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Once you’re on Medicare, you can’t have it both ways. Many people find it useful to have a Health Savings Account. However, they can run into difficulties when they enter the world of Social Security, according to CNBC in “Near retirement and have a health savings account? Beware of snags when claiming Social Security“. As […]
There are many trusts and they fall into two categories. Estate planning has many options to achieve various purposes and trusts are one of the key ways to accomplish those goals, according to the Aiken Standard in “ON THE MONEY: A look at different types of trusts“. Some are created by the operation of a […]
Predatory marriages are on the increase and one state works toward a solution. A predatory marriage, which is when one party is lacking capacity and is exploited by another party into a marriage, is a form of elder financial abuse, according to the New York Law Journal in “Predatory Marriages and the Elderly: A Legislative […]
Planning ahead can make the problem easier to handle. When parents have passed away, there are many challenges that heirs could face, including the condition of the home to the pain of selling the family homestead, according to The Washington Post in “With proper planning, selling a parent’s house can be a relatively painless process“. […]
What is a power of attorney and what is the purpose? We all like to make our own decisions but unfortunately, there may come a time when we cannot. That is when a power of attorney becomes critical, according to Lancaster Online in “Why you’re never too young for a power of attorney“. A power […]
Retirement at age 65 may become a thing of the past. The participation rate in the workforce in people of retirement age has gone to more than 20% for the first time in 57 years, according to Crain’s New York Business in “America’s elderly are twice as likely to work now than in 1985“. As […]
Seek out an estate planning attorney with knowledge of special needs planning. If you do not have good guidance, it is possible that leaving assets to a disabled family member will cause them to lose their benefits, according to The Ledger in “Crafting an estate plan to include disabled family members“. Supplemental Security Income (SSI) […]
When everyone is comfortable, it is time to move forward with discussion. The key to learning about the financial plans of your parents is to ask for advice on your plans and then ask about their plans, according to “Ask your folks about their financial plans“. Start by explaining your own plan, how you’ve decided […]
There are benefits to being self-employed. However, saving easily for retirement hasn’t been one of them. Without an automatic withdrawal from a regular income payment, it’s tough for the self employed to save toward retirement. However, there is an option, according to Next Avenue in “A Retirement Plan for the Self-Employed: The Single 401(k)“. Known […]
Don’t procrastinate on some of the larger issues in life. It is often easy to become wrapped up in the day-to-day issues of everyday life. However, it is important to note that if you don’t plan on what will become of your assets, then the laws of your state of residence will step in and […]
