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
Matter of Shelby Final Arrangements Settled
The automotive world lost an iconic figure when Carroll Shelby passed away on May 10 at the age of 89. Shelby rose to fame as a very successful race car driver and then went on to become a designer of performance automobiles. He is well known for the Shelby Mustang, but before he started working with Mustangs he made his mark with the legendary AC Cobra. Shortly after his passing we reported here about the dispute that was taking place between his wife Cleo and his three children that was … [Read more...] about Matter of Shelby Final Arrangements Settled
Create a Clear Cut Path for Executor
Estate planning is one thing, but estate administration is another. Yes, you have to ask yourself how you want your assets distributed after you pass away. Once you know what you want to achieve, the next step is to sit down with a good inheritance planning lawyer to state your wishes in writing in a legally binding manner. However, there are actions that must be taken after you pass away. If you use a last Will as your primary vehicle of asset transfer, you must select an executor to actually … [Read more...] about Create a Clear Cut Path for Executor
Can You Earn Income While Drawing Social Security Benefit?
Because so many people nearing the typical retirement age are unsure about their financial stability, retirement planning lawyers will often point out the fact that you can benefit by working longer. If you are hardwired to the idea of retiring at a particular age, you may be forcing yourself to accept a reduced quality of living that could be avoided if you simply push that date back. People sometimes wonder if it is possible to continue working while you are receiving a Social Security … [Read more...] about Can You Earn Income While Drawing Social Security Benefit?
Nursing Home Expenses: Are You Fully Informed?
If you knew you were likely to incur a large expense in the future, you would start making preparations to be able to handle this challenge as soon as possible. With this in mind, you would do well to understand the fact that most senior citizens are going to need long-term care at some point in time. There are those who go forward with an underlying sense of security because they are under the impression that Medicare will provide the safety net that they need during their senior years. While … [Read more...] about Nursing Home Expenses: Are You Fully Informed?
Prevent Intestacy Through Proper Advance Planning
What would happen to your resources if you were to pass away without executing a last Will or a trust? The answer is that the situation would wind up being sorted out by the probate court. Ultimately, the assets that you leave behind would be distributed to your closest relative or relatives in accordance with intestacy laws of succession in the state of California. This is something that you want to steer clear of because the probate process will take a lot of time to run its course. In … [Read more...] about Prevent Intestacy Through Proper Advance Planning
