How to Rewind Life’s Clock Using Social Media
There’s an App for That?
O ne of the hardest challenges of aging isn’t coping with the physical changes or new limitations associated with getting older; it’s finding new groups of people with similar interests, especially for empty nesters. Many adults build their peer networks around their children, making them the focal point of conversations with other parents in similar situations. But as children grow older and eventually leave home, parents are forced to adjust to their dwindling social lives. While some adults thrive in meeting new people, many struggle to find ways to connect with their peers. Fortunately, there are apps for that. Easy Facebook for Seniors The mother ship of social media can sometimes be more of a maze than a way to connect with others. Facebook took notice of this and created a simplified version of the app specifically designed for those who want to avoid all the When wealth is transferred from one family member to another, the beneficiary is usually older than 18. However, some individuals choose to pass wealth to their grandchildren, nieces, nephews, or other underage heirs. This is often done to ensure that the family’s wealth is available to children. It is particularly useful for education-related expenses. It’s also done when there are strained family relationships to contend with. It is important, however, to be aware of the limitations on passing wealth to minor beneficiaries. When parents, grandparents, or other relatives name a child as primary or contingent beneficiary of an insurance policy, individual retirement account (IRA), or investment account, most policies and investments will not directly transfer to a minor. Instead, the policies
distractions. Ease of use makes the opportunity to connect with others who have similar interests simpler than ever. OurTime Dating in your 50s can be tricky, especially when many singles are looking for specific requirements in a partner. Some are seeking casual relationships, while others are looking for someone to grow old with. OurTime is a dating app that allows seniors to find partners with similar values, priorities, and passions. It’s a great way to find new people to share the golden years with. Skype You don’t have to wait for the holidays for your next group gathering; Skype allows you the opportunity to have video chats with anyone who has a smartphone. Maybe your conversation about the football game got cut short at church, or maybe you never finished your discussion at book
club. Whatever the occasion, Skype gives you the option to connect with the people around you, even when you don’t feel like leaving the comfort of your house.
Transferring Wealth to Minors What You Need to KnowWhen Beneficiaries Are Under 18
and investments must be received by a court-approved property guardian, a trustee of a guardian’s trust, or a revocable living trust beforehand. There are state laws in place to prevent anyone under age 18 from receiving large lump sums. There are also laws that prohibit minors from owning real property worth more than $2,500–$5,000 (limits vary by state) or receiving cash inheritances greater than that. Most insurers also do not distribute life insurance proceeds to minors.
In regard to guardianship, the individual you name as personal guardian for a child can be the child’s property guardian, though it’s not required. One person usually serves as both, but if the personal guardian lacks financial literacy or accountability, it may be necessary to appoint a separate property guardian to manage assets for the child until they turn 18. If you do not appoint a trustee or property guardian for a minor through your will or trust, the courts will decide who that trustee or guardian will be. In that event, a court must review the choice of guardian, and any inherited assets will be probated. A property guardian should be someone likely to live at least until the child turns 18. As the child approaches legal age, the terms of your will or trust should be reviewed and updated as appropriate.
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