Widows and divorce are common among older Americans (in record numbers), spurring new partnerships. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating can have unforeseen and unintended consequences without a legally recognized civil union, marriage, or domestic partnership certificate.
A grieving loved one should not inherit assets only to find that they can’t be used for any expenses they have to take care of after your death. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to get cash. Life insurance can provide the liquidity needed when managing and distributing your estate assets. Your policies can address final expenses, estate taxes, business ownership, estate equalization, probate, and special purposes depending on your circumstances and the number of assets at hand.
Many people have been advised to “avoid probate.” But just because people may have heard that term, doesn’t mean they know exactly what probate means, why it can be a problem, or how to successfully avoid it. In this post, we will take a look at the term probate to understand exactly what it means, and what the process includes.
When you apply for disability benefits, you should have a disability attorney represent your interests. Hiring a disability attorney can streamline the process for faster approval. Federal law regulates the fees when hiring a disability attorney to correlate to your date of entitlement or disability payback which is generally 25 percent or about $6,000. Upfront money requirements are minimal, if at all, and payment only occurs (contingency fees) when you win your case, creating a strong motivation for your attorney to succeed.
If your family includes a special needs child, you can use life insurance in two main ways. In one situation, parents may consider purchasing life insurance for their child’s life, addressing the possibility of outliving them. Alternatively, parents may use a life insurance policy in a trust as part of their estate planning; knowing their child with special needs is an enormous priority to safeguard after they have died.
Whether you are drafting your first estate plan or have one already in place, it’s important to include a letter of instruction (LOI) in it. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires, includes practical information about where to find various items referenced in your plan, and it can provide advice to help those you designate in managing your affairs.
Children who may need Special Needs Planning Types of Special Needs Trusts (SNT) SOURCE OF FUNDS WHO ESTABLISHES TRUSTEE DISTRIBUTION UPON DEATH Third Party Anyone except beneficiary Anyone except beneficiary Grantor’s wishes Grantor’s wishes Third
Why do I need an Estate Plan? What all documents should an Estate Plan include? Trust or No Trust? Keeping up with your Estate Plan
On July 2, 2018, SSA published final rules revising the Rules of Conduct and Standards of Responsibility for Representatives (Rules of Conduct) and updating the procedures used when charges are brought against a representative for violating these rules. 83 Fed. Reg. 30849. The Notice of Proposed Rulemaking (NPRM) was published on August 16, 2016 (81 Fed. Reg. 54520). Over 150 comments were timely submitted in response to the proposed rules from various individuals and organizations, including NOSSCR. The final rules are effective August 1, 2018.
The 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance (OASI) and Federal Disability Insurance (DI) Trust Funds