Latest news with #grandchildren
Forbes
3 days ago
- Business
- Forbes
The Biggest Concern For Many Considering Retirement
Photo of Joseph LaPietra in a classroom with young adults. In our financial planning practice, much of the work we do is with near retirees who are contemplating when they want to stop working - or at least stop the employment in which they are currently engaged. Very often this conversation begins as a financial discussion where the focus is on maintaining the quality of daily life, funding healthcare expenses, and not running out of money later in life. But as we delve deeper, non-financial questions surface such as: "what will I do with all that time?" Or "how will I remain relevant?" And "how can I give back some of what I have learned over the years" During these conversations, anxiety and sometimes fear become palpable and evident. Leaving a decades-long career puts someone face to face with the question of what to do with all their time in this next phase of their life. Many people search for a less intense way to continue to earn a meaningful income. This can be an elusive goal as re-entering the workforce in another role isn't always easy, and if work is found, it can quickly escalate to the point where the recent retiree can feel like they are once again a full-time employee. For others who eschew any return to the workforce, and who are fortunate to have large families, it can be spending more time with grandchildren. Those in this situation can find a lot of joy in life's wonderful and simple pleasures. For others, it can be finding a 'hobby job' such as becoming a golf starter at a local course or working in a fine dining establishment. Golf club positions may come with healthcare benefits, pro shop discounts, and the highly coveted complimentary tee times. Similarly, if you have a passion for food and wine, studying to be a sommelier or working at a fun gathering place can bring joy. For those looking for a little bit more of the continuation of their professional trajectory, finding something that combines sharing their lifetime of work knowledge, their passion for helping others, and the thrill of remaining relevant is the holy grail. Any of these approaches can work, but for the successful executive or entrepreneur, this latter path seems to work well. For example, Joe LaPietra, a well-respected and successful insurance industry executive, spent decades developing human and emotional intelligence strategies. When his time at the office ended, Joe, now known as 'Coach Lala', formed 'Mastery of The Mind' a 501c(3) not for profit corporation, where he has positively impacted the lives of thousands of students, athletes, and professionals. He has found a 'second act' that brings him joy and a daily purpose. This is the sort of retirement success story we love to hear about! Once you know you are financially able to stop the full-time grind, and if you are wondering what you will do with all that new time, my suggestion is to approach it with a sense of optimism. Whether it's Grandkids, a hobby such as golf or food and wine, or sharing some of your life experiences, be sure to make an affirmative and proactive choice with confidence and enthusiasm. You may wind up wishing you did it sooner because as my friend Bob says: 'If I knew retirement was this much fun, I never would have worked in the first place'!
Yahoo
5 days ago
- General
- Yahoo
These 6 Habits Will Transform Your Relationship With Your Grandkids
The grandparent-grandchild relationship can be filled with deep love, joy and connection. But these strong bonds don't just happen by accident — they require nurturing just like any other relationship. The majority of Americans — 69% — say it's very important for grandparents and grandkids to have a close relationship, according to a recent YouGov survey. However, nearly a quarter of respondents reported that their grandparents have been not very or not at all influential in their lives. If your relationship with your grandkids isn't as close as you'd like it to be, read on. Below, therapists share some of the most significant things grandparents can do to fortify the bond with their grandkids. Don't fall into the trap of sitting back and waiting for your grandchild to come to the adult here (or at least the more senior one) which means you have both 'the opportunity and responsibility to reach out by taking initiative to be part of that grandchild's life,' said Dallas marriage and family therapist Sarah Epstein. Show them you care by being proactive about building the relationship. 'That can look like attending the child's sports game, calling the grandchild when they come home from a trip or discussing shared movie and book interests,' Epstein said. 'Children want to feel like the adults in their life want to spend time with them. Grandparents have the powerful opportunity to show up as an adult that truly delights in their grandchild's life.' Taking time to get to know who your grandchild really is is one of the most impactful things you can do as their grandparent. It will help them 'feel heard, valued, and understood, creating a deep emotional connection between you,' said clinical geropsychologist Regina Koepp, founder of the Center for Mental Health & Aging. One way to start? Practice active listening. 'This means giving your grandchild your full attention, making eye contact and genuinely responding to what they're saying,' Koepp said. It's true that your grandkids are growing up in a world that's far different from the one you were raised in or even raised your children in, Epstein said. Approach these differences with a sense of curiosity and try to withhold judgment. 'The children's interests may seem strange, the trends may feel unfamiliar and the language hard to follow,' she said. 