Retirement planning can seem like it is completely focused on the active years that you will be able to enjoy shortly after you put your working years behind you. This is certainly an important consideration, and your golden years can be quite satisfying if you are properly prepared for them. At the same time, it is wise to budget for the years that will follow when you are not as capable as you once were. The United States Department of Health and Human Services tells us that seven out of … [Read more...] about Don’t Assume You Will Never Need Long-Term Care
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Estate Tax Could Be Expanded After Election
They say that elections have consequences, and this is definitely true. Whether or not the consequences are to your liking will depend upon the circumstances. This dynamic is going to play itself out in the near future, because 2020 is an election year. There could potentially be some changes in the tax structure that impact the taxes that are paid on inheritances. We will look at the details in this post. Federal Estate Tax Exclusion The federal estate tax looms large for very wealthy … [Read more...] about Estate Tax Could Be Expanded After Election
Veterans May Qualify for Aid and Attendance Pension
Americans who serve in the United States Armed Forces make sacrifices for the common good, and they are often asked to complete very difficult tasks. In return, they receive some valuable benefits that can set a service member up for a comfortable retirement. One of them is the retirement pension that veterans can receive after a minimum of 20 years of service. The amount of the payout increases if you stay in longer than 20 years, so an individual could stay in the service until he or she is … [Read more...] about Veterans May Qualify for Aid and Attendance Pension
Estate Planning for a Spendthrift Heir
One of the reasons why you should discuss your unique personal situation with an estate planning attorney is because there are many ways to proceed. A lot of people think that there are constraints when this is really not the case. You do not have to take risks if you develop your plan in a fully informed manner. With this in mind, let’s look at an estate planning approach you can take if you have a spendthrift on your inheritance list. Revocable Living Trust A relatively simple but highly … [Read more...] about Estate Planning for a Spendthrift Heir
Incapacity Planning is a Must for Young Adults
The vast majority of American adults that are under the age of 65 do not have estate plans in place. Obviously, people usually do not pass away before their time, but it does happen. Estate planning should be looked upon as a basic responsibility of adulthood, and everyone should have a plan in place. It is important across the board, but it is absolutely essential as soon as you have people relying on you for monetary support to one extent or another. You should have an income replacement … [Read more...] about Incapacity Planning is a Must for Young Adults
Estate Planning Procrastination Is Dangerous
The general estate planning unpreparedness among American adults is considerable. Carrying.com monitors this subject on an ongoing basis, and they have found that the numbers of people that have estate plans in place are decreasing year-by-year. In the 2020 survey, only 47.9 percent of survey respondents 55 years of age and older had estate plans in place. As you might imagine, the lack of preparedness was greater among younger adults. Just 27.2 percent of individuals between the ages of 35 … [Read more...] about Estate Planning Procrastination Is Dangerous
Alzheimer’s Can Yield Financial Consequences
As elder law attorneys, we keep a finger on the pulse of matters that impact senior citizens in ways that can be addressed through the proper planning. Everyone has heard of Alzheimer’s disease in a general sense, but you should understand the relevant facts when you are looking ahead toward your senior years. Life Expectancy You may have heard that the life expectancy for all Americans is about 78 years. This includes people that pass away at all ages, but it goes up when you are talking … [Read more...] about Alzheimer’s Can Yield Financial Consequences
When Should You Use an Irrevocable Trust?
When you hear that there are revocable trusts and trusts that cannot be revoked, you may wonder why you would voluntarily surrender control of your assets to an irrevocable trust. If you can accomplish the same goals with the ability to revoke the trust, isn’t that the better way to go? In a perfect world, this would be the case, but there are legal realities that enter the picture here. Let’s look at the differences between these types of trust beyond the general right of … [Read more...] about When Should You Use an Irrevocable Trust?
Estate Administration: Make It Simple
When you start to conceptualize your estate plan, it is important to consider the administration of the estate after you are gone. If you take steps to streamline the process for the administrator, your loved ones will be the ultimate beneficiaries. We will provide some food for thought on the subject in this post. The Estate Executor and Probate If you use a last will as the centerpiece of your estate plan, you would name an executor in the document to act as the administrator. The executor … [Read more...] about Estate Administration: Make It Simple
Nursing Homes Can’t Take Stimulus Checks
Before we share some important practical information, we should explain some facts about long-term care and Medicaid for people that are not apprised of the dynamic. Most senior citizens will eventually need help with their activities of daily living. According to the United States Department of Health and Human Services, 35 percent of elders eventually reside in nursing homes. While the vast majority of senior citizens qualify for Medicare, this is not the solution. The Medicare program … [Read more...] about Nursing Homes Can’t Take Stimulus Checks
