By Stanley M. Vasiliadis After his wife died, Frank, a retiree, updated his Will, Financial and Health Care Powers of Attorney, and Living Will. His Will directed that his estate, a large part of which included investments managed under a brokerage account, pass in equal shares to his three children. Frank, unbeknownst to his lawyer
In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums. Cost of living increases are tied to the consumer price index, and an upturn in inflation rates and gas prices means recipients
The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs.