We have heard a lot about inflation this year, and we are living it when we make purchases. For the most part, there is nothing good to say about higher prices, but there is a silver lining for seniors. As elder law attorneys, we focus on matters of interest to older folks, so we will explain what we mean in this post. 2023 Social Security Cost-of-Living Adjustment Each year, there can be increases to Social Security payouts to account for the cost of living. We say that there “can be” because … [Read more...] about SSA Releases 2023 Social Security Cost-of-Living Adjustment
DIY Wills and the Many Problems That Ensue
In most cases, there is nothing wrong with doing things for yourself to save money. In addition, a lot of people simply enjoy DIY projects, and the financial part of the equation is irrelevant. However, there are endeavors that are not well suited to the do-it-yourselfers, and estate planning is one of them. Downloads and Worksheets There are many different websites out there that sell downloads and worksheets that can be used to create legal documents, including DIY wills. Is it possible to … [Read more...] about DIY Wills and the Many Problems That Ensue
Blended Families and Estate Planning: 4 Things You Should Know
Estate planning attorneys always give clients a heads up from the beginning. This is not a “one and done” process in most cases if you put a plan in place relatively early on. The only certainty in life is change, and evolving circumstances can trigger the need for estate plan updates. Changes in marital status certainly fit into this category. If you get married, you will have a different dynamic to address. Divorce fits into the same category, and remarriage after you have children is … [Read more...] about Blended Families and Estate Planning: 4 Things You Should Know
Life Insurance Can Bolster Your Estate Plan
Some people that know they should have an estate plan do not take action because they feel that they have insufficient resources. This is understandable on the surface, but if you are in this position, you could use life insurance as an income replacement vehicle. Life insurance can also be used to fill the gap or provide an abundance if you have assets, and we will provide some insight here. Term Life Insurance Term life is insurance that does not have any cash value if the triggering … [Read more...] about Life Insurance Can Bolster Your Estate Plan
Do I Report Living Trust Income When I File?
The revocable living trust is a very useful estate planning tool that is the ideal choice for a wide range of people. We are going to address a question that people often have about taxation in this post, but first, we will provide a general overview so you understand the benefits. Efficient Estate Administration If a simple will is utilized, the administrator would be the executor. The will would be admitted to probate, and the administration process would take place under the supervision of … [Read more...] about Do I Report Living Trust Income When I File?
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Choosing Your Fiduciaries
During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. A Westport estate planning attorney at Nirenstein, Horowitz & Associates, P.C. explains the importance of choosing your fiduciaries carefully when … [Read more...] about Choosing Your Fiduciaries
Are You Getting All the Benefits You Deserve as a Veteran?
The men and women who served the country in the United States Armed Forces, as well as their surviving dependents, are owed a debt of gratitude that can never truly be repaid. Although there is no way to truly repay veterans and their dependents for the sacrifices they have made, the government does try to acknowledge that sacrifice by providing a number of veterans benefits. Though you may already know about many of the benefits to which you are entitled, a Hartford veterans aid planning … [Read more...] about Are You Getting All the Benefits You Deserve as a Veteran?
Why Do You Need an Irrevocable Trust?
An irrevocable trust can be one of your most important estate planning tools. There are many reasons why you may wish to create an irrevocable trust but there are also downsides that you should be aware of to this type of trust in addition to the advantages. If you are thinking of creating an irrevocable trust, you should talk with Nirenstein, Horowitz & Associates about what is involved in the process and how you can ensure that your trust document is legally valid and will provide the … [Read more...] about Why Do You Need an Irrevocable Trust?