Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more people each have an ownership
Many people believe that if they are single, they don't need a will or other estate planning documents. But estate planning for singles is just as important for single people as it is for couples and families. Estate planning allows you to ensure that your property will go to the people you want, in
The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income. Because women typically live longer
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty. If you have a tax-deferred retirement plan such as a traditional IRA or 401(k), you
2021 Social Security Increase What You Need To Know The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices means Social Security recipients will
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." Trusts fall into two basic categories: testamentary and inter vivos. A testamentary trust is one created by your will, and
Medicare's Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Now is the time to start shopping around to see whether your current choices are still the best ones for you. During this period you may enroll in a Medicare Part D (prescription
Every adult is assumed to be capable of making his or her own decisions unless a court determines otherwise with a guardianship or conservatorship. If an adult becomes incapable of making responsible decisions, the court will appoint a substitute decision maker, usually called a "guardian," but called a "conservator" or another term in some
The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation. High unemployment rates mean Social Security shortfalls could begin earlier than projected. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with
What are Reverse Mortgages? Under our "system" of paying for long-term care, you may be able to qualify for Medicaid to pay for nursing home care, but in most states there's little public assistance for home care. Most people want to stay at home as long as possible, but few can afford the high
