Retirement Planning

Rest Assured, Your Social Security Benefit Information Is Still Readily Available

Rest Assured, Your Social Security Benefit Information Is Still Readily AvailableNo matter how much we try to focus on taking things day by day, the uncertainty of the future always seems to linger in the back of our minds. We worry about things like:

  • If I get hurt and can no longer work, how much will I receive in Social Security Disability?
  • Once I decide to retire, will my Social Security retirement cover my daily living expenses?
  • If I am no longer here to support my family, will my family be able to live off my Social Security?
Read More

Why You Should NOT HIRE the Nursing Home Attorney to File a Medicaid Application

Why You Should NOT HIRE the Nursing Home Attorney to File a Medicaid ApplicationFor most seniors, obtaining Medicaid to pay for nursing home care is a must. Very few people can afford to pay privately for extended long-term care, which is not covered by Medicare.

The nursing home may provide you with a list of attorneys to assist with the filing of a Medicaid application. It is suggested that you obtain three attorney references in writing.

A key question for the family to ask is: Do any of the attorneys on the list currently represent the nursing home?

Read More

Are You Ready for Tax Season? Tips for 2016

Are You Ready for Tax Season? Tips for 2016We’re heading into the 2016 tax season. By the beginning or middle of February, you should have received all your tax statements, which might include:

  • A W-2 from an employer;
  • A 1099 statement from a bank or brokerage account;
  • An SSA-1099 from the Social Security Administration;
  • A 1099-R from a retirement investment; and
  • A schedule K-1 from either a partnership or an estate/trust.

If you haven’t received all your tax forms by mid-February, you should contact the relevant institutions as soon as possible to make sure they have the right address for you and that they did send the forms. It’s important to make sure you “have all your ducks in a row.”

Read More

Preparing for the Winter: Legal Documents for Peace of Mind

You Don’t Need to Travel to Our Office to Get HelpUnless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf.  Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.

Read More

Safeguarding Clients from Long-Term Care Costs

*This article has been re-posted from AccountingToday.com with permission from the author, Henry Montag. Click here to see the source article.

As your clients’ most trusted adviser, how can you protect them from the financial threat and high costs of long-term care?

You basically have two initial choices. Let’s assume your client is under age 75, relatively healthy and understands that an unexpected, unreimbursed long-term care expense is a real threat that can unravel their and their spouse’s retirement plans and lifestyle. You can talk about “what if” scenarios, including the purchase of a long-term care insurance policy. Or you can avoid the fact that costs for care at home or in an assisted living community are in the $60,000 to $75,000 range, and that costs in a skilled nursing facility are in the $125,000 to $175,000 range and are both increasing by 4 percent annually.

Should you have this unpleasant, difficult conversation with your clients? Since the odds of this problem affecting a client over age 80 is approximately 70 percent, it could make a great deal of sense to get your clients thinking about a solution to a problem they may one day likely face. Where will the necessary funds come from to pay for these costs? Is there a readily accessible source of sufficient funds that will not trigger a large unnecessary taxable event when liquidated? Should the client self-insure against this threat or would it make more economic sense to purchase a long-term care insurance contract from one of the major insurers?

Read More
Back To Top
Search