I am moving to a different state so I can be near my family. Do I need to notify Social Security and Medicare about the move?

If you are a Social Security and Medicare recipient, you need to notify these federal agencies when and where you move so that there are no interruptions in your benefits or coverage. Here is what you should know.

Update Your Information

If you are receiving Social Security retirement, survivors or disability benefits, you should notify the Social Security Administration when you move to avoid disruptions of payments and to continue to receive timely information.

You will need to provide the Social Security Administration with your new mailing address so it can deliver important documents to you like your annual SSA-1099 tax form. If you are switching banks or credit unions, you must update your direct deposit information by providing your new financial institution's routing number and account number.

If you are a Medicare beneficiary, Medicare also needs your new mailing address in order to send bills, correspondence, Medicare Summary Notices and other statements to the correct address.

You may update both your Social Security and Medicare contact information online by simply using the "My Profile" tab in your personal "my Social Security" account at SSA.gov/myaccount. If you do not have an account, you can create an online account for free. You can also update or change your direct deposit information on your "my Social Security" account.

If you need help or do not have internet access, call the Social Security Administration at 800-772-1213 or visit your local Social Security office.

Medicare Private Plans

If you are enrolled in original Medicare, you can move to anywhere within the United States without losing coverage. If, however, you have Part D prescription drug coverage or a Medicare Advantage plan from a private health insurance company and you move out of the plan's service area, you need to switch plans or risk losing coverage. Part D service areas are typically statewide, but some extend to parts of neighboring states. Medicare Advantage plans' service areas and options vary by county.

Moving out of a plan's service area qualifies you for a special enrollment period (SEP) which affords at least two months to obtain a new plan. You may also qualify for a SEP if you move within your plan's service area and the plan offers different options from what you had in your previous area. The enrollment timing depends on when you notify the plan.

If you notify your plan provider before you move, your opportunity to switch plans begins the month before your move and continues for two months after you move. If you notify your plan provider after your move, your chance to switch plans begins the month you informed your provider plus two more months.

To shop for new Part D and Medicare Advantage plans in your new area, use the Medicare Plan Finder tool at Medicare.gov/plan-compare. You can also switch Part D or Medicare Advantage plans during open enrollment, which runs each year from October 15 to December 7 for coverage starting January 1.

Medigap Plans

If you are enrolled in original Medicare and have a Medigap supplemental policy, you usually do not have to switch plans if you move. It is recommended, however, that you notify your provider. Some insurers let you keep the rate based on the state where you originally applied for Medigap. Others may change your premiums to coincide with their coverage in a different zip code. Massachusetts, Wisconsin and Minnesota have different standardized plans. If you are moving to or from one of these states, you may have to switch plans.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

On March 18, 2024, the Internal Revenue Service (IRS) reminded taxpayers that the April 15 filing deadline is quickly approaching. To assist taxpayers, the IRS offered ten tips to help avoid tax errors and speed up any potential refund.

