Carmen Espada Real Estate

06/10/2026

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06/03/2026

📋 If a parent loses capacity without a durable financial power of attorney, the family has to petition a court for guardianship, which often costs $3,000 to $10,000 and takes six months or more.

That one document is why this list matters: the power of attorney, healthcare proxy, HIPAA authorization, and living will all need your parent's signature while they still have capacity.

Being a joint owner on a parent's checking account is not a substitute.

Joint access covers that one account, not the IRS, real estate, retirement accounts, or insurance, and it can expose the money to the child's creditors.

A copy of the will is not enough in most states; the original signed document is what gets admitted to probate, and families routinely cannot find it.

Beneficiary designations on retirement accounts and life insurance override the will, so the account list should show the current beneficiary and the date it was last reviewed.

A trust only avoids probate for assets actually retitled into it; an unfunded trust does nothing.

For the documents themselves, an estate attorney is the cleanest route, though many states publish free advance-directive and healthcare-proxy forms through the health department.

Revisit all of it at least once a year, since a move, a divorce, or a new account can quietly break a plan that was correct when it was signed.



P.S. Every Friday I send a short email with the week's top post, my take on the best article I read, and what I'm writing about on the site. Link in the comments.

*The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.*

05/27/2026

05/25/2026

San Luis Hotel, Galveston

05/25/2026

05/23/2026

Appliances……To unplug or Not to……Before Leaving Home 🏠

Avoid a potential catastrophe by unplugging these items as soon as you're done using them. Learn why your toaster, space heater, electric kettle, and more should remain unplugged when not in use.

05/11/2026

⚖️ SSDI and SSI are both run by the Social Security Administration but funded differently and built for different situations.

SSDI is funded through payroll taxes and functions like insurance — you build eligibility through work. SSI is funded through general tax revenues and has no work-history requirement.

The work-credit requirement for SSDI depends on age. Younger workers can qualify with fewer credits because SSA uses a sliding scale, while workers who become disabled in their 50s or later generally need 40 credits, with 20 earned in the 10 years before the disability began.

SSI is also available to people age 65 or older who have limited income and assets, even without any disability — a detail many people miss.

The $2,000 individual resource limit for SSI has not changed since 1989. It does not count your primary home, one vehicle, or certain other items, but it does count savings accounts, second vehicles, and most other assets above that amount.

SSDI recipients become eligible for Medicare after 24 months of receiving benefits. ALS is a notable exception — Medicare coverage begins immediately for ALS recipients.

When SSDI benefits are low, some recipients also qualify for SSI — a situation SSA calls concurrent benefits. SSI eligibility still requires meeting the income, asset, and living-arrangement rules separately; the SSDI income counts against the SSI payment calculation.

At full retirement age, SSDI automatically converts to regular Social Security retirement benefits. The amount generally stays the same, but the program and the rules that govern it change.



P.S. Every Friday I send a short email with the week's top post, my take on the best article I read, and what I'm writing about on the site. Link in the comments.

05/11/2026

🧱 Beneficiary designations override your will. If your 401(k) still lists an ex-spouse, they receive that money regardless of what the will says. Retirement accounts, life insurance, and annuities pass directly to whoever is named — the will does not apply.

A TOD (Transfer on Death) or POD (Payable on Death) designation on a bank or brokerage account works the same way. You can often add one directly at your financial institution, though state rules and account types vary.

Power of attorney documents are as important as the will itself. A healthcare POA names someone to make medical decisions if you cannot speak for yourself. A financial POA gives someone authority to manage your accounts and bills. Without these, your family may need court approval before they can act on your behalf — even in an emergency.

A living will is separate from a healthcare POA. The POA names a person; the living will documents your actual wishes for end-of-life care. Both are needed.

A trust is worth considering when you have minor children, own real estate in multiple states, want to control how and when assets are distributed, or want to keep your estate out of the public probate record.

The letter of instruction has no legal weight but may be the most practical document you leave behind. It tells your family where accounts are held, what passwords exist, and what your wishes are for things a will does not address.

Review everything every few years — and always after a marriage, divorce, birth, death, or major change in assets.



P.S. Every Friday I send a short email with the week's top post, my take on the best article I read, and what I'm writing about on the site. Link in the comments.

05/09/2026

🗓️ The FSA forfeiture average is $441 per holder, and about half of FSA users let some money lapse each year (EBRI).

The RMD penalty is now 25% of the missed amount, better than the old 50% but still ugly on a five-figure withdrawal.

The IRS underpayment penalty for missed estimated taxes runs about 8% per year right now, calculated per quarter and reported on Form 2210.

The COBRA election window is firm at 60 days; once it closes, employers can't reopen it even if you ask.

The ACA Open Enrollment window for 2027 coverage closes Dec 15, 2026, shortened from Jan 15 starting this year.

The April 15 deadline doubles as both the IRA and HSA contribution cutoff for the prior tax year, including for accounts you just opened.

About 1 in 5 consumers find errors on their credit reports, per the FTC. A 100-point FICO drop on a $200,000 mortgage is roughly $68,000 in extra interest over 30 years.

Roth conversions have a hard Dec 31 cutoff with no April 15 grace period, and since 2018, you can't undo one once it's made.