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The Benefits and Risks of Giving Children Their Inheritances While You Are Alive and Well

On December 15, 2020   /   Blog  
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The Benefits and Risks of Giving Children Their Inheritances While You Are Alive and Well

According to a Merrill Lynch retirement study, 60 percent of people over the age of 50 would rather give inheritances sooner rather than later. Why? Many say they simply want to be there to enjoy helping their children pursue their dreams and realize their goals. If you are interested in giving inheritances to your children while you are alive rather than after you pass away, you must consider a number of issues. For example, one of your children might need assistance now to pay off student loans or other debt, while his or her siblings may not. Or, perhaps one of your children is starting a business and would benefit greatly from your gift. The question is, if you give money to one child now, do you have a responsibility to give the same gift to your other children? The key to solving this thorny issue is to speak openly

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With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?

On December 10, 2020   /   Blog  
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With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?

When clients ask us whether it is right for them, we consider their overall plan and unique situation. Sometimes we recommend long-term care insurance, sometimes we don’t, depending on the client’s needs and goals. But what if you’ve already purchased long-term care insurance, and you’ve seen your premiums rise dramatically in recent years? First of all, you’re not alone. In some cases, premiums have gone up as much as 40 to 60 percent in recent years. The reason is that many insurance companies have suffered major losses on policies written more than ten years ago, and they are looking to recoup those losses. (A number of companies no longer offer long-term care insurance at all.) If your premiums have increased, should you keep the policy? Make changes to it? Look for a cheaper one? Here are some factors to consider: If your policy is more than two years old, you

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Planning Tips For Singles

On December 8, 2020   /   Blog  
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Planning Tips For Singles

The 2013 United States Census indicated that 54 percent of women over the age of 65 were not married. The figure for men over 65 was 27 percent. There are many reasons for this, of course, including divorce, the death of a spouse and changes in the way couples today view marriage. However, one thing unmarried people seem to have in common is that their planning needs can be quite different from those of married couples. And, according to an article in the Wall Street Journal, many singles are unprepared for retirement. For example, a Rand Corporation study showed that 20 percent of married couples will not save enough for retirement, whereas 35 percent of single men and 49 percent of single women will enter retirement financially unprepared. Why is there such a large disparity. One reason is that there are factors working to lower singles’ income and investible resources.

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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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