could think of: from the court, to the police, and even the FBI. Finally, she had a breakthrough when she complained to the county Probate Investigator's Office.
    After some struggle and negotiations, they were finally able to rid themselves of mom's nightmare court-appointed stranged.
    What Erica would do differently? Discuss with mom her wishes and intentions. And not just when a crisis is at hand. Do it way before mom or dad is on the verge of losing capacity Help mom and dad make a will or estate plan The rest of family needs to keep their act together. Conflicts will only get everyone dragged into court, More about Erica Read the full version of Erica's story at NextAvenue.org.
    Erica is also an author, and published a book of poetry inspired by her experience titled "I'm Not Playing"

    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 21 min
    3 Best Free DIY Will Software

    3 Best Free DIY Will Software

    Many people who ask me to be their executor commonly make their will using do-it-yourself methods. DIY estate planning can be tricky, so here are some tips on how to maximize the chances your DIY estate plan will actually work.
    Our Methodology We created identical estate plans using 3 popular free DIY will sites. Here is the fictional persona we used:
    John Doe is a solo ager. That is, he's unmarried with no children Unless your will is super-simple, you should work with a lawyer. So John's plan is very basic: he'd like to give his estate in equal thirds to two friends and one charity John would like to nominate me as his professional executor John will hire a lawyer to supervise his signing, as we recommend. Therefore, we did not review each site's signing instructions We generated John's will on the 3 free sites. Then, my trusted colleague Maureen Pritchard, Esq. and I reviewed the results.
    Our top pick for DIY will software is FreeWill.com. The site is well-designed, and pleasant to navigate, and John's will had zero errors.
    The only caveat is the constant requests for donations. The site was funded by various charities, and they're not shy about asking to be named in your will. We were interrupted several times with prompts asking if John would like to add charitable beneficiaries to his will.
    But if you're thick-skinned and can ignore the pushy requests, or if you plan to give to charity anyway, this is a great choice.
    Pros Very professional product. The will did not have any typos or substantive errors Well-designed site. A very pleasant user experience Includes health care documents, too Cons Barrage of requests for charitable donations Your will includes signatures lines and initials on each page. These are not legally necessary, and feel like overkill DoYourOwnWill.com
    DoYourOwnWill.com is truly a 100% free option for making a DIY will. You don't even have to give you email address (unless you want to save your will). This means that you're not even paying with your personal data.
    But, just as in most of life, you get what you pay for. It may be completely free, but it has a few problems.
    Pros 100% Free. Not even an email required Most private option Easy-to-follow user-interface Includes health care documents, too Cons Several typos in John's will. Despite the typos, the will was substantively fine John's burial instruction is written into his will. In real life, this doesn't make much sense, since in many cases no one even looks at the will until after the funeral,. RocketLawyer.com
    RocketLawyer is the most well-known brand on this list but be prepared to be up-sold from their free option to one of their more profitable packages.
    It doesn't feel like they spent a lot of effort on this free version. The user-experience is very clunky, and John's will has substantive errors. Maybe the plan is to nudge free users to a better, paid version?
    Pros RocketLawyer is big name in legal DIY You may already have a RocketLawyer account and feel comfortable with their platform Cons You must create an account, and it feels like you'll get up-sold a lot John's will had a substantive error (the will treated the charity as an individual. Not necessarily fatal, but can cause headaches later during the probate process) We couldn't find healthcare documents as part of the free package There are many DIY estate planning sites out there. We hope that our review and recommendations will help you pick the one that's right for you. To learn more about the process of planning your estate, complete the info below to receive a FREE copy of my best-sellingbook.
    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 13 min

Customer Reviews

5.0 out of 5
18 Ratings

18 Ratings

cl-bk ,

Very practical podcast

Really great podcast and covers all the big topics that every grown up adult should be thinking about. My wife and I need to get a will ASAP!

RealMomNYC ,

Real answers to real life questions

Learned more from one episode than I could have in 10+ hrs of reading a book on the same topic! Love the straightforward and honest style too. Keep ‘em coming!!

sangkpark ,

Covers topics I feel I SHOULD know

Covers the finance topics that while I may not need or applies to me directly, but it was good to hear them cover some of these topics

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