1. Tax-Related Paperwork — Taxpayers should collect all Forms W-2 and 1099. You may have other paperwork that supports your charitable tax deductions, education credits and mortgage interest payments. You should also have access to your 2022 tax return.
2. Electronic Filing — There are several ways to file electronic returns. Taxpayers can use the IRS Free File program or the new Direct File Pilot which is now available in 12 states. Filing online minimizes math errors, and the software will highlight potential tax credits or deductions. In addition, with electronic filing you can request a prompt refund through direct deposit.
3. Filing Status — You may file as a single person, a head of household, a married couple filing jointly or a married couple filing separate returns. It is important to select the correct filing status. If you have any questions, use the Interactive Tax Assistant on IRS.gov.
4. Names, Birthdates and Social Security Number — You must correctly report your name, date of birth and Social Security Number. A frequent error is failing to report this information for each dependent on your return. If a dependent does not have a Social Security Number, you should obtain and use an Individual Tax Identification Number for them.
5. Digital Assets — All taxpayers are required to answer "Yes" or "No" to the digital asset question. If you have any digital asset transactions, you are required to report the related income. The Digital Assets page on IRS.gov provides additional information.
6. All Taxable Income — Taxpayers are generally required to report all income. If you fail to report all your income, your tax refund may be delayed. Income could include interest earnings, unemployment benefits, gig economy earnings or payments from digital asset sales. IRS Publication 525, Taxable and Nontaxable Income may be helpful if you have questions.
7. Bank Routing and Account Numbers — Most taxpayers use direct deposit for their refund. To do so, they must provide the correct bank information to receive a direct deposit. It may greatly delay your refund if you do not have the correct routing and account number.
8. Sign and Date Your Return — If you are submitting a joint return, both spouses must sign and date the return. If you are filing electronically, both spouses will need to authenticate signatures by inputting the adjusted gross income (AGI) from their 2022 tax return. There is assistance on IRS.gov with the title "Validating Your Electronically Filed Tax Return."
9. Proper Address for Paper Return — If you choose to file a paper return, you must be careful to select the correct mailing address for the IRS. There are instructions for IRS Form 1040 to assist with mailing if you file a paper return.
10. Copy of Your Tax Return — Taxpayers should create and retain a copy of their return. This will help with future tax returns, identity verification and electronic filing.

Who should get screened for lung cancer and what are the Medicare coverage guidelines? I quit smoking many years ago, but I am unsure if I should be screened.

Despite not having smoked for many years, you may still be due for an annual lung cancer screening, based on new recommendations from the American Cancer Society (ACS).

The new guidelines state that adults ages 50 to 80 who currently smoke or previously smoked the equivalent of one pack a day for 20 years should get an annual low-dose computed tomography scan (LDCT scan). This would apply regardless of how long ago you quit.

ACS cancer screening guidelines previously said that those who quit 15 or more years ago were not eligible for an LDCT scan each year. However, new studies have shown that expanding screening eligibility saves lives, even among people who quit smoking 15 or more years earlier. Now, the screening guidelines do not consider the years since quitting as criteria.

Early Detection Saves Lives

Lung cancer is the deadliest cancer in the United States. According to the ACS an estimated 234,580 new cases are expected to be diagnosed in 2024, resulting in about 125,070 Americans deaths from the disease.

While lung cancer can occur in anyone at any age, cigarette smoking is the top risk factor and is linked to about 80% to 90% of lung cancer deaths. In fact, most people diagnosed with the disease are aged 65 or older.

Lung cancer can pose a significant challenge since it is often symptomless until it is at an advanced stage, making it more difficult to treat. A 2023 report from the American Lung Association found that only 4.5% of people eligible for lung cancer screening in the U.S. get screened. The screening rate is as low as less than 1% in some states.

Despite the low utilization of lung cancer screenings, the report showcased advancements in early detection. Per the report, early detection has increased by 9% over the prior five years to reach 26.6% of diagnosed cases, resulting in fewer deaths from lung cancer.

Screening & Coverage

If you are eligible for a lung cancer screening, start by speaking with your doctor, even if it has been a long time since you smoked. Medicare Part B will cover lung cancer screenings with an LDCT scan once a year for individuals of ages 50 to 77 who are either current smokers or quit in the last 15 years and have a 20-pack-year history. Patients must have an order from their doctor or health care provider and should not have symptoms of lung cancer.

An LDCT scan is a noninvasive test where you lie down and hold your breath while being moved through an X-ray machine. The scan takes several X-ray images of the lungs and can help to identify possible abnormalities in the lung tissue.

There are some potential risks with this screening, including the possibility of false positives, which can lead to more scans or invasive procedures. According to the American Lung Association, about 12% to 14% of lung cancer screening scans will have a false positive, which is about the same rate as with mammograms. It should be noted that false positives are not uncommon in screening tests and the rate of false positives drops to 6% after continued annual screenings as the new scans can be compared to previous scans for any changes. As new medical tools and procedures continue to advance, the rate of false positives is expected to further decline.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

What types of funeral benefits are available to veterans? My parent served in the military many years ago and I am wondering if they are eligible for any benefits.

