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According to a recent article from The Motley Fool entitled “Planning for Retirement When You’re Single Healthcare costs in retirement can be a significant financial hardship. The average couple retiring in 2015 at age 65 can anticipate spending about $245,000 on healthcare costs in retirement, not including long-term care expenses. Reference: The Motley Fool (January 26, 2016) “Planning for Retirement When You’re Single” #HoustonWills

Roth IRAs Many people associate Roth IRAs with retirement planning, but this tool can also come in handy qualify for scholarships and not need money for college, but everyone could use some extra money in the retirement Uniform Trust for Minors Account (UTMA) Want to gift your college student tuition money? A uniform trust for minors account, or UTMA, may be a good option.

In addition, retirement money is a non-probate asset. Life estate and inter vivos trust also are considered non-probate assets.   Harris County probate for your reference: Assets held in joint tenancy with rights of survivorship Retirement Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust

Annuities and Trusts as Long-Term Care Funding Sources Annuities and trusts can be effective tools for Asset Protection Trusts Asset protection trusts can be used in estate planning to cover long term care These trusts can protect your assets from being depleted by long term care expenses. However, setting up a trust requires legal expertise. This includes setting up powers of attorney, living wills, and potentially trusts.

When we’re all trying to save more money for retirement, the options can be confusing. The answer is, of course, that any retirement savings plan is better than none at all. already, your current tax bracket, and your financial expectations in retirement. What retirement savings do you have already? How close are you to retirement?

Most likely, you are also each named as beneficiaries on the other’s retirement plan. Continue reading to learn more about using a trust for these reasons. The trust’s creator – the grantor – is required to fund the trust, which will make payments according to the trust’s provisions. What is the impact of divorce on retirement account beneficiaries?

Planning for retirement — As you approach retirement, it is essential to plan for long-term care expenses Asset Protection Trusts Asset protection trusts are trusts created to protect your assets from being These trusts are irrevocable, meaning you cannot change them once they are created. They are typically created for the benefit of a spouse or children, and the trust assets are not counted Trusted Medicaid Planning Lawyer in Houston, Texas Medicaid planning is a crucial aspect of estate planning

Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living trust. With a revocable living trust, you have full control over your assets during your lifetime, and they The successor trustee can manage the trust assets without court intervention. Retirement Accounts: Such as Individual Retirement Accounts (IRAs), 401(k) plans, 403(b) plans, and pension

According to a recent article from The Motley Fool entitled “Planning for Retirement When You’re Single Healthcare costs in retirement can be a significant financial hardship. The average couple retiring in 2015 at age 65 can anticipate spending about $245,000 on healthcare costs in retirement, not including long-term care expenses. Reference: The Motley Fool (January 26, 2016) “Planning for Retirement When You’re Single” #Pearland

Myth: There’s No Need to Start Saving for Retirement Until You’re 40. Did you know that 25% of Americans ages 30 to 49 have saved nothing for retirement and that 59% say they Myth: Social Security Won’t Be Around When I Retire. Many people in the U.S. (55%) have this fear. But remember that Social Security was designed as a supplemental retirement insurance program, not a That money will be taxed once again when you withdraw from your savings after you retire!

This means that you are short-changing your retirement account and losing out on employer matches, and Not saving for retirement. “I’ll start saving for retirement when I make more money,” many folks say. as less expensive in-state schools instead of tapping into your retirement nest egg. No one plans to go broke in retirement, but it can happen by not saving enough to begin with.

Property in trust. If you place property into a trust, the property passes to the beneficiaries of the trust, not according Retirement plan. It is usually better to set up a special needs trust to provide for the child. In many of the cases mentioned here, a trust may be the best option.