In our aging society, a frequent topic of conversation is how to help older people who have lost some of their physical or mental abilities. It is easy to advise someone to obtain power of attorney for a parent or other loved one, but it can be a challenge to actually make use of a POA, especially if time is of the essence.
Beth Pinsker digs into the difficulties of using a power of attorney and how to overcome them.
More from Beth Pinsker: ‘I’m retiring, so what do I do with my 401(k)?’ You have four choices — but only three of them are good.
The Big Move: downsizing to a warmer climate
istock
Aarthi Swaminathan writes The Big Move column to help people with various aspects of selling, buying and moving into new homes. This week she has advice for a woman who wants to leave Chicago for a warmer clime and needs to decide whether to purchase a new home or a lower-price older home that needs renovation.
Another look at housing: The best U.S. metro area for first-time home buyers is this Texas pandemic boomtown
Retirement planning: Don’t think you can run out the clock
MarketWatch photo illustration/iStockphoto
Life-insurance companies use actuarial data to manage risk and set premiums high enough to turn a profit while providing coverage to help people plan for an untimely death. Actuarial tables are also used to set required minimum distributions for IRAs, 401(k)s and other tax-deferred retirement accounts.
So should you use your own statistical life expectancy as part of your retirement planning? The answer is no, according to Jonathan Clements.
More about retirement and planning for it:
What’s really going on in the stock market?
The risk-free rate on U.S. Treasury notes appears to be more competitive against stocks than it has been in many years.
MarketWatch illustration/iStockphoto
As interest rates soared last year, the S&P 500 fell 19%. All of a sudden, for the first time in many years, interest rates on bonds were high enough for income-seeking investors to think about moving money away from stocks.
So far in 2023, the S&P 500
SPX,
has risen 5% even as the Federal Reserve has continued to raise interest rates. Meanwhile, many companies, especially tech giants, have announced layoffs as they focus on cutting expenses. So what is really going on? William Watts and Joseph Adinolfi cover the market action from several angles:
Tesla and its competitors
On March 1, Tesla Inc.
TSLA,
CEO Elon Musk disappointed investors by offering more soaring visions while not providing specifics on what to expect in the way of new electric-vehicle models or upgrades for older ones.
Here’s full coverage of Tesla’s investor day, its aftermath and developments among the company’s competitors:
ETFs and ‘the human capital factor’
MarketWatch illustration/iStockphoto
Christine Idzelis writes the ETF Wrap column, covering developments in the world of exchange-traded funds. This week she looks at a pair of funds that select stocks based on the health of companies’ corporate cultures.
An ETF for income: Looking for stock dividends of 9% to 11%? That’s what these ETF managers are aiming for with an AI-aided strategy.
Narrowing things down: New ETFs let investors bet on or against Jim Cramer and his stock picks
Can you invest for success the way Warren Buffett has?
Berkshire Hathaway CEO Warren Buffett
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Berkshire Hathaway
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CEO Warren Buffett released his annual letter to shareholders on Feb. 25. The letter always makes for good reading.
Mark Hulbert shares the numbers behind what Buffett calls the “secret sauce” to his success as an investor.
In the shareholder letter, Buffett also shared words of wisdom from Berkshire’s vice chair, Charlie Munger.
More: 5 things I’ve learned from Charlie Munger
A potential failure for a real bank focused on cryptocurrencies — and more hot water for SBF
Terrence Horan, Dow Jones
In this week’s Distributed Ledger column, Frances Yue covers the turmoil at Silvergate Capital Corp.
SI,
whose bank subsidiary may no longer be well capitalized under regulatory guidelines after a run on deposits during the fourth quarter by depositors mainly in the virtual-currency industry. She also covers new developments in the federal government’s fraud case against FTX founder Sam Bankman-Fried.
What should you stream this month?
Jennifer Aniston and Adam Sandler star in “Murder Mystery 2,” coming to Netflix on March 31.
Netflix
Mike Murphy sums up what’s worth watching on various steaming services in March, while also noting new offerings and what will be removed from various services:
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When it comes to helping your family, a power of attorney can be a powerful tool. A power of attorney is a document typically drafted by a lawyer, which authorizes another individual, known as the attorney-in-fact, to make decisions, take action or represent your interests in legal, financial or health care matters.
Using a power of attorney has many benefits, including giving you peace of mind that your family will be taken care of and their needs will be met should you become incapacitated. It also saves your family from having to go through the court process of being appointed as a guardian.
The first step in setting up a power of attorney is to choose the right attorney-in-fact. This should be someone you trust to act in your best interests and who is capable of making decisions and taking action on your behalf. It is also important to consider your attorney-in-fact’s availability and any particular expertise he or she may have in any given field.
Next, you want to make sure that your power of attorney is drafted correctly. The document should specify the exact powers that you are granting the attorney-in-fact and should be written in language that is clear and unambiguous. You should also include a list of any particular assets, assets accounts or other items that the attorney-in-fact will have access to or control over.
Finally, it is important that your power of attorney is filed correctly with local and state authorities. Depending on the state, this may include filing it with the county clerk, registering it with the secretary of state and having it notarized.
A power of attorney is a great way to make sure that your family will get the help they need if you ever become unable to handle your own affairs. Follow these steps to make sure that you select the right attorney-in-fact and the document is drafted, filed and executed properly.
