Five Reasons to Have a Will
Your will is a legally-binding statement directing who will receive your property at your death. Why should you have a will? Here are some reasons.
Using Life Insurance as Part of Your Estate Plan
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life.
Medicare Premiums to Increase Slightly in 2021
Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50.
Watch Out for These Potential Problems with Life Estates
Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for.
Special Tax Deduction for 2020 Allows Donations of $300 to Charity Without Itemizing
As we enter the giving season, there is an additional reason to be charitable. Congress enacted a special provision that allows more people to easily deduct up to $300 in donations to qualifying charities this year.
Annuities and Medicaid Planning
Immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse.
How to Fix a Required Minimum Distribution Mistake
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty.
A Modest Social Security Increase for 2021
The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s.
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents. Although these products are convenient, using them could create serious and expensive legal problems for heirs.
Don’t Forget to Fund Your Revocable Trust
Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.