Many people rely on their 401K plans for their retirement needs, and if that is the case, they should learn everything they can regarding these accounts. We have come across three things that many don’t realize about 401K retirement accounts: 1. Annual Limits The IRS limits pre-tax deductions to an amount that changes annually. A person's maximum before-tax contribution for 2011 is $16,500, which is unchanged from 2010. It is important to understand this limit. This figure indicates … [Read more...] about Retirement Planning: Three 401k Facts
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Estate Planning and Unusual Last Requests
Did you hear the one about the woman who wanted to be buried in her nightgown in her Ferrari? It’s no joke, it happens to be one of the many strange will requests that have made the news over the years. Unusual last wishes are nothing new in the estate planning business, in fact, there are several famous last wishes throughout history, including: Napoleon Bonaparte left a wish to have his head shaved and the hair divided up amongst his friends. This wish was carried out, in fact, a recent … [Read more...] about Estate Planning and Unusual Last Requests
Elder Law: Exploring Elder Living Options
As an elder law attorney, I address the issues that face the fastest growing segment of our population – senior citizens. One issue that comes up time and time again, not only in elder law issues, but with estate planning clients, is that of long term care vs. home care options. In a recent AARP survey, over 80% of seniors stated that they prefer to stay in their homes as they age, rather than move to a long-term care facility. Families can help them do so by exploring alternatives that may … [Read more...] about Elder Law: Exploring Elder Living Options
Life Insurance Proceeds: Your Loss is New York’s Gain
Life insurance plays a valuable role in estate planning – not only can it be used to replace income if a "breadwinner" dies suddenly, but it can also help an estate pay its expenses, create liquidity for an estate that is heavily invested in real estate, or even create an estate where one might not have otherwise existed. One major benefit of life insurance – the proceeds avoid probate, allowing the funds to pass more quickly to the named beneficiaries of the policy. But what good is a life … [Read more...] about Life Insurance Proceeds: Your Loss is New York’s Gain
Mickey Rooney Testifies on Elder Abuse
Mickey Rooney has been in show business for over 70 years, but he has now found himself making an important appearance in February, 2011. Mr. Rooney testified in front of a special Senate committee considering legislation to curb abuses of senior citizens. Over the past several years, Mr. Rooney has become one of the growing numbers of senior citizens who are falling prey to elder abuse and exploitation. Last month, he filed suit against his stepchildren charging verbal, emotional, and … [Read more...] about Mickey Rooney Testifies on Elder Abuse
