It's not something that any of us are extremely anxious to consider as we age, but the fact remains that senior citizens often require the aid or assistance of another person to help them meet their day-to-day physical needs. Many seniors get help from professional caregivers who come out to their homes, and others may be best served by residing in an assisted living facility or nursing home. This can clearly be expensive, especially for people of ordinary means who are living on a fixed income, … [Read more...] about Many Veterans Overlook A & A Special Pension
If you already have an estate plan, you might want to review it to ensure that it does not contain any of the following mistakes. If you haven’t made an estate plan yet, keep these tips in mind when you do. Do not put personal items in a Will. If you want to avoid probate you will not want items like jewelry or family heirlooms in your Will. Although these things are often distributed before the Will can be read, your estate will be managed by court proceedings if there are disagreements. It … [Read more...] about Estate Planning Mistakes
Have you been left out of a family member’s Last Will and Testament and you suspect foul play? If you feel a Will has not been properly created and you are affected by the outcome, then you may have grounds to contest the validity of that document. Just Cause There are four reasons a Last Will and Testament may not be valid. In order to contest a family member’s Will, you must believe one of these four bases to be true. The most common reason a Will is ruled invalid is that the Will was not … [Read more...] about Can You Contest a Will?
Estate taxes are federal taxes imposed upon the estates of decedent’s whose worth exceeds a certain amount. Are you worried that your estate will owe taxes after your death? The best way to avoid or lower the cost of estate taxes is by reviewing your estate regularly. Determine Your Net Worth Calculating your net worth each year is a good idea to help determine how well your assets are doing from one year to the next. Your net worth, the sum of all of your assets minus any debts that you owe, … [Read more...] about Planning for Estate Taxes
You put in all those years of slaving away only to hit your retirement age and wonder what you'll do with all your free time. You can travel, of course, or maybe finally get to all those home projects that have been building up over the years. Or you could go back to work. Working after retiring has become more commonplace as seniors find themselves bored or unable to live on the money they receive from Social Security, pensions, investments, savings or IRAs. Working after retirement doesn't … [Read more...] about I’ve Retired… Now What?
Choosing to remain in your home instead of living in a nursing home, can save you loads of money in the long-run. A host of in-home health care and companionship services are available to seniors who prefer to stay in their own home, rather than live in an assisted living or nursing home, surrounded by strangers. Staying in your house means you are surrounded by all your own possessions and feel a greater connection to the memories you and your family have made in your home. Many times it is … [Read more...] about Home Sweet Home
Deciding when you should collect Social Security isn’t always as clear cut as you might think. Quite the contrary, there are several factors that should come into play. For starters, you’ll need to have enough work credits to receive benefits and of course, be of a certain age to even apply. The “work credits” are earned throughout your life and represent the Social Security premiums you paid in while you were working. If you were born during or after 1929, you’ll need at least forty credits … [Read more...] about When is the Right Time to Collect Social Security?
Retirement planning is a necessary component of our lives and one that you focus on as early as possible. The sooner you start investing in a retirement plan, the more money you can accumulate before you reach retirement age. Here is a basic rundown of two common retirement plans, the 401(k) and the IRA. 401(k) 401(k) plans are typically started by a business for their employees. Employees who buy into the 401(k) plan enjoy several benefits. These plans allow for tax deferred growth as well as … [Read more...] about Retirement Planning for Your Future
While everyone knows the important of having a Will, about 70% of Americans still haven’t created one. But before you start drafting, you should know that different Wills do different things. A Simple Will for example, covers your basic necessities, such as provisions for your children and distribution of assets. There are templates available on the internet but because estate planning can get complex very quickly, it’s best to have a qualified estate planning attorney draft your Will for you. … [Read more...] about Understanding the Different Types of Wills
A Power of Attorney is a legal document that enables you to give someone you trust the authority to act on your behalf. This is most commonly seen in real estate negotiations, where one or both parties assign authority to their attorneys to negotiate on their behalf. But a Power of Attorney can also be a handy thing to have on a personal level too. A general Power of Attorney would allow your spouse to pay your bills for example, access your checking account and even discuss payment options … [Read more...] about What is a Durable Power of Attorney?