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Q: Major disasters, like floods and fires, seem to be occurring more frequently. Should I consider buying disaster insurance to cover my home and valuables?
Health care remains important throughout life, but it often becomes an even greater focus after retirement. As you age, maintaining your health becomes a top priority, which may involve more frequent doctor visits for routine exams and preventive screenings. Additionally, aging can bring a higher likelihood of health issues, potentially leading to increased expenses for medications and medical procedures. That’s why having reliable health insurance is essential to help manage these rising costs.
An annuity, in its simplest form, is a contract between the purchaser (or owner) and an insurance company (the issuer). The owner pays money to the issuer, and the issuer pays back that principal plus earnings to either the owner or the owner’s named beneficiary later in life.
When you die, you leave behind your estate. Your estate consists of your assets—all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death. The proceedings take place in the state where you were living at the time of your death. Owning property in more than one state can result in multiple probate proceedings. This is known as ancillary probate.
After an illustrious career in drug development and research, Dr. Robert Ruffolo retired from Wyeth Pharmaceuticals in 2008. For decades, he gave his all as a scientist and pharmaceutical executive. His crowning achievement was the discovery of carvedilol, a revolutionary treatment for congestive heart failure that has helped tens of millions of patients and for which he was honored with some of his industry’s most prestigious awards.
Question: My retirement savings and investments are spread between multiple financial institutions. Should I combine them, or are there benefits to keeping things separate?
Question: I run a family business that my children will inherit. How can I make sure they are financially prepared for this transition?
Mitzi and Steve Deal of Charlotte, North Carolina, like to think of their mountain house as a gift to their family—one that will keep giving for generations.