Retirement Articles
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When You Don’t Prepare for Estate Planning – The Importance of Documents
Without a letter of instructions and good organization, the heirs are forced to engage in the old-fashioned property and document search. Sometimes it is comical. Sometimes things get ugly. Always a lot of time and effort is wasted. Estate planners tell stories of important documents that never are found and of other documents that are […]
The 2 Long-Term Care Insurance Mistakes Most Retirees Make
Only about 10% of seniors over age 65 have long-term care insurance. It is easy to understand why. The product is complicated, and costly mistakes are easy to make when buying it. There are two mistakes people make most often when purchasing long-term care insurance. More people would buy the insurance if they knew how […]
Are You Putting Enough Money Away?
The biggest planning mistake most people make is not realizing how much retirement will cost and how much money they will need. Fortunately, those who remember a few principles and use today’s low-cost technology can substantially reduce the margin of error. Surveys of future retirees abound. An interesting recent survey from Merrill Lynch found that […]
New Rules for Donating Used Cars
Plans need to be revised by taxpayers who intended to reap big tax breaks by donating used cars, boats, or planes to charity. Congress rewrote the law in 2004, and the IRS recently issued rules explaining the new law. Under the old law, a taxpayer could donate a used car to charity and deduct the […]
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Estate Planning Update on Estate Tax Reform
There could be big changes in the estate and gift tax law by this fall. The House of Representatives passed a permanent, full repeal of the estate tax. The Senate is not willing to go that far but is likely to pass a bill that repeals the estate tax for all but a small number […]
The Latest in Long-Term Care Insurance
Turmoil still roils the long-term care insurance industry. Many consumers probably will continue to see steep premium increases as in recent years, and there will be changes in coverage under new policies. But there also is good news, and buyers can take steps to make long-term care insurance more affordable without giving up coverage they […]
Some Classic Uses of Trusts
Trusts have been an essential estate planning tool for centuries. Once used only by the very wealthy, today trusts are widely used by the non-wealthy. Longer lives, more widespread wealth, second marriages, and blended families all cause greater interest in trusts. That is even before considering tax reduction strategies. Trust use is so widespread that […]
Get Ready for Medicare’s Drug Option
Medicare members are about to be bombarded with information and sales pitches. You have a decision to make that could have a significant effect on your finances and health. You need to start preparing now. The Medicare prescription drug benefit that was enacted in 2003 takes effect in 2006. November 2005 begins the sign-up period […]
