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In order to protect your loved ones and ensure that your intentions are clear and carried out, you must Events in your life may have changed, so examine your will with your estate planning attorney to ensure You might want to look at a living trust. These designations on your financial accounts, like your 401(k), IRA, retirement plan, and insurance These include your birth certificate, will, and living trust. Communication.

with warmer climates while keeping their actual residency in the state they have spent most of their lives seniors often own property in the state where they spend their winters, whether it is real property like a vacation home or timeshare, or even tangible property like a car, boat, or financial account. While the fees may still be higher than usual because the probate is out-of-state, it will still most likely If you are need help with an out-of-state probate or would like to plan to avoid out-of-state probate

Discuss any major life changes, such as changing jobs, adding a new family member, retiring, or receiving circumstances, these changes will have an impact on your tax situation and cash-flow, as well as your insurance You can also automate monthly deposits to savings plans, like a 529 college savings plan or other investment

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

In addition, there are some important “first time” decisions to be made, like naming a guardian. Determine the important values you would like the chosen guardian to have such as moral and social standards want your guardian to take his or her responsibilities seriously, you also want to look at qualities like

The need for this care can be because of a sudden event like a fall, or it can develop gradually. someone reaches the point where total personal care is required for his or her activities of daily living Beyond an individual’s personal savings, long-term care insurance is available with many options and LTC insurance will typically cover care not covered by health insurance, Medicare, or Medicaid. LTC insurance can also eliminate the burden on family members who would be providing this care.

They don’t realize that insurance premiums and even co-pays can change over time, and they typically people, in years where they have a large income, will often be victims of the “donut hole” of Medicare insurance Grandparents don’t feel like their kids had it like they did when jobs were easier to find. that could end up costing you big time in the long run. 3: Inflation and Increases in Basic Costs of Living The price of just about everything is rising, and we’re living longer on average.

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 It is important to use the charity’s correct name and to explain the purpose for which you would like

If you want to purchase individual health insurance on the federal and state health exchanges, January January 31: This is the deadline to enroll in individual health insurance or change plans on the exchanges Remember, if you don’t have health insurance for 2016, you are subject to a penalty. That way each beneficiary can use his or her own life expectancy for required withdrawals. If not, then the withdrawals will be based on the oldest beneficiary’s life expectancy.

This milestone may have you thinking about this next stage of life and asking these questions: When will Where will we live in retirement? How will we afford it? Just like many boomers, they didn’t save enough for retirement. Their late-life dating made for a lot of laughs and some tears. Lesson #5: Real life isn’t a sitcom. Life wasn’t always golden for “The Golden Girls.”

estate planning attorney, you can better understand the estate planning process and develop a plan to ensure

Children with disabilities need ongoing care, including financial care, throughout their lives. The trust can help to cover costs beyond what Medicaid and SSI provide, like dental care, transportation in an assisted living facility. Medicaid contributes nothing to the cost of assisted living, and SSI only covers a portion of the cost It also covers costs for things like dental cleanings, new clothes, and entertainment.