Recent polls support the idea that the government should soak the rich for more taxes. More than 70% of the adults in the United States approve of increasing federal taxes on families who earn more than a quarter of a million dollars per year starting in 2013. More than half of the Republicans agree to the tax increase as well as more than three … [Read more...]
Borrowing Against Retirement Accounts
When Americans face financial stress they turn to their retirement accounts for liquid assets. Pensions, 401K plans and 403B plans are where Americans are turning to for quick infusions of cash. In this past year borrowing from retirement accounts hit new highs. It is estimated that more than 15% of all individuals who have money in retirement … [Read more...]
Fewer Family Practice Doctors
Fewer doctors in the United States are going into family practice. Solo medical practitioners involved in family practices are becoming scarcer. The American Academy of Family Physicians, in 1986, represented forty-four percent of the practicing doctors. As of 2008, only eighteen percent of practicing physicians are in family practice and that … [Read more...]
Abuse of the Elderly for Financial Gain
In the year 2000, Howard Thomas suffered severe dementia. He also had terminal cancer. In early 2001, his daughter, who was his primary caretaker, took a short vacation. He was left in the care of a Nidia Thomas. While Mr. Thomas’s daughter was away, Nidia arranged for a $150,000 bank account in Mr. Thomas’s name to be retitled from his name to a … [Read more...]
Caring for Senior Citizens From Long Distance
When we were born, our parents cared for us. Are we up to the task of taking care of our parents when they grow old? This is especially difficult when you don't live near your parents. Siblings Nearby Some people are lucky, in that a brother or sister lives near their parents. While the sibling becomes the primary caretaker, it is … [Read more...]
Trustees: Who are They and What do They do?
A trustee is the person who administers a trust. A trust can have one trustee, two trustees, or multiple trustees. In theory the trustee is the owner of the trust assets. Trustees supervise the disposition of the trusts assets. They handle investments and, in some types of trusts, they make periodic payments to beneficiaries. Trustees must … [Read more...]
Why Have an Irrevocable Trust?
Wills, revocable trusts, and irrevocable trusts are all estate planning devices. Revocable trusts are a type of trust that can be changed, modified, or revoked at anytime. This type of trust allows you to change your mind with regard to all aspects of the terms of the trust. These trusts are very flexible. Uses of a revocable trust: 1. … [Read more...]
Who Needs a Will? You Do!
Do you have assets? Do you own a house? Have you been married more than once? Do you have children from more than one relationship? Are you concerned about what happens after your death to your spouse and/or your children? Are you single? All of the above individuals need a Will. Estate contests often develop between children from the first … [Read more...]
More Options For Medicaid Planning
On Tuesday, this blog featured an article about what seniors can do to qualify for Medicaid if they forsee the need for nursing home services in the future, but do not yet need to go that route. But what if you or a loved one has already had to enter a nursing home? Now, you are faced with a situation where the senior's life savings will soon be … [Read more...]
When You (Or a Loved One) May be Entering a Nursing Home…
If you, a spouse, or parent think that you may need the services of a nursing home in the near future, you should know that there are some things you can do to plan for this possibility and help maintain some of the person's assets. Nursing homes can be very expensive. Residing on one can deplete $9,000 to $12,000 per month from one's assets on a … [Read more...]