Wole Soyinka - Africa's Literary Treasure

Wole Soyinka is a Nigerian playwright, poet, and lecturer born on July 13, 1934, to a Yoruba family in Abeokuta, Nigeria. Wole studied at the University College of Ibadan and graduated from the University of Leeds in Britain in 1958. He subsequently accepted a position at the Royal Court Theatre, where he began producing his plays. In both countries, Soyinka wrote plays presented in theaters and broadcast on the radio. On the eve of Nigeria's independence, he returned to the country and founded the 1960 Masks Drama Troupe, later the Orisun Theater, where he staged his pieces and those of other African playwrights. Soyinka's writings use Western literary forms to describe native myths and traditions.

He was a key figure in Nigeria's political history and struggle for independence from British colonial rule. He seized the Western Nigeria Broadcasting Service studio in 1965 and broadcast a call for the Western Nigeria Regional Elections to be canceled. During the Nigerian Civil War in 1967, he was arrested by General Yakubu Gowon's federal authority and held in solitary confinement for two years. Soyinka has been a vocal opponent of successive Nigerian (and other African) regimes, particularly the country's numerous military rulers and political tyrannies such as Zimbabwe's Mugabe regime.

Soyinka won the Nobel Prize for Literature in 1986, making him the first African and Black writer to do so. “This Past Must Address Its Present,” his Nobel acceptance speech, was dedicated to South African independence hero Nelson Mandela. Soyinka's speech was a vehement condemnation of apartheid and the South African government's racial segregation policies enforced on the majority.

Soyinka's autobiography, Ake: The Years of Childhood, was released in 1981 and was awarded the Anisfield-Wolf Book Award in 1983. In 1988, he published Mandela's Earth and Other Poems, and in Nigeria, he published Art, Dialogue, and Outrage: Articles on Literature and Culture, a collection of essays. In the same year, Soyinka obtained a position at Cornell University as professor of African studies and theater. Isara: A Voyage Around “Essay,” his third novel, was published in 1990 and was inspired by his father's intellectual community. His radio play A Scourge of Hyacinths was broadcast by the BBC African Service in July 1991, and his play From Zia with Love premiered the following year in Siena, Italy. Both pieces are scathing political parodies based on events in Nigeria during the 1980s.

Soyinka received an honorary doctorate from Harvard University in 1993. Ibadan: The Penkelemes Years (A Memoir: 1946–1965) was published the next year, a continuation of his autobiography. His drama The Beatification of Area Boy was published the following year. He was named UNESCO Goodwill Ambassador for African Culture, Human Rights, Freedom of Expression, Media, and Communication in October 1994.

Following the postponement of Nigeria's democratic elections in 1993 and the country's takeover by a military government, Soyinka went into exile in 1994. Nigeria's leadership charged Soyinka with treason in 1997. The allegations against him were dropped the following year, and he returned to Nigeria in October 1998.

Soyinka has had three marriages and two divorces. From his three marriages, he has five children. In 1958, he married Barbara Dixon, a late British writer whom he met at the University of Leeds in the 1950s. Olaokun, his first son, was born to Barbara. In 1963, he married Olaide Idowu, a Nigerian librarian, with whom he had three daughters - Moremi, Iyetade (deceased), Peyibomi - and a second son, Ilemakin. In 1989, Soyinka married Folake Doherty, and in 2014 he made public his struggle with prostate cancer.

Soyinka taught Comparative Literature at Obafemi Awolowo University, previously known as the University of Ife, in Nigeria from 1975 to 1999. In 1999, when civilian rule was restored in Nigeria, he was promoted to professor emeritus. From 1988 to 1991, he was the Goldwin Smith Professor of African Studies and Theater Arts at Cornell University. In 1996, he was named the Robert W. Woodruff Professor of the Arts at Emory University. Soyinka has taught Creative Writing at the University of Nevada, Las Vegas, and has been a scholar-in-residence at New York University's Institute of African American Affairs and Loyola Marymount University in Los Angeles.

The Basics of Estate Planning

Estate planning refers to the process of setting up a plan that clearly defines what happens to everything an individual owns after their passing. The estate includes everything from a person's house, car, real estate, accounts, investments, and personal possessions. If an individual does not have a plan on how and whom to distribute their estate after their death, the state will determine the beneficiaries and distribute the assets according to the law.

Having an estate plan makes the process of distributing assets much easier. It also allows individuals to decide what will happen to their estate in sudden death or disability. The first step of estate planning is to inventory all physical assets, including owned real estate, vehicles, collection items, art, and other valuable items such as electronic devices or home equipment.

Secondly, it is important to add all non/physical assets to the list, including bank accounts, retirement plans, life insurance, health insurance, and other policies. Some policies or accounts may already have a designated beneficiary. These designations prevail over a will or trust, so it is useful to review them and ensure they are the desired beneficiaries. A list of debts is also necessary. This should include everything from loans and mortgages to credit cards.

The next step is to ensure that the beneficiaries chosen for retirement accounts and life insurance are up-to-date. If that is not the case, it is important to contact the companies and update them. Finally, some accounts, such as bank savings accounts, may allow individuals to transfer on death designation (TOD). This allows the asset transfer to the designated beneficiary without the need for probate.

The probate is a process during which the court reviews and settles the distribution of the estate to the inheritors. The probate can be a long and costly process, so it is useful to avoid it when possible.

Once the inventory is complete and the beneficiaries are chosen, it is time to draft a will or a trust, ideally both. A will is a legal document where individuals can state how they want their assets to be distributed, appoint a guardian for minor children, and even detail how they want their funeral to be held. However, a will goes through the probate process. The assets will not go immediately to the beneficiaries, except those with specified beneficiaries like retirement accounts, life insurance, or accounts with a TOD designation.

