Archive for the Blog Category

How To Make Your Retirement Savings Last Longer

On December 3, 2020   /   Blog  
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How To Make Your Retirement Savings Last Longer

For the vast majority of people considering retirement, one question looms above all others: Have I saved enough to make the dream of retirement a reality? Tough question, given that it is impossible to predict how long we will live and what future costs we might incur (particularly with regard to health care). An article in U.S. News & World Report provided the following strategies for retirees to cut monthly expenses and make their life savings last longer. Pay off your mortgage Eliminating monthly mortgage payments is of the best ways to make retirement more affordable. While you will still have to pay taxes and maintenance costs on your home, these expenses are most likely a fraction of your mortgage payments. Downsize your home When your children have moved out and become independent, do you really need that house with several bedrooms in a community with good schools and large

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Is It Better To Buy Or Rent A Home In Retirement?

On December 1, 2020   /   Blog  
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Is It Better To Buy Or Rent A Home In Retirement?

Maybe you’re looking to relocate to a state you’ve always dreamed about living in. Or perhaps you just want to downsize to a more manageable property. Whatever the reason, the decision whether to buy or rent a home in retirement is a difficult one. A recent article in Consumer Reports Magazine offers some helpful advice on making this decision. One of the most important factors to consider is how long you expect to live in your new home. Retirement does not necessarily mean you’ll never want (or need) to move again. The shorter you reside in the home, the less financially attractive purchasing it becomes. You will have less time to recoup closing and moving costs, and if you finance the home, you will have little equity in the new property when you sell it. In addition, the federal income tax reduction on mortgage interest may be less advantageous if

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A Major Cause of Dementia Has Been Identified and Could Lead To New Treatments

On November 26, 2020   /   Blog  
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A Major Cause of Dementia Has Been Identified and Could Lead To New Treatments

According to researchers at the Krembil Neuroscience Centre in Toronto, Canada, some forms of dementia are the result of many tiny, unnoticed strokes that damage the brain over time. The researchers believe that this type of dementia, once considered untreatable, could be managed with changes in lifestyle. The findings come from a study involving five individuals who had their brains scanned over the course of 16 weeks. The frequent scanning revealed minute spots on the MRIs characteristic of minor strokes. Such spots had not been in previous studies because the scans were conducted at longer intervals, in most cases just once per year. While researchers believe that the spots themselves do not cause symptoms, the lesions can become areas of white matter disease characteristic of dementia. Although approximately half of all elderly individuals have this white matter disease, in many cases it is harmless. For some, unfortunately, the disease can

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Make Sure Your Revocable Living Trust Is Properly Funded

On November 24, 2020   /   Blog  
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Make Sure Your Revocable Living Trust Is Properly Funded

You’ve taken the time to plan for the financial well-being of your loved ones and yourself. You’ve created a customized estate plan to address your goals and concerns. Your plan includes one of the most powerful estate planning tools out there, the Revocable Living Trust, which allows your heirs to avoid probate upon your death and provide for management of your assets without interference from the court should you become disabled or otherwise incapacitated. All is well and good—unless you have not taken the steps necessary to fund your trust. Without proper funding, your trust is worth no more than the paper it is written on. It’s hard to believe, but many families take the time to create a comprehensive estate plan, together with a Revocable Living Trust, then fail to properly fund the trust. And even though a Will may provide that all assets pour over into your trust

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Make Sure Your Advance Directives Are Available When They Are Needed Most

On November 19, 2020   /   Blog  
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Make Sure Your Advance Directives Are Available When They Are Needed Most

As an estate planning and elder law firm, we advise all of our clients about the importance of creating advance directives and keeping them up to date. However, it is equally important to let your love ones, physicians and financial advisors know that you have created these documents—and, where to find them. If your documents are stored on your computer, do your loved ones have the file name or password necessary to access them? If you’ve placed your planning documents in a safe, do your loved ones know the combination? If nobody can find your documents, they are about as valuable as the paper they are written on. In addition to making sure your loved ones can access your advance directives, you should consider telling them about your wishes directly, particularly the manner in which you want to be cared for in an end-of-life situation. We understand how difficult it

