Tag Archives: www.diesmart.com

Have you thought about an at-home funeral?

Until the end of the 19th century, when someone died, it was the norm to keep the body at home where the family would take care of the deceased loved one until his or her burial.  But as the funeral home industry grew, the number of at-home funerals declined and didn’t regain popularity until about ten years ago.

A story from WBUR, Boston’s NPR station, discusses the recent interest in this type of funeral and cites several examples of families who have chosen to have a more natural, custom ceremony conducted in their own home.

Some people with whom I spoke said they would like this type of treatment when they died but they didn’t think it was legal.  In fact, in all but nine states, it is definitely legal.  Massachusetts even offers clear instructions for home funerals on its website, including what you need for a death certificate, guidance on burials and preparing the body.

If this type of funeral is of interest to you, there are many sources for information.  One is the National Home Funeral Alliance, which has about 300 members around the country.  Another source is our website, www.diesmart.com.


Same sex couple employment tax filings – know what to do?

The IRS recently issued a series of tax revisions that directly impact same sex couples.  Some of them are related to the filing of income tax returns and deductions that are now legal.  This 60 second tip from Robert Keebler, CPA,may give you some information you may need.

Listen now.  It may save you some money.

For more information about the new laws or estate planning, go to diesmart.com.

2/3 of all the people who ever lived to 65 are alive today!

Ken Dychtwald, Founder and CEO of AgeWave | JWT IntelligenceThis statistic comes from a presentation given by Ken Dychtwald, PhD, of Age Wave at the American Society on Aging 2013 conference that was held this spring.

This statistic is a part of what has caused the longevity revolution.  What he meant is that because people are living much longer than they used to, the definition of “old age” is changing.  People used to die before retiring so there was no need to worry much about what they would do.  But, now, people must figure out what they should do with their “longevity bonus” and how to spend all of this extra time that they now have on earth.

You might think that people are just tacking their bonus onto the end of their life and spending it in retirement.  However, it seems that they are redistributing it throughout their life.  They are going back to school in their 40′s and then starting a new career, retiring from that new career and then changing fields again.  This is unlike the past when people worked their whole life at one career and often retired after working at just one or two companies.

Retirement used to be considered an ending.  Now many people consider it a new beginning.  It’s a time that’s looked forward to with anticipation by most people.  In fact, 91% of people expect to be happy in retirement.   However, that expectation only lasts about a year.  After that, people begin to think about what they actually want to do with the rest of their life and whether they want a new post retirement career.  They also start to have growing concerns about health problems and insufficient savings.  And in their late 70′s and early 80′s they come to terms with who they are and what will come.

Finally, Dr. Dychtwald said that, unlike in the past, retirement is a time to build relationships, keep learning, re-career, live with purpose and leave a legacy.

The entire presentation can be seen here and is well worth watching.

For more information about retirement and end of life planning, go to www.diesmart.com.

Access to online bank accounts a problem after death

In the “old days”, a paper trail was usually very easy to follow when someone died.  You could find their bank account statements, credit card and utility bills and pension and brokerage account information all tucked away in a file cabinet or a drawer.  Then you  called the contact numbers provided to notify them about the death.

Today, it’s not so simple.

Many of us do our banking online.  All we do is log in, click on those merchants we wish to pay, insert the amount and we’re done.  If we want to transfer money or even deposit a check, no paper has to be used. Everything is done electronically.

Bill paying has also gone paperless.  I can’t remember the last time I received a bill in the mail.  Today I just receive an electronic notification that my bill has been processed for payment.

If I want to know how my portfolio is doing, I log into my brokerage account to check.  I no longer get huge stacks of paperwork every month detailing the value of each investment.  It’s the same with my pension – I just go online and review the numbers.

This is great except for one thing.  It leaves no paper trail for our loved ones to follow when we die.  If we don’t keep good records that list all of the accounts that we manage online as well as the passwords and other information needed to access them, they may never be found and some of our assets may be floating around in cyberspace forever.

For more information about how to plan for incapacity or death, go to www.diesmart.com.

DOMA – It’s defeat causes more tax headaches

Reuters article - DOMA and taxes 7-23-13

If you live in a state that recognizes gay marriage, you are entitled to federal tax breaks that other married couples get.  However, if you have business income from a state that doesn’t recognize same sex marriage, you’ve got a problem.

This week, Reuters published an article about a married California couple, Jeremy and Randy.   They don’t know how to report the business income Randy gets from Florida – a state that doesn’t recognize gay marriage.

The chief of the IRS, Danny Werfel, was quoted as saying that the IRS hopes to publish rules that will address issues like this one as soon as possible.  But there are more than 200 tax code references to marriage that have to be evaluated before this can happen.

Do you think the couple should get tax breaks based on income earned in a state that doesn’t recognize gay marriage?  Let us know what you think.

For information about other financial matters like estate planning, go to our website, diesmart.com.