What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
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Prepare for Out of Pocket Medicare Costs
When you are working and paying FICA or self-employment taxes, it can seem like the money is going into a black hole, but in fact, you get something for your contributions. You earn one retirement credit for every $1360 that you pay taxes on in 2019. The maximum annual accrual is four credits. As you can see, this is a modest requirement, and we should point out the fact that this exact figure is adjusted annually to account for inflation. After you have at least 40 credits, you will qualify … [Read more...] about Prepare for Out of Pocket Medicare Costs
A QTIP Trust Can Provide Protection
There are many different acronyms used in the field of estate planning to shorten somewhat wordy legal terms. One of them is QTIP, and it is something that sounds familiar, but most people have not heard it used in this context. In our area of the law, it stands for a qualified terminable interest property trust. Remarriage Protections If you are getting remarried as a parent, you may have some estate planning concerns. This can be especially relevant if you have significant financial … [Read more...] about A QTIP Trust Can Provide Protection
Make Your Own Plan
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most. Make Your Own Plan … [Read more...] about Make Your Own Plan
Is Joint Tenancy a Good Estate Planning Solution?
Probate is a legal process that gets your attention in a negative way when you understand what it is all about. If you maintain direct possession of personal property and arrange for its transfer through the terms of a will, the document would be admitted to probate. The executor would be in charge of the hands-on tasks, and the Surrogate’s Court would do its part from a supervisory standpoint. Though this process serves a purpose, it can present hassles and expenses for the rightful heirs to … [Read more...] about Is Joint Tenancy a Good Estate Planning Solution?
