When you are planning for your retirement years, it is important to understand what you can expect from Medicare and Social Security. Many people go forward with the misconception that these two government programs provide a comprehensive, turnkey retirement solution, but this is simply not the case. There are premiums and deductibles that must be paid while you are participating in the Medicare program, so it is not truly free health care. And, it should also be noted that Medicare will not … [Read more...] about Medicare Part B Premiums Rising
Don’t Make Uninformed Assumptions About Living Trusts
The general perception about trusts is that you are divesting yourself of personal ownership of assets that you place into the trust. This understanding can lead to unintended consequences because it is not entirely true. One of the most popular estate planning vehicles is the revocable living trust. With these trusts you facilitate the transfer of assets to the beneficiaries outside of the probate process. People often take steps to avoid probate because of the fact that it can be costly, it … [Read more...] about Don’t Make Uninformed Assumptions About Living Trusts
Medi-Cal Planning: Will I Lose My Home?
Medi-Cal is the California Medi-Cal program that will pay for a stay in a nursing home or an assisted living community if you can qualify. Because there is a small upper resource limit of $2,000, your first thought may be that there is no way that you can qualify for the program because you are a homeowner who has some savings. In fact, it is possible to qualify for Medi-Cal while keeping assets in the family. The Kaiser Family Foundation tells us that seven out of every 10 individuals who are … [Read more...] about Medi-Cal Planning: Will I Lose My Home?
Spouse of Military Retiree Won’t Receive Pension
The best way to engage in veteran's benefits planning is with the assistance of a licensed and experienced San Jose estate planning lawyer. There is a lot to take into consideration, and you don't want to make any assumptions that create difficulties, or fail to take advantage of benefits that are available to you. Understanding all the different veteran's benefits that you may qualify for is part of the equation. But, you also have to examine how these benefits fit alongside the civilian … [Read more...] about Spouse of Military Retiree Won’t Receive Pension
Probate Court Sets Hemsley Estate Trial Date
We always keep an eye on celebrity estate planning cases because you can learn a lot from the successes and failures of others. Along these lines, we recently passed along some news about the estate of the deceased comedic actor Sherman Hemsley. A Philadelphia resident stepped forward to stand in the way of Hemsley's longtime partner Flora Enchinton receiving an inheritance and having the ability to put Hemsley's body to rest. This individual claims to be Hemsley's brother. Enchinton lived … [Read more...] about Probate Court Sets Hemsley Estate Trial Date
Alzheimer’s Sufferer Loses Court Case
Estate and retirement planning attorneys will always advise clients to take pause before entering into contracts they may not fully understand. This is true when you are purchasing insurance policies, and many senior citizens are taking out long-term care insurance to pay for living assistance if it becomes necessary. Long-term care insurance can be a viable solution to a challenge that many seniors will face at some point in time. The majority of people who are fortunate enough to reach the … [Read more...] about Alzheimer’s Sufferer Loses Court Case
Contribute to Hurricane Relief Efforts
We would like to briefly step out of the flow of estate planning topics to ask our readership for assistance. The disaster relief efforts that are being undertaken by various charitable organizations in the wake of the hurricane are consuming a lot of resources as you might expect. If you would like to help those that are assisting fellow Americans in need, simply click this link and do what you can to contribute to the efforts: Hurricane Sandy Relief Organizations There are a number of … [Read more...] about Contribute to Hurricane Relief Efforts
Seniors Living Together Must State Wishes in Writing
Love and companionship are important to everyone, including senior citizens. When you are widowed or divorced you may eventually find a new partner, and this can make a huge difference in your life during your golden years. However, there is an interesting trend developing that has caught the attention of the elder law community. According to United States Census Bureau statistics, increasing numbers of individuals who are in their 60s are deciding to live together without getting … [Read more...] about Seniors Living Together Must State Wishes in Writing
What Is a Home Equity Conversion Mortgage?
When you are planning for retirement, you must be apprised of all of your options. There are those who are in need of liquidity late in life, and if you find yourself among them you may want to consider taking out a home equity conversion mortgage. Home equity conversion mortgages are federally insured reverse mortgages. As the term "reverse mortgage" implies, things work in a reverse manner with these loans. Rather than you paying the lending institution in an effort to build equity in your … [Read more...] about What Is a Home Equity Conversion Mortgage?
Direct Deposits Totally Replacing Social Security Checks
A while ago we reported on the fact that the Social Security Administration is no longer going to be sending out annual statements to American workers who are contributing into the program. Effective retirement planning really can't be done unless you know how much you can expect to receive from Social Security once you reach the age of eligibility, so these statements are important. The reason why the SSA stopped sending out the paper statements is because of the costs involved. As an … [Read more...] about Direct Deposits Totally Replacing Social Security Checks
