When you are working throughout your life, you pay FICA taxes if you are on a payroll, and if you are self-employed, you pay self-employment taxes. You earn retirement credits when you pay these taxes. It is possible to earn up to four retirement credits in a calendar year. Most people who work for any length of time during the year will earn these four credits, because the requirements are modest. During the current calendar year, you get one credit for every $1220 that you earn. Once you …
New York Long-Term Care Costs Are Expected to Rise
A lot of people who have never looked into the subject are not concerned about long-term care costs. There are primarily two different reasons for this misguided perspective. There are those who feel as though they will never need long-term care, because they have lived healthy lives. This is a rather shortsighted point of view. If you think about it, if you have in fact taken good care of yourself, you will probably live a long life. As you get older, it becomes more likely that you will …
Remarriage, Your Children, and Your Estate Plan
The estate planning process can get complicated under some circumstances. For example, if you are a parent who is getting remarried, you have to consider the well-being of your children as you enter the marriage. If you do not take steps to make sure that your children receive inheritances, you never know what could happen if you predecease your spouse. Your spouse and your children may not get along well, and your spouse could potentially remarry after your passing, and your children could pay …
Turning the Corner: When Elder Law Becomes Relevant
When you are younger, it can be hard to wrap your head around a time when you will be among the senior population. You live in the moment, and you stay in touch with your youth to one extent or another, even as you become a parent in your own right. Clearly, it is hard to relate to something that you have not experienced, and this is understandable. At the same time, you are going to wake up one morning and realize that you have reached the middle of your life. This is when you may start to …
Charitable Giving Can Be Part of Your Legacy Plan
Your legacy is something that you can finely craft when you are engaged in your estate planning efforts. Legacy planning could be defined as a more complete and comprehensive form of estate planning. There are numerous different things that you can do to leave behind a lasting legacy. Your family is going to come first without question, but if you are in a position to do so, you may be able to help others through acts of charitable giving. The primary objective for most people will be …
What Information Do I Need to Create My Estate Plan?
There are many different things to take into consideration when you are creating your estate plan. We will provide an overview in this blog post so that you can put together a checklist of sorts. Inventorying Assets You need to understand exactly what you have to pass along to your loved ones. This can seem self-evident when you are creating an inheritance list, but there is another reason why you need to know exactly where you stand when you are devising your estate plan. Estate taxes can …
What Is a Self Proving Will?
There is a misconception that many people harbor when it comes to last wills. You may think that the executor that you name can distribute assets to the heirs right after you pass away, without any supervision. In fact, this is not the case. A will must be admitted to probate, and in New York, the Surrogate's Court supervises the administration of the estate. During this process, there is a proving of the will. The court examines the document to make sure that the will is in fact valid. The …
What Is an Ethical Will?
You may look at estate planning as a purely financial endeavor. Obviously, you have to prepare your resources for future distribution to your loved ones when you plan your estate, but you can view the process in a more comprehensive manner. Legacy planning is a more holistic form of estate planning that takes matters of the heart into account. When you are crafting your legacy plan, you could consider the inclusion of a document called an ethical will or legacy letter. Some people are …
What Are the Top Three Estate Planning Priorities?
Many people think that estate taxes are the top concern that people have when they are devising estate plans. In fact, clients typically talk about other things when they are explaining their priorities. In this blog post, we will look at three of the top estate planning priorities that we hear about from our clients. Control of Assets When you plan your estate, you position your assets with postmortem distributions in mind. In some cases, this will involve the creation of a trust of some …
Will Most Seniors Require Nursing Home Care Eventually?
When you have been active and independent all of your life, nursing home care can seem like something that will never be relevant. Everyone is aware of the fact that there are people receiving nursing home care, but you may assume that it is unlikely that you will ever be among them. The statistics tell a different tale. There is a very useful website that you may want to explore if you want to be fully prepared for the eventualities of aging. This website, LongTermCare.gov, is maintained by …
Who Handles My Affairs If I Become Incapacitated?
When you are looking ahead toward your twilight years, you should be pragmatic about possible incapacitation. People are living longer and longer lives, and it is likely that you will live into your eighties if you are fortunate enough to celebrate your 65th birthday. Once you reach an advanced age, incapacitation can enter the picture. Alzheimer's disease alone is enough to get your attention. The Alzheimer's Association does a lot of fantastic work educating the public about this …
How Is My Last Will Handled After I Die?
The legal document called a last will or last will and testament is the most commonly used estate planning device. You can state your wishes regarding asset distributions in a will, but you should be aware of the estate administration process that will come into play. When you create a last will, you name an executor or executrix. This is the person who will handle the business of the estate after you are gone. An executor is a male estate administrator, and an executrix is a female who has …
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