More Articles on Retirement Planning

How to Make a Will Without a Lawyer, Part II

In last week’s Retirement Watch Weekly, I presented Part 1 of How To Make a Will Without a Lawyer. Here’s Part 2: Name Guardians for Your Children When a testator has minor children, the will should designate one or more individuals who will serve as guardians for the children if both parents are deceased. It […]

Mortgages and Debt

What is a Reverse Mortgage and How Does it Work?

A reverse mortgage, also known as a home equity conversion mortgage (HECM), is a loan available to homeowners over the age of 62 that allows them to borrow money based upon the value of their home equity, their age, and current interest rates. Proceeds from a reverse mortgage can be received as a lump sum, […]

Wills and Estate Planning

How to Make a Will Without a Lawyer

In a survey taken in 2019, 53% of people who did not have a will said the reason they didn’t have a will was the difficulty of finding an attorney they could trust. However, you don’t need a lawyer to prepare a will for you. You can prepare a will yourself, and there are plenty […]

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Estate Planning

Make These Moves to Your Estate Plan Before the Election: Part II

In last week’s Retirement Watch Weekly, I presented Make These Moves to Your Estate Plan Before the Election. Let’s jump back in with one move that caught many of our readers by surprise: Adult children who may choose to disclaim their inheritance. Some who disclaim an IRA may not need the money now or are […]

Estate Planning

Make These Moves to Your Estate Plan Before the Election

Rarely has the estate planning environment been as uncertain as it is now. The current estate tax law is set to expire after 2025. After that, the lifetime exemption will be cut in half and other changes will be made if Congress doesn’t act. Key income tax breaks also will expire after 2025 without congressional […]

Retirement Healthcare and Medicare

How Much Does Long-Term Care Insurance Cost?

Long-term care is a system of personal services and medical care provided to someone who is cognitively impaired or can’t perform two or more of the six activities of daily living (ADLs). The ADLs are dressing, bathing, eating, walking, toileting, and transferring (such as moving from a bed to a chair without help). Despite the […]

Retirement Healthcare and Medicare

Is Long-Term Care Insurance Worth It?

As an individual ages, a decision must be made about whether or not to buy long-term care insurance (LTCI). Long-term care is the provision of personal services and medical care to someone who is cognitively impaired or can’t perform two or more of the six activities of daily living (ADLs). The ADLs are dressing, bathing, […]

Retirement Healthcare and Medicare

Does Medicare Cover Long-Term Care?

Medicare is the primary medical insurance for most Americans ages 65 and over. But does Medicare cover the expensive costs of long-term care? The possibility of needing long-term care, and having to pay for that care, is one of the great fears of older Americans. Understanding exactly which long-term care costs Medicare will cover, and […]

Estate Planning

Estate Planning for Those with Special Needs: The Special Needs Trust

In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for Those with Special Needs. There are other important provisions for proper estate planning in this scenario, so let’s dive right in. Living trusts become more important to those with chronic illness or conditions. These trusts allow a co-trustee to manage trust assets […]

Estate Planning

How To Create an Estate Plan for Those with Special Needs

Estate planning typically focuses on healthy people and their families. Many families, however, have one or more members with chronic illnesses or conditions. That changes the estate planning equation. The person with the illness or condition might be the estate owner or a loved one of the owner, especially a child. In either case, the […]