It’s not easy being an estate executor. Learn what the duties are for this job – and how to make it easier for the executor of YOUr estate to do that job…
Hoosier Estate Planner
Husbands Usually Don’t Consider Their Wives’ Future When Deciding When to Take Social Security Benefits
The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income.
If there is a possibility that a loved one might need Medicaid assistance in the foreseeable future, that person should not be giving gifts. This can be sad if that person gets joy out of generosity. But gifts in that situation can turn out to be very, very expensive.
Under current estate planning law, when one spouse dies, the other can inherit all the decedent’s assets with no tax. Changes proposed by the current administration could have a devastating efffect on this kind of planning. Read about steps to take to protect spousal inheritances….
Individuals often seek the comfort that a comprehensive estate plan provides. The ability to prevent heated family disputes by carefully making plans centered on the distribution of assets, wealth and responsibility through wills, trusts and powers of attorney is...
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
There are many estate planning factors to consider before taking early retirement…
President Biden has introduced a plan to spend $400 billion over eight years on home and community-based care for the elderly and people with disabilities. The money would go to expand access to care and support higher-paying caregiving jobs.
Clients can make five years’ worth of gifts to a 529 education plan for a child or grandchild, claiming a federal gift tax exclusion for the full amount. There are at least four reasons clients might want to do this:
The U.S. Department of Veterans, through Tricare and the GI Bill, offers numerous basic health care and education benefits to veterans. Even with these programs that help veterans and their families, other little-known services can improve their lives and ease the financial burden of medical care and other expenses. Check your veteran status to see if you qualify for these ten benefits.