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The average cost of a semi-private room in a nursing home is about $6,200 per month, while assisted living erode most retirees’ savings fast—long-term care isn’t covered by typical health insurance programs like More than 40% of men and 50% of women age 65 are expected to live into their mid-80s, which means that With that, the nest egg isn’t going to do much for day-to-day living. Nonetheless, preparation is the key to designing the kind of financial plan necessary to allow you to live

However, you don’t want them to be able to withdraw more than the required distribution based on their life may be more advantageous than designating individual children or grandchildren—or naming revocable living If you name your revocable living trust as a beneficiary, you must be certain that it has the appropriate The RMD is based on the beneficiary’s life expectancy. trust can also control distributions so that they’re limited to the RMD based on the beneficiary’s life

just a few of the most powerful estate planning tools you can use when considering your charitable giving This is an excellent idea for anyone who does not need their distribution to cover living expenses. A bequest is a statement in your will or trust explaining how much you would like to leave to benefit This is a great way to get around capital gains taxes while also giving back. If you need assistance in figuring out which method of charitable giving is best for you, call Your Legacy

When a grandmother wants to give her two grandkids $50,000 each for college, there can be tax and financial In general, grandma is permitted to give each child $14,000 a year without using up any of her lifetime If grandma contributes the $50,000 in the first year, it’ll be prorated over the next five years at $14,000 If the parent is the custodian, the plan will most likely be deemed an asset of the parent, and this If the child is likely to get financial aid, she could make gifts for other purposes like a down payment

You’ll have to pay premiums for Medicare coverage and co-pays on covered services, and some services, like This type of policy can help pay for home health aides or care in an assisted-living facility or nursing If you don’t need the money to live on, reinvest the money in a taxable account. Life expectancies are increasing, and chances are at least one spouse, if not both, will live well into Self-employed individuals have a few other options, like setting up a solo 401(k).

sure that your assets are not divided among you but instead given to the heirs or dependents in your life If you have questions about dividing assets or trusts please feel free to give the experts at Your Legacy #assets #diving #Divorce

will, and you were able to get through any awkward conversations to produce a will to protect your loved Your Legacy Legal Care™ offers the following practice areas to assist with estate plans: Wills Business From spendthrift trusts to revocable living trusts, there is something to fit your plans for your family As we age, some of us will eventually need to consider moving into a nursing home or assisted living your loved ones and guarantee that you receive the treatment you want. 

Will you or a loved one need long-term care soon? In order to qualify for Medicaid, you need the assistance of an experienced Houston Medicaid planning Medicaid covers long-term care costs for eligible individuals, including nursing home care, assisted living, and in-home care. Doing so can ensure your assets are protected, and your estate is preserved for your loved ones.

Term life insurance will cover you for a certain period of time. to ask yourself before buying a whole life policy. Whole life can be helpful, but it’s not necessary for everyone. Whole life costs a lot more than term life because some of the premium goes into the cash value savings policy that can be converted to whole life.

Understanding Life Estates A life estate is a unique type of property ownership. The Roles of Life Tenant and Remainderman The life tenant is the individual who holds the life estate They have the right to use, occupy, and benefit from the property as long as they live. After the Life Tenant's Death After the life tenant dies, the life estate typically ends, and the property life estate removal.

third of Americans age 65 and older took no retirement income from their nest eggs during the past five Saving money is good, but if you’re cutting out basic comforts because you think you’ll live to 108 and Major expenses, like a mortgage or the children’s college tuition, may go away in retirement. While optimistic, it might be a little unreasonable to plan on living to 110. you a better idea of your life expectancy.

She felt like there was nothing she could do about it. What I like to explain to people is that Alzheimer’s, in a way, is like any other chronic degenerative This consists of your age, your ethnicity, your gender, and where you were born or where you live. Having an accountability partner is very helpful, whether it is a friend or a coach like me who is giving At Your Legacy Legal Care, we assist individuals with dementia in putting a plan in place for long-term