'Grandparents will build closeness with their grandchildren by showing up with curiosity rather than judgment.' That doesn't mean you need to be well-versed in every last detail of their favorite video game or able to rattle off the starting lineup of their favorite sports team. But being open-minded about their hobbies goes a long way. 'Children will pick up on being judged and create distance,' Epstein said. 'Those grandparents who can show some curiosity and engage their grandchild on their own terms will find that grandchild much more excited to spend time together.' Engaging in shared activities and experiences with your grandkids is a powerful way to strengthen the relationship, said Miami neuropsychologist Aldrich Chan told HuffPost. 'Whether it's playing games, going for walks, or pursuing common interests, these shared moments create lasting memories and provide opportunities for learning, laughter and connection,' he said. 'Engaging in activities that cater to the grandchild's age and interests shows that the grandparent values their time together and is invested in their happiness.' Plus, doing things your grandkid likes to do shows that you're not only willing to enter their world, but are interested in learning more about it, Koepp said. As a grandparent, you are a 'living link from the present to a family's past,' Koepp said. You can 'provide a sense of cultural heritage and familial history, connecting grandchildren with their ancestors and give them a sense of belonging and identity.' Sharing family stories — either your own or ones that have been passed down to you — with your grandkids can instill a sense of pride in them, teach them about their background and help them understand how they fit into this legacy, Koepp said. 'You can also do this by sharing and maintaining family traditions, whether for holidays, birthdays or meals on the weekend,' she said. 'Family traditions can provide grandchildren with cherished memories and a sense of belonging. These rituals, big or small, become a significant and comforting part of a child's life, creating lasting bonds and shared experiences that can be passed through the generations.' It's important to recognize and celebrate your grandchild's wins, no matter how big or small. It's a powerful way to show how proud and supportive you are, Chan said. 'Whether it's applauding academic accomplishments, sports achievements, artistic talents or personal growth, acknowledging and celebrating these moments can boost a grandchild's self-esteem and create cherished memories,' he said. You can also do this by attending recitals, games, shows and other events to show your support whenever possible. If you want a better relationship with your grandkids, don't forget to keep working on the relationship you have with your own kid (i.e. their parent). 'When grandparents and parents get along, family gatherings can occur more frequently, offering more opportunities for grandparents and grandchildren to bond,' Epstein said. 'Building a relationship with the parents also builds stronger multi-generational bonds that help families weather rough patches more effectively.' Your Mom May Feel Closer To Her Grandkids Than To You. Here's Why: Study Forget 'Grandma' And 'Grandpa' — These Are The Most Popular Names Kids Call Grandparents It's Not Just You: Making Friends After 60 Is Really Hard
Yahoo
23-05-2025
- Business
- Yahoo
Ways to give money to grandchildren who have maxed out their RESPs
Q. My spouse is near the end of her life and she has approximately $60,000 she wants to transfer to her son to be used for her two grandchildren's education. I suggested she could transfer the amount to her son's registered retirement savings plan (RRSP) while living without triggering any tax implications. He has the contribution room available. No one agrees with me. What is the best and cheapest way to get these funds to her son for the grandkids? And is the RRSP contribution a good way of doing it? If not, is there something better? We have already topped up both of my grandkids' registered education savings plans (RESPs). —Thanks, John FP Answers: I am sorry to hear about your spouse's health issues, John. Planning at a time like this can be difficult. From a tax standpoint, Canada does not have gift or inheritance tax, but several provinces have estate administration tax or probate that can range from a few hundred dollars to as much as 1.695 per cent of the value of an estate. From that standpoint, if she left the $60,000 to either your son or grandchildren at death, those funds would likely be subject to probate if they passed through your spouse's will. Keep in mind that U.S. citizens could face gift or estate tax implications that may or may not apply in this case. Also, if these funds are left to her son via her will probating the will could take several months, which means a delay in receiving any funds. The major perceived downside of gifting the funds now would be the loss of control of the money as it changes ownership. If your spouse's funds are currently held in her RRSP account, there would be tax on her withdrawal. RRSP withdrawals could be taxed at marginal rates in the 20 per cent to 50 per cent range depending on what other income your spouse has in the year of withdrawal. Similarly, at death the RRSP is considered to be withdrawn in full and the amount will be added to that year's income tax return. Whether the funds are withdrawn during her lifetime or at death, and even if her son is a named beneficiary, the proceeds are taxable to your spouse. To be clear though, John, if these funds are in your spouse's RRSP, she cannot transfer them directly to her son's RRSP on a tax deferred basis. She will have tax on the RRSP withdrawal and he may save tax with his RRSP contribution. Assuming