We all hear people use the term "When I retire" as they think about the future, but it is important to understand the fact that retirement is not a given. It is not some sort of parallel universe that you simply walk into when you reach a certain age. "Retirement" is simply a word describing the act of discontinuing your working career. But there are no guarantees that you'll ever be financially capable of doing this. There was a poll conducted recently by … [Read more...] about Retirement Age Not Set In Stone
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Life Insurance Can Serve Multiple Purposes
Estate planning attorneys will emphasize the importance of estate planning for people of all ages, even if you don't have a lot of financial resources to pass on to your loved ones. One of the primary reasons for this is because if you're like most people, your family relies on your income to maintain their quality of life. If you were to die suddenly in an accident or due to a catastrophic medical event, your family would be left in a very difficult situation financially as well as … [Read more...] about Life Insurance Can Serve Multiple Purposes
Medicaid Spend Down And Look-Back Back Period
A lot of people do not concern themselves with budgeting for potential long-term care costs because they're under the impression that Medicare will cover these expenses. In reality, Medicare does not pay for an extended stay in a nursing home or assisted living facility. And if you're thinking that it will be simple to adjust to these expenses should they arise, you may not be aware of the present state of long-term care costs. Every year the MetLife Mature Market Institute culls … [Read more...] about Medicaid Spend Down And Look-Back Back Period
How Heavily Are You Counting On Social Security?
Social Security and retirement go hand-in-hand, but it may be a mistake to simply assume that your Social Security benefit is going to be enough to enable you to enjoy a comfortable retirement. You always hear retirement planning lawyers emphasize how important it is to set a course for the future and stick to it, but many people let it go in one ear and out the other. But when you analyze the facts you recognize why they give this advice. Social Security Administration statistics … [Read more...] about How Heavily Are You Counting On Social Security?
Guardianship And Conservatorship Considered
It is important to know under which conditions guardianship and/or conservatorship responsibilities will apply and what the procedure is in order for the rulings to be made. Guardianship can apply to anyone who is considered by the courts to be disabled in a way that makes them unable to take responsible actions or to those who are minors and therefore need the assistance guardianship and conservatorship will offer. Some states combine the duties within the designation of guardian, but … [Read more...] about Guardianship And Conservatorship Considered
Elder Financial Abuse Taking A Toll
There are some things that you hear about that are so underhanded it really makes your blood boil, and it would probably be safe to say that elder financial abuse would fall into this category. The thought of someone specifically targeting a senior citizen is really horrible, but the reality is that this is a big problem in our society today and it is something to be aware of. According to the United States Department of Justice one out of every nine Americans who is at least sixty … [Read more...] about Elder Financial Abuse Taking A Toll
Soul Singer Brown Left Tangled Legacy
There are a tiny handful of entertainers that reached the status of legend while they were still alive and performing, and without question James Brown, the inimitable "Godfather of Soul," was one of them. He changed the face of the music industry over his long and illustrious career and captured just about every accolade imaginable. Four of his albums made Rolling Stone magazine's list of the top 500 albums of all time, and he was a Grammy winner who was one of the first inductees … [Read more...] about Soul Singer Brown Left Tangled Legacy
Gifting Can Provide Estate Tax Efficiency
It is certainly a good feeling to know that you will be able to pass along a robust legacy to your loved ones. However, if you're in this position you may be faced with the need to gain estate tax efficiency. Right now the estate tax exclusion stands at $5 million, and the maximum rate of this federal levy is 35%. However, this does not mean that you need not concern yourself with the estate tax if your estate is worth less than this $5 million threshold. Late last year a … [Read more...] about Gifting Can Provide Estate Tax Efficiency
A Look At The QPRT
When you are preparing your legacy you not only have to arrange for the transfer of assets to your loved ones, you have to make sure that it happens without losing anything in the process. There are sources of asset erosion that exist, and the one that is most profound is the estate tax. A lot of people are under the impression that the estate tax does not apply to them because they're not among the upper crust, but in reality you can be exposed to the estate tax even if you would … [Read more...] about A Look At The QPRT
A Look At Supplemental Security Income
Elder law attorneys place an emphasis on all legal matters that impact senior citizens, and when you are planning for the future it is important to be aware of all of the resources that may be available to you. When you think about government programs for senior citizens the first thing that is going to come to mind is Social Security. In order to be able to collect Social Security benefits you must have contributed a sufficient amount into the system during the years that you were … [Read more...] about A Look At Supplemental Security Income
