If you’re a parent, you want to make sure you’ve provided for your children in the event you die while your kids are still minors. Part of doing this is to make a will appointing a guardian for your children. Sometimes, though, there are special complications that can make choosing a guardian especially difficult. If you have children from multiple marriages for example, you may be wondering how to choose a single guardian for all your kids. In some cases, this is not a difficult decision. … [Read more...] about Q&A: Choosing A Guardian for Children of Multiple Marriages
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What is a Reciprocal Will?
A Reciprocal Will is the go-to estate planning document for most married couples. Based on the idea that a married couple will likely have the same wishes for their estate, their Wills are created to “mirror” each other so that no matter which spouse dies first, the estate is handled in essentially the same way. There are of course, instances where Reciprocal Wills may vary slightly. While both you and your spouse will name each other as executors and primary beneficiaries, you may have … [Read more...] about What is a Reciprocal Will?
How the Windfall Elimination Provision May Affect Your Social Security
Are you eligible for a pension from a job where Social Security was not withheld from your paycheck? If so, the Windfall Elimination Provision, part of the Social Security Amendments of 1983, may affect your Social Security payment. This change was introduced to eliminate the unfair advantage of those who did not pay into Social Security but still received a pension and full Social Security payment. When you receive your yearly Social Security Statement, you will see an estimated payment … [Read more...] about How the Windfall Elimination Provision May Affect Your Social Security
Three Ways to Diversify Your Retirement Portfolio
Money doesn't grow on trees, but it can grow in the right investment. Choosing the right area to increase your investment can be a tricky venture. For safe retirement investing, you should allocate your assets in a variety of areas. Stocks, bonds, and short-term investments are all good areas for investing retirement funds. The stock market has the reputation of being a scary speculation arena. This is often true for short term investments where losses and gains are more abrupt. For long term … [Read more...] about Three Ways to Diversify Your Retirement Portfolio
Financial Q&A: What Is An Annuity?
An annuity is a contract that gives a person (called an annuitant) the right to receive fixed, periodic payments, either for life or for a set period of time. Many people choose to include an annuity as part of their retirement plan, to make sure that they’ll have a stable source of income once they stop working. You can pay for an annuity either in one lump sum, or by making a series of payments, and the annuity can be set up to give you payments either monthly, quarterly, biannually, or … [Read more...] about Financial Q&A: What Is An Annuity?
How To Choose An Estate Planning Attorney
Choosing an estate planning attorney isn’t a decision you should take lightly. After all, you’re entrusting this person to help you protect your wealth, your assets and the ones you love. How’s that for a tall order? So, given the importance of the task at hand, it only makes sense that you’d do a little legwork to find an attorney that’s right for you. Here’s a few tips to help you choose the right one: Meet with a number of lawyers before choosing which one you’ll work with. It’s important … [Read more...] about How To Choose An Estate Planning Attorney
How Much Does Probate Cost?
The cost of probate can vary widely, and really depends on how large the estate is and how smoothly the probate process goes. While there’s no real way to quote an exact cost, there are some standard fees you can expect to encounter during probate process: 1) Court costs: These are charged for every probate filing. 2) Attorney’s Fees: Attorney’s fees can vary depending on the complexity of administering the estate or completing the probate process. If a will contest is filed or if the need … [Read more...] about How Much Does Probate Cost?
Medicaid Myths
The rules concerning Medicaid qualification and coverage can be complicated, and there are plenty of myths and misconceptions to confuse people even further. These are a few of the more common myths, along with the facts about Medicaid. 1) Myth: I don’t need to worry about Medicaid, because Medicare will cover my nursing home costs. Fact: Medicare only covers a very small portion of nursing home bills. The rest will need to be covered either by private long-term care insurance, out of … [Read more...] about Medicaid Myths
How Much Life Insurance Do You Need?
Buying life insurance is a chore that many people put off because it just seems too complicated; however, one of the biggest gifts you can give to your family is the peace of mind of not having to worry about financial troubles if you should pass away. So, how do you know how much you need? Consider these things: What expenses will your family face? Life insurance can be used for just about anything. Your family will likely need to pay immediate expenses like funeral costs, final medical … [Read more...] about How Much Life Insurance Do You Need?
Divorcing? Protect Your Assets
Divorce is one of the most painful, disruptive life experiences you can have. Given the emotional stress and turmoil that goes along with many divorces, dealing with financial details may be the last thing you want to tackle. Paying attention to the details, however, can mean the difference between making a new start and having your past haunt you far into your future. Besides finding a good divorce attorney, you’ll also want to enlist the help of a financial advisor and estate planning … [Read more...] about Divorcing? Protect Your Assets
