Major Changes to Social Security in 2016
Budget negotiations between Congress and President Obama have resulted in some significant changes to Social Security that will take away some of the strategies that married couples can use to increase their benefit payouts. The “File and Suspend” strategy will be gone by May, 2016. Under this option the
I Just Got a Rate Increase on my Long Term Care Insurance Policy (Part 3)
Last week I was reviewing with you Jim’s dilemma. He received a notice of a rate increase frin his long term care insurance company. I went through with you the options outlined in that letter. For some people in Jim’s situation Option B may be the way to go,
I Just Got a Rate Increase on my Long Term Care Insurance Policy (Part 2)
Last week I was telling you about a call we get with increasing frequency. Jim received a letter notifying him of a rate increase of 60% on his long term care insurance premium. He wanted to know what he should do. The letter explained that the increase is not
I Just Got a Rate Increase on my Long Term Care Insurance Policy
It’s a call we are getting with increasing frequency. Jim just received a letter from his long term care insurance company that they are increasing his premium by a whopping 60%. If that’s not bad enough, the letter warns that he should expect further increases in future years. Jim
Estate Planning – Changing as We Age (Part 4)
Last week I was telling you why the New Jersey probate process can be easy but the tax waiver system designed to protect the State’s ability to collect estate and inheritance tax can tie up your money for years. That’s because the law requires financial institutions to freeze ½
Estate Planning – Changing as We Age (Part 3)
Last week I was talking about what we call senior estate planning and something called a tax waiver. New Jersey probate – the process of administering an estate after someone dies – is easy in some respects but not so easy in others. Let’s go back to Jack and
Estate Planning – Changing as We Age (Part 2)
Last week we were talking about how estate planning and what’s in your legal documents need to change as you age. Our hypothetical couple, Jack and Diane, have reached their 60’s. The focus of their plan needs to shift to what we call senior estate planning. One of the
Estate Planning – Changing as We Age
When I ask someone if they’ve got an estate plan in place – the basics being a will, power of attorney and health care directive, often the response is “yes, we took care of that a number of years ago”. But, what many people don’t realize is that the
A Special Needs Plan Gone Wrong (Part 2)
Last week I was telling you about Bob’s call. Dad’s will left everything to Bob and his brother Sam. According to Bob, they had conversations with his dad about setting up a special needs trust for their disabled sister, Sally and transferring her 1/3 share to that trust. When
A Special Needs Plan Gone Wrong
Bob called with the following story. Dad had passed away a year earlier. He had three children, Bob, Sam and Sally. Bob told me that Dad’s will left everything to Bob and Sam because Sally, who is severely disabled and receiving government benefits, would otherwise lose those benefits if