Besides the third round of stimulus payments, multiple expanded tax credits for parents are perhaps the most widely known provisions of the COVID-19 relief bill that President Joe Biden signed into law on March 11. But the expansive legislation, formally known as the American Rescue Plan Act of 2021, contains provisions that affect Americans of all ages, even retirees.
What are the advantages of putting assets into a trust?
You should start by talking to an estate planning attorney who can look at your assets and income and see what impact they will have on Medicaid eligibility.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
Have you made any plans to distribute your assets and take care of your family, when you die or become incapacitated?
In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
The Trump administration is now a part of American history. And though many may not agree with everything the former administration brought forth, one thing is certain: Life settlements and life policy owners benefited greatly.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
Managing a loved one’s care in a nursing home or an assisted living facility has always been challenging. And it’s harder now that visitation is extremely limited to protect residents from COVID-19. So how can you check on your loved ones, make sure they’re being cared for properly and let them know you’re there for them?
