The Most Common Mistake in Estate Planning: An Unfunded Trust You’ve met with an attorney, carefully considered your wishes, and signed your new Revocable Living Trust. It’s a comprehensive document, a “magic book” designed to protect your family, avoid probate, and ensure your legacy is handled privately and efficiently. Unfortunately, for many people, the process […]
The Dangers of DIY Estate Planning From home renovations to crafting, the “do-it-yourself” spirit is everywhere. While tackling a project on your own can be empowering and cost-effective, some things are simply too important to leave to chance. Your estate plan—the legal strategy that protects your family and your life’s work—is one of them. Online […]
How the Annual Social Security COLA Can Affect Your VA Pension Each year, the Social Security Administration announces a Cost-of-Living Adjustment (COLA) to account for inflation. While this increase in your monthly Social Security check is welcome, it can have an unintended consequence for those receiving a VA Pension with Aid & Attendance: it can […]
How the Social Security COLA Affects Your Long-Term Care Medicaid Every year, Social Security benefits typically increase with a Cost-of-Living Adjustment (COLA). For those receiving Long-Term Care Medicaid in a nursing facility, this extra income directly impacts the amount they are required to pay the facility each month. This payment is known as the Patient […]
Retirement accounts are important assets. Currently, Roth IRAs (Individual Retirement Account) have the following rules:
-Only those singles with income below $137,000 or couples below $203,000 can contribute
-Annual contributions are limited to $6,000 or $7,000 if you are 50 or older.
-The account grows income tax free and is distributed after 59½ free of income tax.
-There is no Required Minimum Distribution (RMD) even after you are 70½.
-You can’t withdraw within 5 years of your contribution without a penalty
Is Long-Term Care Insurance Part of Your Financial Plan? We buy insurance to shift the risk of a catastrophic financial loss. We have it for our homes, our cars, and our health. But one of the most significant financial risks many families will face—the cost of long-term care—is often overlooked. Long-Term Care (LTC) Insurance is […]
What Does It Mean to Be a Fiduciary? If you have been named as an agent under a Power of Attorney or a trustee of a trust as part of a loved one’s estate plan, you have been given a significant responsibility. In the eyes of the law, you are now a “fiduciary.” But what […]
Is Trust-Based Planning Right for You? While every adult should have foundational estate planning documents like a will and powers of attorney, some families require a more robust and customized strategy. For many of our clients, trust-based planning is the key to achieving their specific goals for asset protection, privacy, and control. What is a […]
Who Has the Keys to Your Digital Assets? Have you ever logged into a spouse’s or parent’s online account to pay a bill or check their email? While it may seem harmless, you may have technically violated the terms of service you agreed to when you clicked “accept.” In our increasingly paperless world, our most […]
Your Voice in End-of-Life Decisions: The Living Will Planning for the future involves more than just your finances; it also involves making your healthcare wishes known. While a Health Care Power of Attorney is essential for appointing a decision-maker, an Advanced Directive for a Natural Death—commonly known as a Living Will—is the document that speaks […]
If you own a corporation or LLC, Google “Corporate Transparency Act” and file your report before the end of the year. Don’t be fined $500.00 per day for failing to file.