The Department of Veterans Affairs (VA) National Cemetery Administration offers a variety of underutilized burial benefits to veterans as well as to their spouses and dependents.

Most veterans (both combat and non-combat) who did not receive a dishonorable discharge are eligible for burial benefits. To verify a service member’s discharge, review a copy of their DD Form 214 “Certificate of Release or Discharge from Active Duty.” If your parent does not have a copy of this form, it can be requested online at Archives.gov/veterans.

Here is an overview of the different benefits that are available to veterans with a non-service-related death.

Military Cemetery Benefits

Eligible service members can be buried in one of the 155 national or 119 state, territory or tribal-operated cemeteries. Visit online at Cem.VA.gov/find-cemetery/ to search for a national cemetery in your area. In addition to the gravesite, the VA provides other benefits including opening and closing of the grave and perpetual gravesite care, a government headstone or marker, a United States burial flag that can be used to drape the casket or accompany the urn and a Presidential Memorial Certificate. If your parent is cremated, their remains will be buried or inurned in the same manner as casketed remains.

Funeral or cremation costs are generally not paid by the VA. While these costs are the responsibility of the veteran’s family, there are some exceptions. To find out if a veteran or their survivors are eligible for a burial allowance, review the details at VA.gov/burials-memorials/veterans-burial-allowance/.

The VA also operates a memorial website called the Veterans Legacy Memorial for any veteran buried in a national, state, territorial or tribal cemetery. This digital platform allows families to post pictures and stories of their loved ones to remember and honor their service.

If you are interested in these VA options, the VA has a pre-need burial eligibility determination program to help you plan. Visit online at VA.gov/burials-memorials/pre-need-eligibility to find out the steps to apply or call the National Cemetery Scheduling Office at 800-535-1117.

Private Cemetery Benefits

The VA also provides benefits to veterans buried in private cemeteries. If someone chooses this option, the VA benefits include a free government headstone or grave marker, a medallion that can be affixed to an existing privately purchased headstone or marker, a burial flag and a Presidential Memorial Certificate. As mentioned above, funeral or cremation arrangements and costs are the responsibility of the veteran’s family, and there are no benefits offered to spouses and dependents that are buried in private cemeteries.

Military Funeral Honors

Another popular benefit available to all eligible veterans buried in either a national or private cemetery is a military funeral honors ceremony. This includes an honor guard detail of at least two uniformed military persons, folding and presenting the U.S. burial flag to the veteran’s survivors and the playing of Taps. The funeral provider you choose will be able to assist you with all VA burial requests.

For a complete overview of burial and memorial benefits, eligibility details and required forms visit Cem.VA.gov.

Burial Allowances

In addition to the burial benefits, some surviving spouses may also qualify for a burial allowance of $948 and a private cemetery plot allowance of $948. In addition, a benefit of $231 is available for a headstone or grave marker allowance. To determine eligibility or to apply, visit online at VA.gov/burials-memorials/veterans-burial-allowance.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Let's look at the "top five" reasons people give for not owning life insurance.

1. Too Expensive. "I just cannot afford life insurance right now."

2. Confusing. "We looked at proposals from three companies—page after page of numbers. What does it all mean? I haven't the slightest idea!"

3. Too Many Types. "I checked into term insurance, whole life insurance, universal life, variable life, single premium and survivorship insurance. But which one is right for me?"

4. No Trust. "Those big insurance companies claim to have billions of reserve funds. But one of the biggest insurance companies has been on the ropes for months. Who can you trust?"

5. Don't Plan to Die. "Someday when I plan to die, I will consider life insurance. But for now—don't worry, be happy!"

Five Reasons to Own Life Insurance

There are several reasons for you to purchase life insurance. If you were to pass away, the life insurance death benefits could provide resources that are quite important to your family. The various benefits include payment of your funeral and final expenses, paying off mortgages or other debts, living expenses or income for a surviving spouse, inheritance for children and payment of estate taxes.

