There is an interesting article on the Forbes website that provide some information that is very inspiring to those who are looking for reasons to start planning ahead for the future. The article tells us that this year the average Social Security benefit for a couple in the United States is a mere $2048 per month. For single individuals the average is just $1,261. These figures are in place after a 1.7% cost-of-living adjustment that went into effect at the beginning of the year. This is …
Take Pause Before Buying Into HECM Solution
Home equity conversion mortgages are available to individuals who are at least 62 years of age who own their own homes or have adequate equity. With these loans you receive payments from the lender who in turn is receiving equity in your home. The loan becomes due after the borrower passes away or moves from the residence. Such a move would often times be a move into a long-term care facility. The appeal of these loans is the fact that someone who is living on a fixed income can suddenly …
Assisted Living Benefit for Wartime Vets
Assisted living is very costly, and many senior citizens simply cannot pay for it out-of-pocket. Medicaid can be a solution for some people, and veterans may be able to tap into a very valuable military benefit. The Veterans Aid and Attendance special pension provides single veterans with as much as $1732 per month to help with assisted living expenses. A surviving spouse of an eligible veteran may receive up to $1113 per month, and a couple could qualify for $2054 each month. To meet the …
Alzheimer’s Disease: Know the Facts
Being comprehensively prepared for the future involves planning ahead for the possibility of incapacitation. We all know there are numerous different causes of incapacity, but the most significant one for senior citizens is Alzheimer's disease. When you understand the facts about Alzheimer's disease it becomes impossible to keep your head in the sand assuming that you will never go through a period of incapacitation. The New York Times has done an excellent job researching the subject and …
Beware of Improperly Executed Last Will
The possibility of a contested will is something to take into consideration when you are planning your estate. These days there are a lot of websites all over the Internet claiming that it is easy to draw up your own last will using a download or a worksheet that they will sell you. You would do well to take pause before buying into these ideas because of the possibility of an improperly executed last will. A last will that has not been properly executed under the laws of the state of New …
Confidential Agreement Reached in Kinkade Case
From time to time we highlight a celebrity estate planning case in an effort to underscore some of the things that you can do right, and some of the things that you can do wrong when you are planning your estate. With this in mind we passed along some news about the disputed estate of the painter Thomas Kinkade in a previous blog post. A dispute arose between Amy Pinto-Walsh, the woman that Kinkade was in a relationship with at the time of his death, and Nanette Kinkade, the wife of the …
Former Television Stars Receive Unexpected Bequests
There was recently a story trending throughout the media that is relevant to the field of estate planning. The situation that we are going to share is not necessarily all that instructive, but it is definitely interesting. Back in the late 1970s the Lucan television series aired for one season, starring a fellow named Kevin Brophy. The show had at least one fan: An Illinois man named Ray Fulk. Fulk was apparently also fond of the soap opera The Young and the Restless during the late 80s …
Insurance Can Defray Long-Term Care Costs
Late last year the New York Times tackled the subject of long-term care insurance and whether or not it is wise for younger people to purchase this insurance. The first thing that should be considered is the fact that Medicare won't pay for long-term care. And, most senior citizens will need living assistance at some point in their lives. These two facts make advance planning a must unless you are someone who doesn't mind gambling with your future. Long-term care insurance is an option, …
Federal Estate Tax & Married NY Same-Sex Couples
The passage of the New York Marriage Equality Act back in 2011 had some profound implications from an estate planning perspective. Here in New York we have a state estate tax, and in 2013 there is a $1 million exemption. So, assets that you have that exceed $1 million in value are taxable as you are transferring them to your heirs. However, there is an unlimited exemption between spouses. As a result, same-sex couples that are legally married in the state of New York can take advantage of …
BC Sloan Center: Higher Percentage of Elders Still Working
The Sloan Center on Aging & Work at Boston College does a lot of work that is of interest to people who are in the field of retirement planning. One trend that is emerging is the propensity for seniors to remain on the job longer than they once did. 40% of people who are 55 years of age and older are still in the workforce; in 1993 this figure was 30%. 17% of people who have reached the age of 65 are still on the job compared to 12% in 1990. The average age at which people retire has …
INHERITANCE PLANNING: WHAT IF SPOUSES CAN’T AGREE?
Even if your love for your spouse knows no bounds, you and your partner may not agree on everything. Different people can adopt different perspectives when it comes to estate planning, and you may have certain ideas while your spouse has others. If you are married and you can’t come to an agreement with your spouse with regard to the proper course of action when you are planning your estate you could consider entering into a post-marital agreement. Everyone has heard of the premarital …
What Is a “Wait a While” Trust?
There are multiple different types of trusts that can be utilized to great advantage when you are planning your estate. They serve different purposes, with some of them being designed to provide tax efficiency. One of these is the charitable lead trust. A non-grantor testamentary charitable lead trust is sometimes called a "wait a while" trust. These devices are rather complicated, so the best way to learn about them is to consult with a licensed estate planning attorney in person. You can …
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