your spouse gives $60,000 to her son, it would be his choice to make an RRSP contribution or not. If he has contribution room as you stated and his income falls into a high enough tax bracket he will have a tax refund for making this contribution. The deduction for this contribution could also be carried over to a future year and deducted over multiple years if it made sense or he could even provide the money to his spouse to make a spousal RRSP contribution to an RRSP in his name. If there is a desire for these specific funds to flow directly to the grandchildren someday a separate RRSP could even be established listing them as beneficiaries (which is revocable). The problem with this strategy is that if the goal is for the ultimate beneficiary of the gift to be the grandchildren, having her son put the money in his RRSP may not be the best way to implement the strategy. If your spouse wants him to withdraw from his RRSP for educational expenses for her grandkids, he may be in a higher tax bracket at that time, making the strategy less beneficial. The cheapest way to implement this strategy likely requires a level of trust that the funds are going to be used for education purposes if your spouse makes a direct gift during her lifetime. Any other plan will involve more complexity in order to provide more assurance that the proceeds end up used for the grandchildren's education. An example of a formal strategy could be the use of a testamentary trust in her will for her grandkids, with her son as trustee. The trust could be established specifically for the grandchildren's education or it could be more generally for their education and advancement in life in order to be more flexible. The testamentary trust could invest the money until the grandchildren start attending a postsecondary program, at which time the proceeds could start to be provided to the children. A downside of trusts is that formal trusts have accounting and legal fees to consider. If we are looking at a $60,000 trust, the cost to maintain it could be high. I have seen parents over the years hold funds in a taxable investment account on behalf of their children — a so-called informal trust. The parents pay the taxes on the income as if it is their own. In a situation where there is RESP room, an obvious strategy would be to top up those accounts. But if there is no RESP room, an informal trust that is simply in her son's name is another less formal, less certain solution. Retiring surgical nurse Richard wants to know whether to max out RRSPs or top up TFSAs How can I ensure a neighbour with a $10 million estate is not taken advantage of? In summary, John, there is no right answer here. But if the RRSP idea is because the funds are in your spouse's RRSP, she cannot transfer the money on a tax deferred basis. A formal testamentary trust in her will may be the most ironclad way to do this for her grandchildren's education. A gift to her son to hold the money informally in trust for the grandkids is also an option. Andrew Dobson is a fee-only, advice-only certified financial planner (CFP) and chartered investment manager (CIM) at Objective Financial Partners Inc. in London, Ont. He does not sell any financial products whatsoever. He can be reached at adobson@ Sign in to access your portfolio
Daily Mail
22-05-2025
- Lifestyle
- Daily Mail
EXCLUSIVE Cheap injections help me look and feel decades younger at 60. They're NOT Botox or Ozempic - and if more women knew, the whole healthcare system would crumble
It's not green juice. It's not overpriced collagen powder and it's definitely not surgery. Karen Clements is almost 61 with two adult children, two stepchildren, six grandchildren and a marriage of almost 30 years, yet she's frequently mistaken for being decades younger.
Yahoo
16-05-2025
- Climate
- Yahoo
Brimson woman loses everything in Camp House wildfire
The Brief A Brimson woman lost everything in the Camp House Fire. It was her home of 33 years, which she built with her late husband. Now she's left to pick up the pieces with her two grandkids. MINNEAPOLIS (FOX 9) - The wildfires in northern Minnesota have destroyed more than 140 structures. Some families have been allowed to return home to see what's left. FOX 9 spoke with a woman who lost her home in the Camp House fire. She built it with her late husband. What they're saying "All I see is everything chard, shells of vehicles, bicycles, trikes, no house left, no outbuilding left. Nothing, I got green grass in the backyard," said Angie Ridgley, of Brimson who lost everything in the Camp House Fire. A home of 33 years in Brimson was gone in a matter of hours on Monday. "We left at 12:30, and the fire jumped the road and my house was consumed at 2:43," said Ridgley. What we know Ridgley built her dream home with her late husband Kevin,who passed away five years ago. With a St. Louis County Sheriff escort, she was able to see her home for the first time on Tuesday. "All I could do was stand in the driveway. It was too hot," said Ridgley. "It looks like a warzone, it looks like bombs were dropped," Ridgley added. What they're saying Angie is left to pick up the pieces with her grandchildren, who are 2 and 6 years old. "I got two pairs of pants, two pairs of shorts, and the kids got three changes of clothes and pajamas and that's it," said Ridgley. She's telling others to heed red flag warnings. "Minnesota is flagged red. No burning right now. Please pay attention. Don't start a fire. You can't, don't do it. Don't throw a cigarette out. Be careful. People live out in the wilderness. We have lives out there, homes," said Ridgley. What's next Angie says she's been on the phone with her insurance company for the past few days, on how to move forward. If you'd like to help her and her grandchildren click here.
