Medicaid is very important to many elders because most of the nursing home care that is provided in the United States is paid for by this joint federal/state program. Even if you were to enter into retirement with some reasonably significant savings they could be swallowed up by long-term care costs. In 2012 the average annual charge for a private room in a nursing home exceeded $90,000 throughout the United States. Senior citizens have a 40% chance of requiring nursing home care … [Read more...] about Medicaid Changes Announced
Blog
The Importance of Estate Planning for Parents of Minors
Sometimes people do not understand the value of taking certain actions until tragedy strikes. They find out what can happen the hard way, and this can be quite sad for some families. With the above in mind we would like to emphasize the importance of estate planning for the parents of minor children. Young adults often times decide that they do not need an estate plan because they are in fact young and they don't expect to pass away any time soon. However, every day when you tune … [Read more...] about The Importance of Estate Planning for Parents of Minors
The Rewards of Giving
Arranging for resources to be given to charity can be part of your estate planning efforts, and this can be a very rewarding way to foster a lasting legacy. To engage in philanthropy you must select a vehicle of charitable giving. There are those who opt for private family foundations, and we are all aware of famous ones such as the Rockefeller Foundation and the Ford Foundation. Very large and well-funded private family foundations are going to be staffed, and there will be … [Read more...] about The Rewards of Giving
Trust Administration Examined
When you execute estate planning documents such as a living trust you are taking care of one of the core responsibilities of adulthood. However, you must consider all the details if you want to make things simple and efficient for your family members after you pass away. Stating how you want your resources distributed is one thing, but you also must consider the human element, and this is where trust administration comes in. Certain actions must be taken in your behalf after your … [Read more...] about Trust Administration Examined
Discuss Living Assistance With Aging Parents
People are living longer lives these days, and the numbers of the "oldest old" are growing. This is the term that is used in the geriatric community to describe individuals who are at least 85 years of age. When you reach an advanced age it is likely that you are going to require living assistance. Some people reside in nursing homes or assisted living communities full-time, and others receive some level of in-home care. And of course, there are those who are incapacitated to … [Read more...] about Discuss Living Assistance With Aging Parents
The Estate Tax & Your Net Worth
The new year is upon us, and you may want to view this renewal as a signal to consult with your estate planning attorney. There are a number of different reasons why your existing estate plan may be in need of certain revisions. Sudden exposure to the estate tax is one of them. Things do not stand still and this is something to keep in mind as it applies to your estate plan. Your original estate plan is going to be based on a snapshot of your life at the time of its creation. … [Read more...] about The Estate Tax & Your Net Worth
Estate Planning: Let the New Year Inspire You
Many people do some soul-searching when a new year begins. As you reflect on your life and your responsibilities you would do well to consider the stages of life that lie in the future. Everyone should have an estate plan in place, and this applies to adults of all ages. When there are people relying on you it is important to make sure that you take steps to provide for them should the unthinkable take place. No one knows what lies ahead, and tragedies do strike as we all … [Read more...] about Estate Planning: Let the New Year Inspire You
What Happens to Your IRA After You Die?
The cold hard fact of the matter is that retirement is not something that everyone is entitled to by virtue of contributing into the Social Security program. It is simply a matter of math. You can retire when and if you have the financial resources to do so, and it has nothing to do with celebrating a particular birthday. If you register on the Social Security Administration website you can access your personal statement at any time. This will tell you what you can expect to receive … [Read more...] about What Happens to Your IRA After You Die?
Can You Apply for Social Security Online?
The Social Security program is important to seniors who are retiring. However, we must emphasize the fact that your benefit alone is probably not going to be enough to support the type of retirement that you may have always envisioned. If you want to devise a plan that includes Social Security but is not entirely dependent on it you would do well to speak with a local Indianapolis financial planning attorney who has a history guiding people toward the fruition of their long-term … [Read more...] about Can You Apply for Social Security Online?
Estate Planning on the Practical Level
Executing legally binding documents with the assistance of a good estate planning lawyer is definitely a large part of what estate planning is all about. But in addition to the legal side of things you must also take practical matters into account if you want to leave behind a turnkey situation for your family. If you use a last will to direct your future asset transfers you're going to need an executor to actually handle the hands-on tasks. This individual is going to require … [Read more...] about Estate Planning on the Practical Level