1. Final Expenses and Funeral Costs. Usually there are medical expenses during the last weeks of life. These frequently will range from $5,000 to $10,000. Your memorial service preparation and costs can also easily exceed $10,000. Total final expenses can often be more than $20,000.

2. Pay Debts and Mortgages. The payment of debts or a mortgage is a one-time expense. Depending upon the amount of your mortgage, this could cost anywhere from a few thousand dollars to many hundreds of thousands of dollars.

3. Living Expenses for Spouse. The largest amount of insurance is typically purchased to provide both economic security and an investment that will add to the spouse's other annual income. A reasonable method is to estimate a 5% return on the investment. For example, if a spouse needed another $50,000 of income over and above the amount paid by retirement funds, Social Security and other earnings, then insurance equal to $1,000,000 invested at 5% would produce this amount.

4. Inheritance for Children. Permanent insurance is frequently used as a method of providing an inheritance for children. Many parents who make substantial gifts to charity plan to use life insurance as a means of providing additional inheritance for children or other family members.

5. Estate Taxes. If your estate is large, there may be a substantial payment of federal or state estate tax. If you own a business or other assets that are intended to be transferred to family, then your estate could be subject to estate tax. Life insurance can be an excellent method to provide funds for payment of estate tax. Normally, for larger estates the life insurance is owned by an irrevocable life insurance trust so the insurance itself is not subject to estate tax.

Determining the Life Insurance Amount

A fairly simple way for you to determine the total amount of needed insurance is to add up your one-time expenses, then calculate the amount of insurance invested at 5% necessary to benefit a surviving spouse, children or other family members. For example, if your one-time expenses are $200,000 and your spouse desires additional income of $50,000, then the total insurance would be $1,200,000. This amount includes $200,000 for expenses and $1,000,000 invested at 5% to produce the annual income.

More sophisticated calculations are available online. Use your favorite search engine to look for "life insurance needs calculator," and select from the available free public calculators.

How Life Insurance Works

Life insurance started because individuals were concerned that they might pass away and not provide sufficient resources for family. Because young families typically need a substantial fund and lack the ability to save enough in a short period of time, the concept of life insurance was created.

If many thousands of individuals pay premiums and those funds are invested, then a pool of funds will be available to compensate individuals. The life insurance company hires actuaries who determine the probable number of individuals who will pass away in a given year. Especially for younger persons, out of a pool of 100,000 only a few will pass away in a given year. As a result, the insurance company is able to receive all the premiums and invest them in the insurance reserve fund. The earnings and a portion of the funds are distributed each year to pay claims for those who pass away.

The insurance funds are primarily invested in bonds. The insurance company generally receives 1% to 1.2% to cover its overhead and costs. The balance is returned through insurance proceeds to beneficiaries.

Life Insurance Policy Categories

Insurance is generally divided into two categories—term insurance and permanent insurance.

Term Insurance

Term insurance is the least expensive type of insurance and is favored by younger people and many financial planners. The term insurance is available with an annual renewable term (ART) or with a fixed payment for five years, 10 years, 15 years or longer.

Because term insurance does not include any investment or cash value, it enables the largest potential policy to be purchased for the least cost. Due to intense competition within the insurance industry, prices on term policies and level-pay term policies have moved lower in recent years. Young couples often purchase a ten or fifteen-year level term policy. This option provides excellent coverage at reasonable cost.

Some types of term policies also include the ability to convert to whole life or universal life at a future time. If the conversion is elected, then there will be a substantial increase in the premium.

Permanent Insurance

Permanent insurance includes several types. The traditional favorite is whole life insurance, but there are also universal life, variable life and survivorship life insurance.

Whole Life. The traditional whole life policy involves both insurance and a cash value. The premiums are substantially higher than term insurance because the policy will build a savings element or cash value. During the first year, much of the cash value may be used by the insurance company to cover the commission payment to the sales representative, but over time the cash value may increase. The owner of the policy has the right to borrow against the cash value at favorable rates.

