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Even the most cautious and informed people sometimes end up making estate planning mistakes that result in unintended consequences for loved ones. A trust might have become outdated due to the introduction of new laws. Or, unforeseen life events might have left a person’s estate planning goals impossible. As a…
Many people think that retirement involves doing nothing. In reality, if you want to make sure that you avoid legal and financial complications, substantial consideration must be made during the retirement period. This involves handling Medicare issues, filing for Social Security, and navigating tax and distribution-related nuances. This article reviews…
If you have a pet, you likely have a plan for the pet in place in case you go on vacation or out of town. You might even have created an estate plan to designate a certain person to take care of the pet in case something unexpectedly happens to…
Did you know that the cost of in-home care services and nursing home care are not covered items under the Medicare program? According to AARP, the average cost of nursing home stays is more than $100,00 per year in many parts of the United States. A comprehensive retirement plan should…
A 401(k) rollover occurs when a person directs the transfer of the money in their retirement account to a new plan or IRA. The most common period when people decide to rollover 401(k) is when they either change jobs or retire. One of the most substantial challenges in rolling over…
For over 80 years, Social Security has made guaranteed monthly payouts to eligible retired workers. Today, over 64 million people receive a monthly benefit from the Social Security program. The average retired worker benefit is $1,505.50 a month, as of January 2020. Generally Social Security income for the ordinary retiree…
Estate planning is a complex process. For many people, estate planning is overwhelming and results in many unanticipated costs. For other people, it is frightening to accept that they too will one day pass away. Despite how you might feel about estate planning, there are several important estate planning documents…
There are some surprising conclusions that people reach after creating an estate plan. For example, after putting the finishing touches on estate planning documents, some parents discover that they do not want to pass on an inheritance to the couple’s children. This is often not because the children have done…
Every estate plan should include a living trust. A living trust is different from a trust and should be part of your estate plan along with a last will and testament and power of attorney (financial and medical) documents. Why a living trust is an important estate plan document…
Estate planning is difficult, but for loved ones with special needs, the process can be particularly challenging. Besides worrying about the type of care your loved one will receive, you are likely overwhelmed with many other questions including who will manage finances and whether the person will be able to…