If you or your spouse have worked for at least 10 years you should qualify for Medicare when you reach the age of eligibility. Unlike Social Security the age of eligibility for Medicare is the same for everyone regardless of the year during which you were born. As of this writing you become eligible to receive your Medicare benefits when you are 65 years of age. So at that time you have reached health care Shangri-La, right? You no longer have to worry about paying any medical expenses … [Read more...] about Is Medicare Free Once You Become Eligible?
As you enter into the latter stages of your life you have to be very aware when it comes to how you handle your financial resources. For a number of different reasons senior citizens can be vulnerable to financial abuse, and this is a huge problem in the United States today. The MetLife Mature Market Institute estimates that some $3 billion is lost each year as a result of elder financial abuse and the problem appears to be on the rise. It is very sad indeed, but a high percentage of the cases … [Read more...] about Elder Financial Abuse Running Rampant
If you want to travel and enjoy your leisure time to the utmost you are probably going to have to plan ahead carefully so that you have resources to draw from beyond your Social Security benefit. If you get started early enough and stick to an intelligently conceived plan for an extended period of time you should be able to enjoy your golden years in comfort. It is however important to gain an understanding of what to expect from Social Security when you are making preparations for your senior … [Read more...] about Social Security Spousal Benefits
Making sure that your financial health is in good standing as you reach an advanced age is of course very important. If you are like most people it is going to take some intelligent long-term planning to position yourself to enjoy your retirement years to the fullest. But, if you work with a good South Carolina financial planning attorney you should be able to accumulate the resources that you need to live comfortably throughout your life. In addition to your financial well-being you also have … [Read more...] about Fall Statistics Tell Poignant Tale
One simple and straightforward way that you can reduce the overall value of your estate for estate tax purposes is by giving gifts to your loved ones while you are still alive. Unfortunately, the powers that be are well aware of this simple logic so there is a gift tax in place and it carries the same 35% rate as the estate tax. There is a lifetime gift tax exemption of $5 million, but it is unified with the estate tax. So as an example, if you were to give $3 million in gifts throughout your … [Read more...] about Estate Planning & Tax Free Gifts
There are some estate planning strategies that are rather complex, and they have their place in certain situations. But there are others that are relatively simple and straightforward, and one of them is the practice of tax-free gift giving. It would seem as though you have the right to earn money, pay income tax, and then take the remainder and give a portion of it to anyone you choose without incurring any additional tax responsibility. So the first thought that many people have with regard … [Read more...] about Tax-Free Educational Gift Giving
Planning for the future can be challenging because you can't be certain about the costs that you will be facing. You don't know exactly how well your health will hold up or what the health care system will look like in 10 or 20 years. In addition to this there are talks about alterations being made to Medicare and Medicaid. Though there are things that are out of your control, it is important to be proactive about doing what is necessary to gain an understanding of all that is available to … [Read more...] about Long-Term Care Help For Veterans
During our modern era, estate planning is often times going to involve more than simply arranging for asset transfers within a nuclear family. For better or for worse, a high percentage of marriages end in divorce these days. The exact statistics vary a bit depending on the source, but it is safe to say that between 40% and 50% of marriages do not last, and the majority of people who get divorced remarry at some point in time. In most of these cases there are children involved and blended … [Read more...] about Estate Planning For Blended Families
Due to the fact that we are living in the information age people are able to do many things on their own that they were not capable of doing in years past. There are software programs that make many complicated tasks relatively simple, and this has certainly been a positive development in the big picture. But there are always opportunists out there who will take this a step too far and put people at risk in the process. With this in mind, if you start searching the Internet looking for … [Read more...] about Why Not Plan Your Own Estate?
You might think that people are well aware of the fact that they must plan ahead if they want to enjoy a comfortable retirement, but surprisingly statistics tell a different tale. There was a poll conducted by AP-LifeGoesStrong.com recently that was widely circulated in retirement planning circles that attempted to get a feel for how prepared people who are members of the baby boomer generation are for their retirement years. Some 24% of the people who responded to the poll said that they had … [Read more...] about Retirement Planning: Veterans Can Be Well Prepared