Whole life is frequently fixed in terms of premiums paid and death benefit. The insurance company determines the probable return of its reserve fund and, based on the age and health of the insured person, calculates and commits to a fixed benefit in exchange for a certain premium.

Universal Life. Universal life was created to provide an option for people who would consider purchasing term insurance and invest an additional amount in mutual funds. With universal life, the policy is invested and a cash reserve is built up. The insurance reserve growth covers the cost of the insurance policy. Universal life policies may include flexible options for increasing or decreasing premium payments. Of course, the cash value of the policy will change with a modification of the premium schedule.

Variable Universal Life. If the insured desires to own life insurance but also potentially gain from investments in stocks and bonds, a variable policy may be appropriate. With a variable policy the insured typically is permitted to invest in different mutual funds managed by the financial services company. If the mutual funds increase in value, the policy cash value will increase.

Survivorship Life. For a couple, an attractive option is to purchase a survivorship policy. This policy pays a death benefit after both spouses pass away. Because two persons are insured, it frequently is possible to obtain insurance even if one spouse is in poor health. Quite often, this insurance can be purchased at an acceptable premium because two persons must pass away before the death benefit is paid. It is particularly useful for providing funds to pay estate taxes if a business is to be transferred from parents to children after they both pass away.

Life Insurance Beneficiaries

In most estates, life insurance does not pass through the probate process. The insurance policy is a contract between the insured and the insurance company. The person who purchases the insurance has the right to name the beneficiaries. Normally, a primary and a secondary beneficiary are named. It is also possible to divide the insurance policy among several children or other beneficiaries.

A common beneficiary designation is for the spouse to be a primary beneficiary and the children to be the contingent beneficiaries with equal shares. If the spouse were to predecease the insured or they were to pass away in a common accident, then the children would receive the insurance proceeds.

Minor children should usually not be the beneficiaries of a policy. In many states, if a minor child receives a substantial inheritance, a conservator must be appointed to manage the assets. This is quite expensive and also has the disadvantage of transferring the assets to the minor child when he or she becomes an adult.

A much better arrangement is to transfer the policy to a living trust for the benefit of the minor children, or to create a trust and a will for the benefit of the minor children and transfer the policy to the estate to fund that trust.

Prudent Purchase of Insurance

Life insurance is an important decision, and it is helpful to learn about the different types of insurance. Most individuals will also visit with a chartered life underwriter (CLU) or other representative of a financial services company.

The representative can conduct an insurance needs analysis and suggest the appropriate type of insurance. It is helpful for you to do sufficient research to understand the reasons why many individuals choose term insurance or permanent insurance. Most young couples decide to purchase term insurance to maximize coverage. In addition, the use of online calculators to determine insurance funding will also provide you with a better understanding of the appropriate amount of insurance. The amount of insurance recommended by online calculators can vary greatly, so understanding your probable needs is quite important.

Insurance Company Ratings

Insurance companies are rated by several sources. A.M. Best, Standard and Poor’s, Moody's and other ratings services are available. You should be certain to ask for the ratings of any company if a representative suggests purchasing a policy from them. It is also easy to go online and do a search for "insurance company ratings" and obtain the actual ratings for most financial services companies.

Does Medicare offer financial assistance programs to help with medication costs? I recently enrolled in a Medicare drug plan but need some assistance paying for my medications.

There is a low-income subsidy program called ‘Extra Help’ that assists Medicare beneficiaries by paying their monthly premiums, annual deductibles and co-payments related to their Medicare (Part D) prescription drug coverage.

The Inflation Reduction Act that was signed into law in late 2022 expanded coverage and benefits under Extra Help beginning in January 2024. It is important to check the new eligibility requirements and apply for coverage if you have not been automatically enrolled.

The Extra Help benefit is estimated to be worth about $5,300 per year. Currently, about 13 million people are enrolled in the program. However, it is estimated that approximately 3 million more Medicare beneficiaries may qualify for Extra Help under the new guidelines.

