The future is bright for people who are making measurable financial progress every day. When you work within a solid framework with specific goals in mind you make intelligent choices on a consistent basis, and you invariably feel quite good about them. Conversely, if you are just meandering along with no real long-term financial strategy you are probably going to feel some sense of insecurity and discontent. This is natural when you know deep down inside that you are really not prepared …
Social Security: How, When & How Much?
When you speak with a retirement planning attorney about your future he or she is going to explain the limitations of Social Security. Thinking that you will be able to get by on Social Security alone is a mistake, and this is why advance planning with the benefit of expert guidance is so important. Why is it a mistake? The answer is because Social Security benefits are quite limited. The average monthly benefit in 2012 was less than $1250, and even the maximum of $2513 is not exactly a …
Your Parents May Need Your Help Someday
When we are children we look up to our parents and rely on them for everything. Once we enter adulthood we still need our parents in any number of ways, and this dynamic is something that is embedded in all of us. However, the truth is that your parents may well need your help some day when they reach an advanced age. Most people who reach their middle 60s will indeed need some help with their day-to-day needs eventually. According to the Medicare website 70% of this assistance is provided by …
Free Report on Trust Administration Now Available
We do everything possible to demystify estate planning for our neighbors here in and around Commack. When you understand the reasons why certain courses of action are necessary everything falls into place, and you do in fact take the necessary steps for your own well-being and that of your family. One of our initiatives has been to create a series of free reports that we are offering to people here in Long Island free of charge. The report that we are now making available explains the process …
Question for Procrastinators: What About the Children?
Young adults may hear about the topic of estate planning and quickly hurry on feeling as though it is something that is only applicable to older people. Of course it is absolutely true that senior citizens pass away more frequently than people who are in their 20s, 30s, and 40s. But then again, the children of senior citizens are going to be people who are already grown up and self-supporting. So yes, it is less likely that younger people will pass away, but the consequences of a lack …
Are Private Family Foundations Only for Billionaires?
Many people are in a position to leave behind a charitable legacy, and this can certainly be a rewarding parting act. Exactly what cause or causes you would like to support can be something that you carefully craft to reflect your own passions and interests. If you decide that you would like to engage in acts of philanthropy as you are planning your estate you will have some decisions to make with regard to vehicles of charitable giving. Perhaps the first thing that will come to mind for …
Authorize Release of Medical Records
The process of estate planning should include comprehensive preparations for all the contingencies that may present themselves as you enter your twilight years. With this in mind you would do well to speak with an estate planning attorney about incapacity planning. It should be noted that people of all ages should have an incapacity plan in place. Nobody has a view into the future, and accidents and catastrophic illnesses can strike anyone at any age. The above having been noted indeed, …
Authorize a Representative to Make Final Arrangements
Sometimes you can overlook matters that are important when you are planning your estate if you do not discuss things in detail with an estate planning attorney. Final arrangements can fit into this category, and at times some surprisingly negative circumstances can result from a lack of planning. You may recall that the legendary race car driver and automotive designer Carroll Shelby passed away last year. He was married to his seventh wife Cleo at the time, and he had three children before …
Act Now With the Future in Mind
When you are going through your prime earning years you have a window of opportunity that you can either take advantage of or ignore. You must assume personal responsibility for your own future, and if you do not act with that future in mind along the way you may regret it later on. Retirement planning is important, and you cannot correct errors of omission as a senior citizen in most cases because you simply don't have the time to recover. On the other hand, if you understand the facts, …
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