Asset Protection
Whether 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…
Read MoreTime to Have That Money Talk with Aging Parents
It’s not an easy conversation to have, since you have your own personal finance matters. But there’s another piece of your financial life to consider: your parents and their finances. Here’s how it often goes: you don’t think you have to worry about Mom and Dad and their money situation, now that they’re both retired.…
Read MoreWhy Wills and Estate Planning are Not Do-It-Yourself Projects
Estate planning attorneys are often called upon to repair the damage, after homemade wills are found to be invalid. It sounds like a great idea, kind of like building your own furniture or baking your own bread. But wills and estate plans are governed by state law, and laypeople often run into problems when drafting…
Read MoreNext Up for Inheritances: Millennials and Gen Xers
The next few decades will see a vast amount of wealth transferred from Baby Boomers to their children. The question is, will those children be ready to manage new wealth? Almost $30 trillion in assets has already started to pass from one generation to the next, according to Delaware Online in “You’ve just inherited a…
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