Would you turn down $100,000 if someone offered you that sum?
You might be doing just that if you make the wrong choices regarding your Social Security.
A recent report by the financial planning firm United Income found that very few seniors are making the optimal financial decisions about Social Security and are losing out on more than $100,000 per household as a result. The average Social Security Recipient would receive nine percent more in retirement income if they made the right decisions.
Continue Reading Don’t Take Social Security at the Wrong Time
No one likes to imagine their own death, let alone their own funeral
But planning for this inevitability can make things much easy for your loved ones during an already stressful time, while ensuring your wishes are carried out.
Continue Reading How to Plan Your Funeral
The concept of the “half-birthday” is not something most of us think about after childhood. You do not find many adults saying, “I am 56 and a half.”
However, if you have a non-Roth individual retirement account (IRA) or 401(k), there is an age you’ll want to keep track of: 70 ½.
Continue Reading A Final Retirement Account Distribution Must Still Be Made After Death
The IRS has announced that the estate and gift tax exclusion will be raised from the current amount of $11.38 million to $11.58 million in 2020. This means that you will be able to leave $11.58 million to your heirs without your estate having to pay any federal estate or gift taxes. For a married couple the exclusion is $23.16 million.
The gift tax exclusion, in which each of you can give $15,000 per year to as many individuals as you may choose without having to file a federal gift tax return, will remain unchanged in 2020.
People are having children later and later in life. Janet Jackson gave birth to a son at 50, while Steve Martin discovered the joys of parenthood at 67 (decades after starring in the movie Parenthood).
But becoming a parent later-in-life has its challenges, including certain estate planning and retirement considerations.
Continue Reading Estate Planning and Retirement Considerations for Late-in-Life Parents
When someone you love has dementia, life can be frightening. Add firearms into the mix, and things can become even scarier.
Nearly half of all Americans over 65 either own a gun or live with someone who does. This can be troubling, as people with dementia are at an increased risk for suicide, and firearms are the most common suicide method among dementia patients.
In addition, people with dementia who have access to a firearm may put family or caregivers at risk if the person with dementia becomes confused about other people’s identities or mistakes them for an intruder.
Continue Reading Guns and Dementia: Dealing with a Loved One’s Firearms
Social Security survivor’s benefits provide our significant others with financial safety after we are gone. But in order to realize the most from these benefits, survivors need to know the appropriate time to file a claim.
Continue Reading Managing Social Security Survivor’s Benefits
It’s not a pleasant scenario, but still one worth thinking about: You become sick one day, so sick that you’re incapacitated, unable to speak for yourself.
In that situation, who will make medical decisions on your behalf?
That’s where a healthcare proxy comes in.
Continue Reading What is a Healthcare Proxy and Why Do I Need One?
As an experienced elder law practice in Bucks County PA we know and clients tell us all of the time that the process of getting admitted to a nursing home can be stressful. Now, imagine you or your loved one has been asked to leave.
Nursing homes are required to adhere to certain discharge procedures before forcing a resident to leave, but all the same, many family members accept this decision without question.
If your loved one is facing eviction from a nursing home, it’s important to remember that you have the right to challenge an improper discharge.
In this blog post, we’ll explore how and why nursing homes can evict residents, and how an elder law attorney can help you.
Continue Reading How to Fight a Nursing Home Discharge
As America’s senior citizens become more tech savvy, the Social Security Administration has put more and more of its services online, whether that means applying for benefits or replacing your Social Security card.
Continue Reading What Kind of Tools Does Social Security Have Online?