The facts surrounding the subject of long-term care are attention-getting. For one, many people are surprised to hear just how likely it is that they may eventually need long-term care. According to statistics that have been presented by the United States Department of Health and Human Services, approximately seven out of every 10 people who are fortunate enough to attain senior citizen status will someday need long-term care. So if you have reached the age of 65 or have every intention of … [Read more...] about Long-Term Care & Medi-Cal
Creating a Comprehensive Plan
Advance planning is the key to a comfortable future, and the sooner you get started the better. If you go forward without any type of overarching plan for the future, you may encounter some unpleasant surprises as the years pass and the typical retirement age starts to come into focus. If you strip it down to the bare simplicity of the matter, retirement involves being able to pay your way without working. Most people go to work because they need the money. So, how do you reach the point where … [Read more...] about Creating a Comprehensive Plan
Concerned About A Spendthrift Heir?
There are various steps that must be taken when you are crafting your legacy. For one, you need to inventory your assets in an effort to gain an understanding of exactly what it is that you have to give. You then must situate your assets in the optimal manner to protect them and mitigate asset erosion. In addition to preparing assets for distribution, you also have to consider the unique personalities of the people who are on your inheritance list. If you pass away after living a long life, … [Read more...] about Concerned About A Spendthrift Heir?
Taking Steps to Stay at Home
One of the challenges that many senior citizens are going to face will be the need for living assistance. You may automatically think that you will live in a nursing home or an assisted living community should you need help with your day-to-day needs. This is certainly an option, but it is important to be aware of just how expensive this care has become. According to a 2011 MetLife Mature Market Institute survey, the average annual charge for residence in an assisted living community in the … [Read more...] about Taking Steps to Stay at Home
Avoiding Probate Expenses
You may have heard about "probate avoidance" and wondered what it is all about. Many people aren't sure what probate is, and therefore aren't sure why someone would want to avoid it. Probate is the legal process of estate administration. When someone passes away, the probate court in the jurisdiction that is local to the deceased examines the Will to determine its validity. If the Will is deemed to be valid, the court will supervise the administration of the estate. The executor or the … [Read more...] about Avoiding Probate Expenses
Remember Online Accounts When Planning Estate
These days people do a lot of business online, and they socialize online as well. As a result, you have to take your Internet-based accounts into consideration when you are planning your estate. Many people conduct their banking over the Internet. You may want to give your executor, or a close family member that you trust, the access information so that this individual can act on your behalf if it becomes necessary. This can also be relevant when you are planning for the possibility of … [Read more...] about Remember Online Accounts When Planning Estate
Seniors Should Watch Their Finances Carefully
One of the major challenges that we face within the elder law community is the problem of elder abuse, and it exists in various different forms. The type of elder abuse that we would like to highlight here is elder financial abuse. The extent of elder financial abuse can be difficult to calculate because a high percentage of cases, perhaps the majority, go unreported. This is because many instances of elder financial abuse are perpetrated by people who are known to the victims, oftentimes … [Read more...] about Seniors Should Watch Their Finances Carefully
Paying Down Debt Can Help
It is important to look over the horizon if you want to be able to enjoy your retirement years with the financial resources that you need to have a good time and meet your expenses. Retirement can be a rather long journey of 20 years or more, and you never want to embark on a trek of any type without making the proper preparations. Putting away some financial resources for your retirement years is key. But at the same time, if you have a certain amount of savings but a large amount of debt, … [Read more...] about Paying Down Debt Can Help
CRUT Can Satisfy Dual Objectives
A lot of people have a desire to give something to charitable causes when they are engaged in financial planning, and it is certainly personally rewarding to engage in acts of generosity. But at the same time, you can also gain some tax benefits while you satisfy your philanthropic urges if you plan ahead intelligently with professional guidance. One legal tool that is sometimes used by individuals who want to gain tax efficiency while giving to charity is the CRUT, or charitable remainder … [Read more...] about CRUT Can Satisfy Dual Objectives
A Look at Grantor Retained Annuity Trusts
If you want to give gifts to your loved ones while you are still alive, you have to concern yourself with the looming specter of the gift tax. This tax carries a 35% rate at the present time, and it is scheduled to rise to 55% at the beginning of 2013. Part of what estate planning is all about is to find ways to get assets into the hands of your heirs without losing anything to taxes or probate in the process. There are a number of different instruments that can be utilized to this end, and one … [Read more...] about A Look at Grantor Retained Annuity Trusts