The amount of financial assistance available under the program depends on income and assets. If you qualify, and unless you receive a partial subsidy, you will pay no premium or deductible, and no more than $4.50 for each generic drug or $11.20 for each brand-name drug your plan covers in 2024.

To be eligible for Extra Help, a Medicare beneficiaries’ assets must be limited to $17,220 for individuals or $34,360 for married couples. Bank accounts, stocks, bonds, mutual funds and IRAs count as assets, but homes, vehicles, personal belongings, life insurance and burial plots are not included in the calculation.

There are also income guidelines that must be met to qualify. Under those limits, annual income may not exceed $22,590 for an individual or $30,660 for married couples. A beneficiary with higher income may still qualify if they support a family member who lives with them or lives in Alaska or Hawaii. In addition, cash payments received from government programs for household expenses such as food, rent, mortgage payments, utilities and property taxes will not count towards income.

How to Apply

There are three ways to apply for Extra Help. You can apply online at SSA.gov/medicare/part-d-extra-help, over the phone by calling 800-772-1213 or in person at your local Social Security office.

The application form requires your Social Security number and information about your bank balances, pensions and investments. Social Security will review your application and send a letter within a few weeks letting you know whether you qualify.

If you do not qualify for Extra Help, you may still get help from a state pharmacy assistance program or a patient assistance program. Visit NeedyMeds.org to search for these programs.

Other Medicare Assistance

If you are eligible for Extra Help, you may also qualify for assistance on your Medicare expenses through your state’s Medicare Savings Program.

State Medicaid programs partner with the federal government, resulting in income and asset qualifications that differ based on where you live. Medicare Savings Programs will pay the entire Medicare Part B premium each month. In some cases, they may also cover your Medicare deductibles, coinsurance and copayments, depending on your income level. Income and asset qualifications vary depending on your state. To determine eligibility, contact your state Medicaid office.

You can also receive help through your State Health Insurance Assistance Program (SHIP), which provides free Medicare counseling in person or over the phone. Visit ShipHelp.org or call 877-839-2675 to locate a counselor in your area.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

The latest Internal Revenue Service (IRS) Tax Time Guide highlights the popular use by taxpayers of the "Where’s My Refund?" tool. Tax-filing is in high gear and the IRS issues millions of tax refunds each week. Taxpayers are flocking to the IRS website to use the "Where’s My Refund?" tool.

This tool has three main sections. First, a taxpayer can confirm that his or her return has been received. The second stage is for the IRS to approve the return. The third step is for a tax refund to be issued, if applicable.

Millions of taxpayers anticipate receiving a refund. With the additional funding provided by the Inflation Reduction Act, the IRS has provided several enhancements to the "Where’s My Refund?" tool. The updated version now will explain the refund status in plain language. It is also available on smartphones with the IRS2Go app. In some cases, the tool will indicate if a taxpayer should contact the IRS to provide additional information.

To use the "Where’s My Refund?" tool, the first step is to enter a Social Security number or Individual Taxpayer Identification number, filing status and the exact dollar amount of the expected refund. The refund status is normally available within one day after e-filing a tax return or within four weeks after mailing in a paper return. The IRS updates the "Where’s My Refund?" tool each night.

There are several factors that may delay a refund. If a tax return has errors or requires additional review or forms, it may be delayed. Some taxpayers are delayed because they have not correctly calculated the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).

The IRS is available to assist with questions on refunds if a return has been filed electronically and 21 days have passed. If the return was mailed, the IRS will respond to inquiries after six weeks.

The IRS reminds taxpayers there is extensive information available on IRS.gov. Assistance can be found for the following scenarios: selecting a qualified tax preparer, using the IRS Free File to complete a return or using the Interactive Tax Assistant to answer questions. An excellent source for filing information include IRS videos that may be found online.

The IRS encourages taxpayers to file electronically. Most electronic filers will receive a refund within 21 days. Income tax returns for this filing season are due by Monday, April 15, 2024.

