Current Events

Jun 30

$2 Trillion Tax Bill Is Coming Due for Baby Boomers

July 1, 2016 is a day that Uncle Sam has been waiting for!

The oldest baby boomers will turn 70 1/2 and will be required to begin taking money out of their tax-advantaged retirement savings accounts. They will also begin to pay the income tax.

Investors tend to leave their retirement savings untouched, to allow them to grow tax-deferred and to receive the maximum benefit possible. However, the oldest boomers will now have to withdraw annual required minimum distributions (RMDs) from their tax-deferred retirement savings accounts.

The penalty for failing to take a required minimum distribution (RMD) is 50% of the amount the account holder was obligated to withdraw!

Some ways to reduce required minimum distributions (RMDs) include staying on the job, donating part of your RMDs to charity, or using part of the RMD to fund a health savings account.

Reference: Why a $2 Trillion Tax Bill Is Coming Due for Baby Boomers, Money Magazine, June 27, 2016

Jun 28

Judge Is In No Hurry To Decide Who Inherits Prince’s Estate

The probate process has never moved at lightning speed, but untangling Prince’s estate is going to take longer than anyone anticipated.

Minnesota District Judge Kevin Eide said that he is in no hurry to decide who will inherit Prince’s fortune. Since no will has been found, it will be up to the judge to preside over the distribution of the estate.

The issue at the latest hearing is the process for determining who is related to Prince, and who will be eligible to inherit. DNA tests may be required of claimants, depending on their claimed relationship.

Reference: Judge presiding over Prince estate in ‘no hurry’ to decide who inherits, USA Today, June 27, 2016

Jun 27, 2016

Teen Cancer Patient Throws Party Before Entering Hospice Care

I so admire the strength and courage of this brave 19-year-old cancer patient.

Morgan Long was diagnosed with a rare form of cancer when she was only one year old. She has been fighting cancer for the past 18 years of her 19 year life!

Now Morgan’s doctors have told her that the fight is over. Just before entering hospice, her friends and family gathered to celebrate her life. Butterflies were released, and Morgan reminded them of her favorite mantra, “Hakuna Matata,” which means “no worries.”

Reference: Teen cancer patient throws party before entering hospice care, ABC Action News, June 26, 2016

Jun 23

Survey Reveals That 72% of Americans Do Not Have An Up-To-Date Will

According to a recent article published by AB Newswire, 63% of Americans do not have a Will, and 9% have a Will that is out-of-date. This means that 72% of Americans do not have an up-to-date Last Will and Testament!

Reference: US Survey Reveals that 72% of Americans Do Not Have an Up-to-Date Will, ABNewswire, June 21, 2016.

May 27

96-Year-Old Dr. Heimlich Uses His Signature Maneuver To Save A Choking Victim

Do you know what the Heimlich maneuver is?

I learned the Heimlich maneuver for the first time when I was sixteen years old, while working as a nursing assistant. The Heimlich maneuver is one of the techniques taught in cardio-pulmonary resuscitation (CPR) training. It involves the administration of abdominal thrusts to a choking victim to expel foreign bodies from the victim’s airway.

The Heimlich maneuver was named after Dr. Henry Heimlich, the surgeon who developed the procedure in 1974. This week, the 96-year-old retired chest surgeon had the opportunity to use his life-saving maneuver to help a choking victim. Although he had demonstrated the maneuver countless times since inventing it in 1974, it was the first time he had actually used it to stop someone from choking.

“The whole thing was very moving to me,” Dr. Heimlich said. “I never thought that I would be saving someone’s life by doing the Heimlich maneuver.” He also said that it made him appreciate how wonderful it has been to save so many lives.

Reference: USA Today, May 27, 2016

May 09, 2016

More Like A Party Than A Funeral

Funerals tend to be somber affairs, and generally not much fun. (I know, because my father is a retired funeral director.) But Glen Speak, a funeral director in the United Kingdom, wants to change all of that. At his own funeral, he plans to have a double-lidded coffin, with the first lid opening to reveal rows of whisky shots. Mourners will then be invited to have a drink ‘on him.’ Mr. Speak disclosed his unusual plan at an event designed to give the public a chance to talk openly about the uncomfortable subject of planning your own funeral.

According to Mr. Speak, most people don’t even think about planning their own funerals, but doing so can relieve your family of the burden during a difficult time. It can make your final ‘goodbye’ much more personal, because it can be tailored to your own tastes and preferences. Planning ahead also reduces funeral costs later.

Read more in this article in the Tamworth Herald.