You often hear retirement planning attorneys emphasizing how important it is to get started thinking about the future as early as possible, and too often this sound advice can go in one ear and out the other. There are those who are under the impression that Social Security will take care of their basic needs when they retire, and they also assume that Medicare will cover everything from long-term care to all of their prescription drug costs to one hundred percent of their medical expenses. They … [Read more...] about Retirement Planning: More Important Than You Think?
Medicaid is a social welfare program that was originally intended to provide access to health care to uninsured Americans who are unable to afford it on their own. However, since Medicare does not cover the costs of residing in an assisted-living facility or nursing home, many senior citizens implement strategies that enable them to qualify for Medicaid, which does in fact pick up long-term care costs for eligible enrollees in the program. There is a lot of talk on Capitol Hill right now about … [Read more...] about Can You Count On Medicaid Being There?
Most of us have heard about the concept of the "butterfly effect" which essentially posits the notion that everything is connected. So when we're talking about estate planning it is important to recognize the fact that it is not happening in a vacuum. The word "planning" is key here because it doesn't take a whole lot of foresight or strategizing to create a document stating that persons A, B and C will split the assets that are left over after person D dies. Some people look at it this way, … [Read more...] about Estate Planning & The Butterfly Effect
Estate and retirement planning are intimately intertwined with long-term financial planning, and for better or for worse financial maneuvering is a left-brain exercise. It is about examining the facts as they exist in terms of tax laws and financial instruments, evaluating your assets, factoring in your objectives, and then devising a logical plan based on this information. Because estate planning is so similar to any other type of financial planning it is easy to attach the same goals to it. … [Read more...] about The Human Side Of Estate Planning
When you look at the statistics, the rapid increase in the numbers of people who are 85 years of age and older is really eye catching. The fact is that you may well live into your mid to late eighties and beyond, and this makes incapacity planning a vital component to any comprehensive preparatory strategy. If you are a widow or a widower and you were to become incapacitated, your various family members may have different ideas about the the way that you would choose to proceed if you were … [Read more...] about Incapacity Planning, Advance Directives, & Your Family
When you are engaged in estate and retirement planning you want to stay right on top of the things that you have control over. But no matter how meticulous you may be there is always going to be some uncertainly involved due to the things that are out of your hands. This having been said, the financial meltdown that occurred a couple of years ago threw a lot of long term plans off course. There are those who don't have the liquidity that they expected to have, and some people who are in this … [Read more...] about Reverse Mortgages At A Glance
When you are building your assets in preparation for your retirement you have to project your expenses, and to be prepared for every possibility there is a lot to consider. Of course you have had lifelong objectives that may include travel and leisure time activities and you worked all of your life to earn these opportunities. But when you look around at your extended family, friends, co-workers and acquaintances you invariably see that many people have to address medical expenses during their … [Read more...] about Retirement Planning & Your Health
According to Jungian psychology the human mind attaches significance to symbols, and this assertion has certainly been embraced by Madison Avenue over the years. When you see a simple logo any number of messages can unfold in your consciousness, and this extends to people as well. Celebrities can become iconic figures, and what they represent can sometimes transcend their true identities as people who just happen to hold high profile positions. When people watch a scenario play itself out … [Read more...] about Timing Your Retirement
We like to point out the reasons why estate planning is something that is relevant to virtually all adults regardless of their stage of life on at least some level. But there is no getting around the fact that estate planning and other elder law issues are going to become more and more relevant to you as you age. As the years pass you see family members, friends, co-workers, and acquaintances experience some of the eventualities of aging, and it is human nature to consider the possibility that … [Read more...] about Older Americans Should Aim For The Stars
When you look at an overview of the financial realities that we all face throughout our lives, you immediately notice how everything is connected. Depending on the extent of your assets, you are probably going to have to plan for your retirement years before you consider how to plan your estate. And how prepared you are to address the financial realities of retirement is going to have everything to do with the value of your estate when you pass on, so it is clear that estate planning and … [Read more...] about Retirement Planning: The Sooner The Better