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An Introduction to Special Needs Trusts

On November 17, 2020   /   Blog  
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An Introduction to Special Needs Trusts

For many families with a special needs child, a special needs trust is one of the most important components of the family’s overall estate plan. A properly designed and implemented special needs trust can provide a number of important benefits. Maximize quality of life while protecting eligibility for government assistance. A special needs trust allows you to provide funds that can help improve the quality of life for your special needs loved one without jeopardizing eligibility for necessary government assistance, such as Supplemental Security Income (SSI). Funds in the trust can be used for all of the following and more: Medical procedures or therapies not available through government assistance Supplemental nursing home care and private companion services Travel expenses Entertainment expenses such as movies, concerts or electronic equipment Fees for guardians and attorneys Other expenses, services or products not provided by a government assistance program Lower costs for healthcare services.

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Can Lifestyle Changes Prevent Cognitive Decline?

On November 12, 2020   /   Blog  
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Can Lifestyle Changes Prevent Cognitive Decline?

According to a two-year study, healthy eating, brain training, exercise and sound medical management may prevent age-related cognitive decline and, perhaps, dementia. The study sampled 1,260 people, aged 60-77, randomly assigning one group to receive some general health advice and another group to follow a special program. The advice and training given to participants in the special program included: Diet Eat plenty of fruit and vegetables, wholegrain cereals, low-fat milk and meat products. Participants were also told to eat less than 50 grams of sugar a day and have at least two portions of fish a week. Cognitive training Participants received computer brain training sessions and were advised to improve mental acuity by doing puzzles, reading and other activities requiring cognition. Exercise Participants were told to do strength training one to three times a week and aerobic exercise two to five times a week. The exercise advice was tailored to

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November is National Family Caregivers Month

On November 5, 2020   /   Blog  
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November is National Family Caregivers Month

In 2015, President Obama officially proclaimed November as National Family Caregivers Month. It is a time to recognize the selfless efforts of caregivers across the country and rededicate ourselves to making sure our caregivers have the support they need to maintain their own well-being and that of the people they love. Caregiver Action Network (CAN) is the nation’s leading family caregiver organization. It is working to improve the quality of life for the more than 90 million Americans who care for loved ones with chronic conditions, disabilities, disease, or the frailties of old age. If you are a caregiver, you can find an abundance of helpful information on CAN’s website, http://caregiveraction.org.

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Do You Need A Prenuptial Agreement?

On November 3, 2020   /   Blog  
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Do You Need A Prenuptial Agreement?

Okay, so you popped the big question, and he or she said yes! Whew, what a relief! Now there’s so much to do, so many plans to make: the guest list, the invitations, the reception, the band, the cake, the honeymoon…  the prenup? While it is hardly the most glamorous aspect of planning a wedding and a life together, many couples should at least discuss it. Why? A prenuptial agreement can protect you from financial loss in case your relationship breaks down—no small concern when you consider that half of all marriages end in divorce. Is a prenuptial agreement a good idea for you and your intended spouse? Probably, if any of the following scenarios apply: Either of you has children from a previous marriage You own a business or are involved in a family-run company Either of you has significant assets that you want to keep separate One of

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The Changing Landscape of Care Giving In The United States

On October 29, 2020   /   Blog  
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The Changing Landscape of Care Giving In The United States

With Americans living longer than ever before, many of us will eventually require long-term care. It has been estimated that at least 70 percent of people over the age of 65 will need long-term care at some point in their lives. When most people think about long-term care, and who provides it, nursing homes and assisted living facilities come to mind. However, the vast majority of long-term care in the U.S. is provided by family members. In fact, eighty percent of those receiving care obtain the care they need at home, from children, siblings and other members of the family. A recent study by the AARP suggests that this system will be undermined in the future by demographic changes. Baby Boomers are now in their fifties and sixties, and many of them provide care for aging parents. Boomers in their 50s frequently take time off from work to care for

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