Newsweek recently published an article on retirement planning that said most planners are painting the wrong picture. These retirement advisers advise those seeking their advice and assistance that their spending levels will remain level. In actuality, most people reduce their spending during retirement. There are generally four separate phases to retirement: THE EARLY YEARS: In the early years, retirees are likely to travel more and spend money on home improvements, vehicles, and so … [Read more...]
What Your Will Can’t Do
Did you know that your Will does not cover every aspect of your Estate? Having a Last Will and Testament is an important part of the estate planning process, but there are several things your Will cannot do, some assets it will not control. If you and your spouse own property as joint tenants with rights of survivorship, your Will cannot leave this property to anyone besides your spouse as long as he or she is alive as survivorship joint tenancy property automatically passes to the … [Read more...]
The Health Care Reform Bill’s Affect on Medicaid
Health Care Reform has affected a number of government programs, including Medicaid. For example, States will have to include Spousal Impoverishment Protection in their waiver programs, and offer this protection to spouses of HCBS waiver participants, including those who are medically needy. This protection will continue for 5 years. The law also establishes a Community First Choice Option to provide community-based support and services to those with disabilities who are Medicaid eligible and … [Read more...]
Four Ways to Avoid Probate
While some see probate as a necessary evil, there are ways to avoid this time-consuming and expensive process. And if you do it correctly, you can also ease the stress on your loved ones as well. Here’s a few ways to bypass probate. A Revocable Living Trust is the most effective way for your family to avoid probate after your death. You can place all of your holdings into your trust, and during your life you will be the trustee. At your death, your trust will pass to your chosen heirs. … [Read more...]
The Health Care Reform Bill’s Affect on Medicare and Insurance
In an earlier blog, I addressed some changes to Medicare brought about by the Healthcare Reform Act. In addition to those changes, the law establishes an Independent Payment Advisory Board to make recommendations on Medicare cost savings. These recommendations will automatically become effective if Congress does not enact an alternative proposal that achieves the same cost savings. Also, the Act ties Medicare Part D premiums to income, meaning more Part B and Part D beneficiaries will be … [Read more...]
When Life Changes, Update Your Will
Life is full of changes. People get married, divorced and have babies every day. When your life makes a significant change, you should update your Last Will and Testament. Don’t forget to update other estate documents, too. Are you getting married or divorced? These major events may affect who you wish to leave your property and money to. If you and your new spouse do not have Wills, state laws will determine what your spouse receives at your death. To avoid this, you and your spouse … [Read more...]
The Health Care Reform Bill’s Affect on Elderly and Those With Special Needs
President Obama signed a Comprehensive Health Care Reform Bill (H.R. 3590) into law on March 23, 2010. Congress then passed the Reconciliation Act of 2010 (H.R. 4872), which modified H.R. 3590, on March 25, 2010. This is what is commonly referred to as the Health Care Reform package. Many clients have been asking us how this Health Care Reform will affect the elderly and those with special needs. I thought it might be helpful in this and upcoming blogs to highlight the significant provisions … [Read more...]
Pet Trusts Now Enacted for the State of Oklahoma
Beginning September 1, 2010, Oklahoma pet owners will have an additional tool to use to provide care for their pets after the owners are no longer able to provide the needed care. On May 12, 2010, Governor Brad Henry signed HB 1641. This bill allows individuals to create trusts where their pets are the initial beneficiary. As long as the pet is alive, the Trustee has to provide care to the pet (or pay a caregiver). A separate trust enforcer is appointed by the Owner to ensure the Trustee … [Read more...]
How Much Does Probate Cost?
The fees associated with probate can end up costing a great deal of money, and the more assets in the estate, the more money probate will cost. And while there is no set amount, there are some fees that are common to the process: Fees to an Attorney – This amount will depend upon the extent of your estate. Some attorneys charge a flat rate for basic services and an additional amount for advanced planning needs while other attorneys prefer to bill on an hourly basis. You’ll have to talk to … [Read more...]
Using Annuities to Boost Your Retirement
When you invest in an annuity you are investing in an insurance product that will provide you cash payments later. Annuities are an option that some people choose to include in their retirement planning due to the fact that an annuity will provide them with a cash flow. How the Annuity Works The annuity works something like an insurance policy, but it is really an investment. Typically you pay a lump sum of money at the time of the investment. In some cases, you may make additional … [Read more...]