Do you have any suggestions on how to divide my personal possessions after I die without causing conflict? I want to leave my jewelry, art, family heirlooms and antique furniture to my children without hurting feelings.

Distributing personal possessions among children or other loved ones can often be a tricky task. Deciding who should get what without showing favoritism, hurting feelings or causing a feud can be difficult even for close-knit families who enter the process with the best intentions. Here are a few tips to consider to help in dividing your personal possessions with minimal conflict.

Sweating the Small Stuff

Sometimes, the small, simple items of little monetary value that are not mentioned in the estate plan that cause the most conflicts. This is because the value we attach to small personal possessions is usually sentimental or emotional and families often forget to talk about the simple items.

Family disputes can also escalate over whether things are being divided fairly by monetary value. For items of higher value, like jewelry, antiques and art, consider getting an appraisal to assure fair distribution. Search online to locate an appraiser in your area.

Dividing Fairly

The best solution for passing along personal possessions is to go through your house with your children or other heirs either separately or together to find out which items each person would like to inherit and why. They may have some emotional attachment to something. If more than one person wants the same thing, you will have to make the ultimate decision.

After talking with your heirs, make a list with a description of each item and who should receive it after you die. Depending on the laws in your state and the value of the items, it may be legally enforceable if you handwrite it on paper, sign and date it and your will or trust references the document. In these situations, you can revise it anytime you want. If the items have a high monetary value, speak with an estate planning attorney about including the list directly in your will or trust. You may also want to consider writing an additional letter or create an audio or video recording that further explains your intentions.

If you do not want to make a list, you may specify a strategy for dividing up the rest of your property. Here are some popular methods that are fair and reasonable:

Take turns choosing: Use a round-robin process where your heirs take turns choosing the items they would like to have. If who goes first becomes an issue, they can always flip a coin or draw straws. To simplify things, break down the dividing process room-by-room instead of tackling the entire house. To keep track of who gets what, make a list or use adhesive dots with a color assigned to each person to tag the item.

Have a family auction: Give each person involved the same amount of play money or use virtual points or poker chips to bid on the items they want. Assigning a value to each item will be necessary, thus having an appraisal of the items can aid this endeavor.

Use online resources: For families who want help or live far apart, there are online resources that can guide families through personal property distribution and important factors that can help avoid or manage conflict.

It is also very important to discuss your estate plans in advance with your heirs, so they know what to expect. Another option is to consider distributing some items now during life to help avoid conflict later on.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

What safety tips can you recommend for older drivers? My elderly parent had a fender bender last month and I worry about their safety.

As the number of Americans driving past their 70s increases, there are a variety of things to do to help maintain or improve your parent’s driving skills. Here are some recommendations by driving rehabilitation specialists that work with older drivers.

Get an eye exam: Since the information relevant to driving is predominantly visual, getting an eye exam is a great step towards ensuring safety while driving. Annual checkups are recommended to keep track of vision and to ensure eyewear aligns with any changes in vision over time.

Get a physical or wellness exam: It is very important to monitor changes in overall health as it relates to driving. Medical conditions like arthritis, dementia, diabetes, Parkinson’s disease, sleep apnea and stroke can all affect driving.

Many seniors may use various medications, or combinations of medications, that can potentially lead to drowsiness or lightheadedness. Potential side effects to medications can impair judgment or reflexes and the alertness necessary for safe driving. Conducting annual physical or wellness examinations and a review of medications is a wise way to ensure safer driving.

Take a refresher course: Many organizations have mature driver improvement courses that can help refine driving skills and teach adaptations to slower reflexes, diminished vision and other age-related physical changes that can impact driving. Taking a class may also earn a discount on auto insurance. To locate a class, search online or check with your state’s Department of Motor Vehicles. Most courses cost around $20 to $30 and can be taken online.

Make some adjustments: Adjusting when and where driving occurs is another way to help stay safe. Some simple adjustments include not driving after dark or during rush hour traffic, avoiding major highways or other busy roads and not driving in poor weather conditions.