One way of avoiding probate is to establish a living trust. This is a legal document that appoints a third party that will handle the trustor's assets on behalf of the beneficiaries. The advantage of a living trust, aside from not being subject to probation, is it can be revocable, meaning that the trustor can change it until their death. Furthermore, the trustor can determine the timing of the distribution of their assets. However, it is not possible to name guardianship of minors in a trust. It is useful to have both a living trust and a will in these cases.

Finally, a few additional documents are helpful if an individual is incapacitated or unable to communicate their wishes. A power of attorney appoints a third party who has the authority to make decisions regarding the property, finances, or medical care of the principal. A living will is a document that outlines the type of medical care an individual wants to receive in a situation where he cannot make decisions. With a healthcare proxy, an individual can choose another person who can make health care decisions on their behalf.

Tax Considerations for Married Couples

The IRS allows married couples to file either joint or separate returns. Each filing status has advantages and disadvantages. Since the benefits of each are based on several factors, the preferred status may change from year to year. Couples should consult a financial professional to determine which status is most beneficial for them. That being said, here are a few things for married couples to consider when filing taxes.

Filing jointly applies only to legally married couples. When a couple files jointly, their combined income is used to calculate deductions and tax rates. Married couples have a much higher threshold in the progressive tax brackets than single filers.

In 2020, joint filers paid 10 percent on their first $20,000 of earned income, which was nearly double the threshold of single filers. Taxpayers filing jointly could also combine their standard deductions. Couples filing together in 2021 could earn $25,100 tax-free.

The IRS limits certain deductions to married couples filing jointly. For example, only joint filers can qualify for the Earned Income Credit or deductions for education-related expenses. Married taxpayers who file jointly can also contribute to Roth IRAs as long as their income is under the stated threshold. In 2021, this was more than $200,000.

For most married couples, the above-mentioned benefits make filing jointly the better option. Filing jointly is especially beneficial when one person has no income or a much smaller income than their spouse. Since deductions and credits are shared equally, the higher-earning individual pays less tax overall than if they filed separately.

There are, however, several situations in which filing separately can be beneficial. If, for instance, both spouses are high- earners, combining their incomes may increase their tax liabilities, even after taking into account the qualifying deductions.

Couples may also choose to file separately to qualify for income-based deductions or lower student loan rates. For example, the IRS allows individuals who itemize their expenses to deduct a percentage of medical expenses. However, this deduction applies only if the medical costs are greater than 7.5 percent of the filer’s adjusted gross income. Filing separately reduces the adjusted gross income, which can help the filer qualify for the medical deduction. Additionally, filing separately allows the other spouse to take the standard deduction, even if their partner chooses to itemize.

Filing separately can also benefit individuals on income-based student loan repayment plans. Federal loan providers use only the adjusted gross income from the spouse’s tax return to calculate the minimum payment.

Americans abroad married to non-US citizens who have no connection to the United States can file separately. Many expatriates choose this option so their spouses do not become liable for taxes in both their country of residence and the United States. Americans married to nonresidents are the only married individuals who can file as head of household.

Finally, many couples choose to file separately to protect their financial interests. If one spouse owes child support or taxes, filing separately can prevent the other spouse’s tax refund or other assets from being seized to pay the debts.

Identifying the most suitable filing status can be as simple as running both options through a tax return simulator. Couples with more complicated financial situations should consult a tax preparation professional.

Expenses in Retirement Planning

Planning for retirement often includes creating an estimated budget for housing, living expenses, and other costs like travel or hobbies. However, there are many expenses that people fail to include in their calculations.

In some cases, people may not anticipate cost increases or how leaving the working world changes how some expenses are calculated. Omitting these costs from a retirement plan can put individuals in financially precarious situations. For this reason, financial advisors suggest their clients research the often forgotten expenses and include space for these costs in their planning.

Healthcare is one of the biggest sources of unexpected costs in retirement. While many other expenses in life decrease with age, health care costs tend to go up. While many seniors qualify for low or no-cost care through Medicare, there are some expenses that this government program will not cover.

For example, oral and vision care is not included under basic Medicare. Retirees must supplement their coverage with a private plan through the Part C Medicare Advantage program to access routine eye and dental exams.

Even with this additional insurance, the costs for equipment like hearing aids are not covered in full. In these cases, retirees should also have a cushion set aside for out-of-pocket insurance costs. If individuals can afford the premiums, a Medigap insurance policy can mitigate some uncovered healthcare costs.

Long-term care is another health-related expense that can be costly if not planned for. Seven out of 10 seniors will require long-term care at some point in their retirement. This includes the cost of around-the-clock assistance, and in some cases, outpatient medical care.

If a family member cannot provide this care, hiring a home health aid can cost thousands of dollars per month. Individuals can protect themselves by purchasing long-term care insurance. Since the premiums for these policies are higher for older people, it is best to start a policy before reaching 65 years of age.

Family changes can also cause unexpected changes to an individual’s retirement plan. For example, grandparents may gain custody of their grandchildren due to illness or other circumstances. Further, adult children may encounter a financial crisis and need help from their retired parents.

Experts advise retirees to set aside a pool of savings to pay for gifts and financial support for their children and grandchildren. If this is not possible, families should set strict boundaries on financial expectations.

While most homeowners are aware of the ongoing maintenance costs and plan for this in their retirement budget, many people do not anticipate the cost of retrofitting a home to accommodate aging residents. Retirees may need to pay for structural changes to the house, such as widening doorways or building a bedroom on the lower floor, to remain in their home.

Changes in homebuilding standards can also add unexpected costs. Homeowners should get a thorough inspection of their home a few years before retirement to assess if the property is still up to code. If not, they will need to incorporate the costs of any mandatory updates into their retirement budget.