If there is one thing that you can count on when it comes to retirement, that is that the cost of living will increase by then, and will continue to increase during your retirement years. This is why the Cost of Living Adjustment, also known as COLA, is one of the most important elements of your Social Security Benefits. COLA is a method of which your monthly benefits are adjusted for the expected cost of living increases. The Cost of Living increase adjustments that you get with your Social … [Read more...] about Inflation and Social Security
General
Do You Qualify for Social Security?
Applying for Social Security isn’t as hard as you might think. While there are plenty of rules and regulations you must follow, simply understanding the process is a big step in navigation your Social Security application. To get started, gather all your necessary documents, including your Social Security card, a certified copy of your birth certificate, your previous year’s W-2 or tax return and your proof of residency or legal alien status. If you were discharged from the military before … [Read more...] about Do You Qualify for Social Security?
Is a US Savings Bond a Good Investment for You?
When you’re building your investment portfolio, you should always be sure to have some diversity in your accounts. This means spreading your savings over different types of accounts in a variety of sectors and with various levels of risk. One of these investment options is the U.S. Savings Bond. Is this a good investment for you? Let’s look at a couple of the benefits to find out. Savings bonds are relatively low-risk because they’re back by the U.S. Government, meaning that Uncle Sam is … [Read more...] about Is a US Savings Bond a Good Investment for You?
Why You Shouldn’t Write Your Own Will
With so many do-it-yourself forms on the market, it might be tempting to write your own Last Will and Testament. But while you may think you’re saving a little money by doing it yourself, it could end up costing your loved ones greatly in the long run. For starters, do-it-yourself forms are generic in nature – they have to be in order to appeal to the masses. But let’s be honest: your estate is anything but generic. Maybe you have a disabled dependent who will need special care after you’re … [Read more...] about Why You Shouldn’t Write Your Own Will
How Can You Protect Your Assets?
There are many ways to protect your assets but to do that, you’ll need to have a clear idea of where you want to end up in terms of your financial future. What are your financial goals? And, how can you protect all that you’ve worked so hard for? Retirement Plans are a great way to protect your assets in your later years. These can take the form of individual retirement accounts, salary reduction simplified employee pension plan; and the savings incentive match plan for employees. These … [Read more...] about How Can You Protect Your Assets?
Two Ways to Leave Money to a Charity
In addition to providing for your heirs after you’re gone, many people also want to leave money or assets behind for their favourite charities. But before you bequeath those assets in your Will, consider these options. A Charitable Remainder trust allow the assets to be given to the charity while you, the grantor, continue to use and receive profits from the property. Upon your death, your beneficiaries will continue to receive those profits for a specified period of time, while the charity … [Read more...] about Two Ways to Leave Money to a Charity
What Are the Signs of Nursing Home Abuse?
Nursing home abuse continues to be a growing problem in the States. But even when abuse is suspected, many patients hesitate to report it because they fear the abuse may get worse. Other patients aren’t able to speak out on their own behalf, due to physical and/or mental disabilities. So, how can you tell if your loved one is being abused? Some physical signs of nursing home abuse include: Any type of unexplained bruising, burns, broken bones, etc. When you notice these injuries they … [Read more...] about What Are the Signs of Nursing Home Abuse?
What’s the Difference Between A Revocable and an Irrevocable Trust?
There are many different types of trusts, but they all fall into two basic categories: revocable and irrevocable. What’s the difference? The terms of a revocable trust can be changed and even revoked at any time. You can continue to maintain complete control over the assets in the trust and also continue to benefit from any income generated by those assets. There are no tax advantages, however, because the assets are still considered part of your estate. A revocable trust turns into an … [Read more...] about What’s the Difference Between A Revocable and an Irrevocable Trust?
What Happens to a Revocable Living Trust When the Trust Maker Dies?
Since a trust does not go through probate, the process for settling an estate is a little different what you’d expect when there’s a Will. If you’re the Successor Trustee, and especially if you’re the spouse, this can be a little intimidating, and certainly emotional. The first step is to call your estate planning attorney. He or she has done this before and will be able to guide you every step of the way. You should set up an appointment with your attorney for approximately three weeks … [Read more...] about What Happens to a Revocable Living Trust When the Trust Maker Dies?
Why Do I Need An Estate Planning Attorney?
A lot of people wonder what the big deal is about estate planning attorneys. After all, can’t any lawyer draw up a will? Technically, yes; but you probably need an estate planning attorney for anything more than a very simple will. And that’s the thing: you probably need more than a simple will. So, the first question really is, “Why do I need an estate plan?” A solid estate plan can help you accomplish all kinds of things beyond just passing on your assets through a will. It can help you … [Read more...] about Why Do I Need An Estate Planning Attorney?
