Asset Protection
Don’t Let Politics Alter Your Retirement Planning
A good long-term strategy will trump any short-term political impact on your retirement plan. Remember to keep your perspective, regardless of your age and stage, and focus on strategy, not headlines. It is admittedly a worrisome time for Americans whose retirement is in the near future. Will Medicaid and Medicare still be in place, are…
Read MoreEstate and Farm Succession Planning: Costly and Common Mistakes
Planning for the next generation to continue the legacy of a family farm, or any family-owned business, requires estate planning that begins decades in advance. Without properly prepared estate and succession plans in place, many farm families find themselves in a bind from a financial and legal standpoint. In many cases, the family farm must…
Read MoreIs a Trust Right for Your Estate Plan, and What Kind of Trust is Best?
Wealthy people are not the only ones who use trusts in their estate planning. They also serve many different purposes for “regular” people. Here’s something that most people don’t know: if you listed your spouse or a child as a beneficiary on a bank account, from a technical standpoint, you have created a simple trust.…
Read MoreWhether You Are 18 or 81, Why You Need a Will
Having a will gives you a voice in what happens to your possessions, and estate planning documents give directions to others about your wishes in the case of incapacity. Many people think that they only need a will if they have a lot of assets, but that’s just not true. Anyone who is older than…
Read MoreA Smart Retirement Plan Includes Life and Disability Insurance
“Will your beneficiaries receive death benefits free of the federal estate tax?” Your long-term personal financial plan should include sufficient life and disability insurance as a key planning element. With the proper balance and advance planning, you can collect life and disability insurance proceeds free of federal taxes. MarketWatch’s recent article, “How to avoid the…
Read MoreIncome Planning During Retirement
Retirement may bring an end to your work life, but your responsibilities just change gears. You have to learn how to navigate Medicare and manage an investment portfolio. People who may have been happy to let their investment company handle their retirement savings face big decisions in retirement, including how much risk they are willing…
Read MoreHelp Loved Ones Avoid the Sneaky Sweepstakes Scammers
The request for personal data seems like a simple thing when the chance to win millions is presented. However, the more information seniors give to sweepstakes scammers, the more vulnerable they become. Ninety-one year old “Jenny,” came very close to joining the ranks of elderly Americans who are scammed by thieves luring victims with the…
Read MoreThe Final Frontier: Naming a Data Executor for Digital Assets
When death is unexpected, not having a digital executor or a plan for digital assets can do a world of harm. One family learned this the hardest way possible. When Karen Prangley’s father died after two severe strokes at age 62, the family was devastated, according to Fox 11 News in “Dealing with the loss…
Read MoreCan You Protect Your Home from the Medicaid Estate Recovery Program?
It’s a no-win scenario: you need long-term care and are eligible for help from Medicaid, but the possibility exists that Medicaid could take possession of your home as part of reclaiming funds after you die. What should you do? The Medicaid Estate Recovery Program does reclaim funds from estates of people who have received care…
Read MoreRetirement and Financial Planning is Doubly Important for Singles
An increasing number of women and men are entering the retirement phase of their lives as singles. Putting a financial and estate plan into place is just as important as for couples, even if there are no heirs. It seems like every article about financial planning and retirement concerns couples, but many people today are…
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