Retirees, most of whom are on relatively fixed incomes, are probably the most concerned about what the new tax law will mean for them. But, generally, they will be less affected than others because the changes do not affect how Social Security and investment income are taxed. In fact, many will benefit from the doubling of the standard deduction and, with the new individual tax brackets and rates, will be paying less in taxes when they file their tax returns in April, 2019. (Most of the changes will apply to 2018 income, not 2017 income.)

No one wants to talk about it, but death is inevitable. We don’t know how or when it will occur, yet, most people delay planning for this eventuality. While the subject may seem morose and even uncomfortable, it is essential to explore your options and detail your wishes in advance – everything from retirement to long term care to distribution of assets to funeral services. To a large extent, you can control what happens at every stage of your life, but it must be well thought out and properly planned.

January 1, 2016, California signed into law Assembly Bill 139, which was intended to allow individual homeowners to transfer their real estate when they die outside of a will and without going through probate. The property owner simply fills out a new form and records it. Actual ownership of the real estate noted is not transferred until death.

When tax time rolls around, if you happen to be a caregiver for a parent suffering from some form of dementia, such as Alzheimer’s, you may be able to claim your parent as a dependent for tax purposes, itemizing and claiming their qualified, unreimbursed medical costs.