There are times when you come across a statistic that really turns your head around, and you can do a double take and question whether or not you actually read it right. One of these is circulating right now with regard to the rapid aging of the population. At the present time there are no less than 10,000 people applying for Social Security each day for the first time due to the fact that the baby boomer generation is reaching retirement age. This in itself is a rather eye-opening statistic, … [Read more...] about Retirement Planning: How To Get The Most Out Of Social Security
When you are planning your estate there are a lot of things to consider and it would be easy to overlook some of the smaller details. But, one thing you are not going to forget is the nuts and bolts matter of making sure that your family members are well provided for after you pass away. Right? Well, actually, there are those who do indeed overlook making provisions for certain family members. The reason why is because these family members walk around on four legs. Yes, people sometimes neglect … [Read more...] about Three Dogs Inherit $82,000
Estate planning can get rather complicated due to tax laws and the various different forms that your assets may be in when you are making your plans. This is why it is a good idea to retain the services of an experienced estate planning attorney from the outset. There is no reason why the layperson would be aware of all of the options that are available. So when you "go it alone" with the help of some type of DIY software that you found on the Internet your frugality could in fact wind up … [Read more...] about Two Basic But Effective Estate Planning Tools
The world of entertainment received some very sad news recently when the death of British singer Amy Winehouse was reported. Winehouse, a five-time Grammy award winner, was just 27 years of age when she was found dead in her London home. She joins the "27 Club" along with music legends Jim Morrison, Janis Joplin, Brian Jones of the Rolling Stones, Jimi Hendrix, blues icon Robert Johnson, and Kurt Cobain, all of whom passed away when they were just 27 years old. At one point Winehouse was … [Read more...] about Some Surprised That Winehouse Had Current Estate Plan
One of the most extreme sources of asset erosion that must be taken into consideration when you're planning your estate is the federal estate tax. You may hear it said that the estate tax is not something that ordinary people have to worry about because it is only levied on "the rich." The reality is that you don't have to be someone who was born with a silver spoon in your mouth to be exposed to the estate tax, especially given the fact that the parameters are scheduled to change in the … [Read more...] about Estate Tax: Are You Exposed?
The process of estate planning is of course centered around the preparation of your assets for eventual transfer to your loved ones after you pass away. But, when you start to consider the details in-depth you will usually come to the realization that most people don't pass away one day after being in good health for the days, weeks, months and years preceding their deaths. It is not uncommon for people to go through a period of incapacity during the latter stages of their lives and it is … [Read more...] about Incapacity Planning Is Essential
There are those who feel as though they have plenty of time to start planning for their retirement in the future. They're concerned with the present, and when you are young the matter of retirement can seem out of context. Though this line of thinking may be human nature to some extent it can leave you in a very difficult position when your retirement years do arrive. One of the big stories in the elder law community these days is the rapid expansion of the senior citizen population. There are … [Read more...] about Large Numbers Of Baby Boomers May Never Retire
There was recently a lot of buzz in the news about the legalization of gay marriages in the state of New York. Of course such unions are not recognized around most of the country, and this presents some estate planning realities that gay couples must address that are not as important to people who are legally married. If you were to pass away without an estate plan in place and you were married, your spouse would assume ownership of your property under the recognized rules of legal succession. … [Read more...] about Estate Planning Is Especially Important For Gay Couples
Retirement planning can be challenging because it involves making projections about things that will be taking place well into the future. No one has a crystal ball so this is certainly an imperfect science. The financial crisis of 2008 offers a good example of how circumstances that are out of your control can have a significant impact on your retirement plan. Many people who planned carefully for decades found themselves in an unexpected position in the wake of the sub-prime crisis and … [Read more...] about Home Equity Conversion Mortgages & Retirement Planning
When you think about estate planning the financial aspects are probably going to occupy your mind. You must prepare all of the assets that you have been able to accumulate throughout your life for distribution to your loved ones, and this is indeed a formidable task. In a sense it is like the ultimate act of spring cleaning, identifying everything you have tucked away over many decades. And then you have to determine who will be getting what as it were and how best to deliver it. But aside from … [Read more...] about What Is An Ethical Will?