The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning. Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is … [Read more...] about Take Increasing Longevity Into Account When Planning Ahead
Self Employment & Retirement Planning
As we all know employment markets have been tight over the last several years, but Americans have a tendency to find a way. There has been an increase in the number of people who are self-employed, and this can be an option for those who are willing to take matters into their own hands. Economic Modeling Specialists International has stated that there has been a 14% increase in the number of people who work for themselves for the most part between 2001 and the present time. There are some … [Read more...] about Self Employment & Retirement Planning
Answering Top Three Social Security Questions
We would like to take a look at three of the most commonly asked questions regarding the Social Security program. How Much Will I Get? The way to find out this information is to sign up on the Social Security Administration website and view your personal statement so you can gain an understanding of approximately what you can expect to receive when you qualify for benefits. You can then use this projection to help you gauge exactly how much supplementation is going to be necessary. When Can I … [Read more...] about Answering Top Three Social Security Questions
The Benefits of Stretching an IRA
When you want to be prepared for the future starting and contributing into an individual retirement account can be a good idea. In addition to an IRA's use as a way to generate resources for retirement such an account can also be a good estate planning tool if you want to gain tax efficiency as you set aside resources for the benefit of succeeding generations. You may begin contributing into a traditional individual retirement account with the expectation of needing these funds yourself … [Read more...] about The Benefits of Stretching an IRA
Are You Drifting or Building?
The goal that most people have while they are traversing their career paths is to be able to retire someday and do so in comfort. When you work to support your family over the decades you invariably have limited spare time. As a result a lot of things that you would like to do probably have gone undone. The objective for many is to be able to have these experiences once they retire. This is easier said than done. The income that is derived from Social Security is limited, and this alone is not … [Read more...] about Are You Drifting or Building?
Survivor Benefit Plan Protects Spouses of Military Retirees
You must have a thorough understanding of the benefits that are available to you when you are planning for retirement as a military veteran. Most people are aware of the fact that you are entitled to a retirement pension after 20 years of service. If you do retire after serving 20 years your pension benefit will be based on a percentage of your base pay. The longer you stay in the higher the percentage will be when you do begin to draw your pension benefit. After 40 years of service you would … [Read more...] about Survivor Benefit Plan Protects Spouses of Military Retirees
Senior Citizen Loses Long-Term Care Insurance Suit
There was a court case resolved in the state of Kentucky recently that is interesting to people who are in the field of elder law. This case underscores the reason why it is a good idea to discuss matters with a legal professional before you take actions that you may regret later on. Back in 1992 Jeanne Crutchfield obtained long-term care insurance in anticipation of the possibility of the need for living assistance at some point in the future. Unfortunately Ms. Crutchfield was diagnosed with … [Read more...] about Senior Citizen Loses Long-Term Care Insurance Suit
Senior Lifestyle Trend Has Estate Planning Implications
There are intestacy rules of succession in place that would hold sway if you were to pass away without having executed any estate planning documents. Most people are going to have more specific designs so it is not a good idea to rely on the probate court to distribute your assets in accordance with intestacy laws. However, if you are married your spouse would be provided for under these laws. But if you are in a committed live-in relationship with someone without being married this individual … [Read more...] about Senior Lifestyle Trend Has Estate Planning Implications
South Carolina Residency Provides Estate Tax Advantage
South Carolina estate planning lawyers often field questions about the federal estate tax. This year the tax is imposed on resources that exceed $5.12 million. The $5.12 million exclusion is going to be reduced to just $1 million in 2013. There are over 8 million households in the United States with assets exceeding $1 million so this is a change that is impacting many Americans. You should be advised that with the assistance of a good inheritance planning attorney there are things that can be … [Read more...] about South Carolina Residency Provides Estate Tax Advantage
Paying Property Taxes Can Be Challenging for Some Seniors
Retirement planning is integral for serious minded individuals who want to be able to enjoy a certain modicum of financial security during their senior years. Putting yourself in a position to be able to pay your way for perhaps a couple of decades or more without working can require some long-term financial discipline as you act within an intelligently conceived framework over an extended period of time. In order to be able to reach your objectives you must accurately project your future … [Read more...] about Paying Property Taxes Can Be Challenging for Some Seniors
