People who are planning for retirement are often going to pinpoint the date at which they become eligible to receive Social Security as their retirement date. It should be noted that it is not a good idea to be overly reliant on Social Security because the monthly benefit is rather modest and there are no guarantees about the future of the Social Security program. An intelligently conceived retirement plan throughout your working career that reduces your dependence on Social Security will … [Read more...] about A Look At Social Security Eligibility
Veterans May Qualify For Living Assistance Benefit
Most people are aware of the fact that individuals who serve in the United States military are entitled to a retirement pension after serving for at least 20 years. However, there is another type of pension that many veterans are eligible to receive that is not as well known called the Veterans Aid & Attendance special pension or simply "Veterans A & A." One of the reasons there are qualified veterans who are not aware that they are eligible to tap into this resource is because the … [Read more...] about Veterans May Qualify For Living Assistance Benefit
Is DIY Estate Planning Wise?
Many people enjoy engaging in do-it-yourself projects for a number of different reasons. Obviously you can save some money if you can complete a task on your own rather than bringing in a professional. It can also be fun and personally rewarding to get involved in a DIY project. Some people make a hobby of it and build on specific skills that they acquire as they take on one task after another, purchasing tools or others types of equipment along the way. DIY is certainly enriching, but you do … [Read more...] about Is DIY Estate Planning Wise?
What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
Recently I had an attorney ask me about the following question. A decedent had died holding several accounts in joint tenancy with someone believed to never have existed. Who knows why people do these kinds of things, but there it is. Apparently great effort and expense had been incurred trying to identify this person, and ultimately it was concluded they weren't real. The question is how to proceed? The decedent had a will, but probate proceedings had not yet been started. I advised as … [Read more...] about What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
Estate Planning Is Relevant To Adults Of All Ages
At the present time the average life expectancy in the United States is between 78 and 79 years. Medical science is capable of incredible things these days, and people are learning more about how to live healthy lifestyles. As a result, it would seem logical to expect these lifespans to increase as time goes on. In fact, the segment of the population that is 85 years of age and older is the fastest growing demographic among us. So does this increased longevity mean that you really don't have to … [Read more...] about Estate Planning Is Relevant To Adults Of All Ages
If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
I was recently asked to address a situation where Husband died and the home was held in joint tenancy between Husband and his mother. Husband had no will. The question was presented how does the surviving Wife get title to the home? Assuming Mother has predeceased Husband, upon her death legal title would have passed by right of survivorship to Husband. To remove Mother's name from the title, an Affidavit of Death of Joint Tenant would have to be prepared and a certified copy of Mother's … [Read more...] about If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
Tax-Free Gifts Can Provide Estate Tax Efficiency
Understanding the existing estate tax parameters at any given time is an important part of the estate planning process. You may have heard that the estate tax is something that only the very wealthy have to concern themselves with, but this is really not the case. If you buy into that notion and ignore the subject entirely your loved ones could be faced with a shocking and costly revelation after you pass away. The estate tax exclusion is currently $5 million and the maximum rate is 35% for … [Read more...] about Tax-Free Gifts Can Provide Estate Tax Efficiency
Three Reasons To Avoid Probate
Many people interested in the subject of estate planning do research on the Internet. When doing online research, the topic of probate avoidance is often mentioned. Probate is the legal process of estate administration, and though this sounds rather routine on the surface there are difficulties and costs that go along with the process, and as a result people often choose to avoid it. In this blog we highlight three of the reasons why you may want to employ probate avoidance … [Read more...] about Three Reasons To Avoid Probate
Are You Getting Prepared For Long-Term Care Costs?
There are those who adopt the attitude that "it'll never happen to me" when it comes to some of the challenging situations that many people face. There's nothing wrong with adopting a positive attitude, but there is a thin line between taking a healthy, upbeat stance and illogically keeping your head in the sand. This is something to keep in mind when you are considering the possibility of a stay in a long-term care facility at some point in the future. According to the United States Department … [Read more...] about Are You Getting Prepared For Long-Term Care Costs?
Including Advance Health Care Directives
When you are making preparations for the future there are things to consider outside of the purely financial realm, and one of them involves health care choices. There may come a time when you are unable to make medical decisions on your own due to incapacitation. If you do not state your wishes in a legally binding manner beforehand, these decisions would fall into the hands of your next of kin. In addition to the fact that it is very difficult to make sensitive decisions on behalf of another … [Read more...] about Including Advance Health Care Directives