Evaluate driving: To stay on top of your parent’s driving abilities you should take a ride with your parent from time-to-time to determine problem areas. Some things to look out for include driving at inappropriate speeds, tailgating, drifting between lanes, difficulty seeing, backing up or changing lanes, reacting slowly, confusion or making poor driving decisions.

If your parent needs a more comprehensive evaluation, you can seek assistance from a driver rehabilitation specialist who is trained to evaluate older drivers and offer suggestions and adaptations to help keep them safe. This type of assessment can run anywhere between $100 to $500 or more. To find a specialist in your area, conduct an online search with terms like “driving practitioner directory.”

If driving is no longer safe, you should compile a list of names and phone numbers of family, friends and local transportation services that can be called on for a ride.

To find out what transportation services are available, contact the Eldercare Locator (800-677-1116), which will direct you to the area agency on aging for assistance.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

The Internal Revenue Service (IRS) 2024 filing season is now in full swing. The IRS encourages taxpayers to use online tools and learn about the "free help" available on IRS.gov.

IRS Commissioner Danny Werfel stated, "We have worked hard to provide better taxpayer service for people this filing season with more options to reach the IRS in convenient ways. We want taxpayers to have access to the help they need around the clock. IRS.gov's expanded tools and information make that easier for taxpayers, especially during this peak period for IRS phone lines around Presidents Day."

The IRS reports approximately 98% of taxpayers will file electronically this year. The IRS encourages everyone to file electronically and use direct deposit for a faster refund. There also are multiple free and online tax preparation options. These include the IRS Free File, the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. If taxpayers have income of $79,000 or less, the IRS Free File software can be used. Taxpayers with any level of income may use the IRS Free File Fillable Forms.

A new option for a limited number of taxpayers is the IRS Direct File program. This is available currently to federal and state employees in 12 participating states. Military members and some veterans may receive assistance from the MilTax program run by the Department of Defense.

There are multiple services on IRS.gov that also assist taxpayers.

1. IRS Online Account — If a taxpayer has a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN), an IRS Online Account can be created. This can provide information on a balance due and payment options, allow the creation of a payment plan, access prior tax returns, locate the Adjusted Gross Income number from previous tax returns and sign tax authorizations from a professional advisor.
2. Where's My Refund? — If a taxpayer has a refund pending, the "Where's My Refund?" tool on IRS.gov will provide useful information. This will explain refund status and the updated version uses plain language. If the taxpayer qualifies for an earned income tax credit (EITC) or additional child tax credit (ACTC) refund, those will start to be issued by February 27. The "Where's My Refund?" tool may enable taxpayers to find the projected refund date.
3. Interactive Tax Assistant — The IRS has updated the Interactive Tax Assistant (ITA) tool this year. Taxpayers can ask basic questions such as: Should I file a tax return? What is my filing status? Is this relative an eligible dependent? Is this income taxable? Am I eligible for a credit? Is this expense deductible?
4. Earned Income Tax Credit (EITC) — Low and moderate-income workers and families may be eligible to receive a valuable EITC tax break. The EITC Assistant on IRS.gov will help taxpayers understand eligibility, if children or relatives are qualifying, an estimated amount of the credit and preferred filing status.
5. Identity Protection PIN (IP PIN) — An excellent way to reduce the risk of identity theft is to obtain an Identity Protection PIN (IP PIN). This is a six-digit number known only to you and the IRS. You can obtain an IP PIN on IRS.gov with the "Get an IP PIN" tool.

There are several other helpful sections of IRS.gov. If you want to learn more about tax preparers, you can go to the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. A tax preparer will sign your return and include his or her preparer tax identification number (PTIN).

Editor's Note: The IRS has invested significant resources in upgrades to IRS.gov. The online tools assist millions of taxpayers each year and reduce the number of phone calls directed to IRS staff. Taxpayers are encouraged to learn about the many services available on IRS.gov.