You have spent a lifetime accumulating your possessions, and many of them mean something to you. This is a beautiful thing, and when you are thinking about your legacy, passing these items along may be a very meaningful act. Without question, there are probably family heirlooms and other items that certain family members are fond of, not all items fall in this category. In these rapidly changing and challenging times, lifestyles are evolving, and you should take this into consideration … [Read more...] about Inheritance Planning: Advance Liquidation Can Make Sense
Elder Care Planning: Get Past the Mental Barrier
The aging process is easy to perceive from a distance, but when you are in the middle of it on a day-to-day basis, it is not so easy to see. Your instinct is to keep yourself in shape, and you never really think about natural forces working against you as the years pass. This dynamic makes it hard to wrap your head around the eventualities that are simply part of the human condition because you don’t want to “give up.” At the same time, when there is a potentially difficult road ahead, it … [Read more...] about Elder Care Planning: Get Past the Mental Barrier
How Can a Special Needs Trust Trustee Use the Funds?
A special needs trust can make the life of a person with a disability much more comfortable, and the trustee has wide latitude with regard to the nature of the expenditures. We will provide the details here, but first, we will share an overview to provide context. Need-Based Benefits Clearly, people with physical or cognitive challenges can need expensive healthcare throughout their lives. Most Americans get health insurance through their employers, but many of these folks are unable to work … [Read more...] about How Can a Special Needs Trust Trustee Use the Funds?
Ask Yourself These Five Estate Planning Questions
A lot of people procrastinate when it comes to estate planning because they don’t know where to begin. In this post, we are going to share five questions you can ask yourself to provide a starting point as you enter into the estate planning process. Are my heirs ready to handle their inheritances? This is a foundational question that everyone should answer before they make any estate planning decisions. You do not have to use a will that allows for all of the assets to be distributed to the … [Read more...] about Ask Yourself These Five Estate Planning Questions
An Overview of SSDI and SSI
Acronyms that sound similar can be confusing, and there are plenty of them in the elder law and estate planning realm. In this post, we will provide clarity with regard to Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). SSDI When you work and pay FICA taxes, you earn retirement credits that lead to eligibility for Social Security and Medicare. This year, you get one credit for every $1470 that you earn, and the maximum annual accrual is four … [Read more...] about An Overview of SSDI and SSI
Don’t Make Assumptions About Medicare
It can seem as though the system is set up to make sure that your bases are covered during retirement if you do your part. Social Security will provide some monthly income, and Medicare will serve as a source of health insurance. In some ways, this arrangement is effective, but you should understand all the facts so you do not make overly rosy assumptions about the extent of Medicare coverage. Out-of-Pocket Costs There are some significant out-of-pocket costs that go along with Medicare … [Read more...] about Don’t Make Assumptions About Medicare
Top Five Reasons to Plan Your Estate
A lot of people are not concerned about estate planning because they think it is a simple matter that takes care of itself. In reality, there are some very good reasons why you should take the appropriate steps in advance, and we will provide five of them here. Avoid a Tangled Web of Confusion Envision the situation that you would be facing if a close family member were to pass away suddenly with no estate planning documents. You and the others in the fold would be handling the emotional loss, … [Read more...] about Top Five Reasons to Plan Your Estate
Social Security Benefit Increase Is Possible
Elder law attorneys pay close attention to legislative measures that can impact benefits for senior citizens. With a new administration, some potential changes to Social Security are being floated. President Biden has stated that he would like to increase Social Security benefits and replenish the Social Security trust fund. As it stands right now, the program is fully funded so benefits can be paid through 2037, but adjustments must be made to fully fund the program beyond that date. Biden … [Read more...] about Social Security Benefit Increase Is Possible
Face Alzheimer’s Threat With Clear Eyes
Elder law attorneys help individuals and their families address challenges that can confront senior citizens. Alzheimer’s disease can have a major impact in this regard, and we will share some eye-opening facts about the disease in this post. A Leading Cause of Death People are well aware that Alzheimer’s causes cognitive impairment, but a lot of people are not aware of its deadly nature. According to the Alzheimer’s Association, one in three seniors will die with Alzheimer’s or dementia … [Read more...] about Face Alzheimer’s Threat With Clear Eyes
2021 Estate Planning Survey: COVID Motivated Young Adults
We pay close attention to the surveys that measure the estate planning preparedness of people in the United States. Caring.com has been conducting annual studies, and they have released the figures for 2021. The Impact of the COVID-19 Pandemic There are events that remind us that people pass away at all ages, and tragedies can strike iconic figures with invincible personas. The Kobe Bryant helicopter crash would certainly fit into this category, and the relatively young former Zappos CEO Tony … [Read more...] about 2021 Estate Planning Survey: COVID Motivated Young Adults
