If you pass away, your loved ones should not inherit assets only to find that they cannot access them for cash expenditures. Most retirees’ assets are in home ownership and retirement accounts, requiring a sale to get cash. Life insurance…
A personal injury lawsuit award can be received as a lump sum or as a structured settlement over time. You may opt for a substantial initial amount with lesser succeeding payments to provide for lost income. These payments don't count…
The process of getting divorced is neither easy nor quick. Divorce can be an emotionally and physically draining process. There are many factors to consider that can change over time. For younger couples, children are likely a top concern. For…
The purpose of estate planning is to protect your assets, interests, and loved ones after you pass away. Unfortunately, many people make costly mistakes without professional advice. Beyond undermining your intent and diminishing your financial legacy, poor planning can create…
In the United States, Social Security acts as a support system for the elderly. It serves to supplement retirement income, therefore the best time to claim Social Security is when you reach retirement age. While in the workforce, you contribute…
The “probate” process, as it is often referred to, involves judicial officials, such as the Surrogate’s Court judges, appointing a fiduciary upon proper application to administer a decedent's estate. While state Surrogate Court laws may vary, the general process is quite…
Over the course of a person's lifetime, about 70% of us will need long-term care. It’s estimated that the average cost of long-term care just during the last 5 years of life is $233,00- $367,000. For those with long-term care…
What is an Estate Plan? According to Meriam Webster, the legal definition of estate planning is "the arranging for the disposition and management of one's estate at death through the use of wills, trusts, insurance policies, and other devices." All adults…
The most general definition of income is money that an entity or individual receives for their work or products. The definition varies depending on aspects of financial accounting, economic analysis, or taxation. For the purpose of Supplemental Security Income (SSI), income is described…
To prevent assets from disappearing or being claimed by creditors, estate planning should include protective measures for your children and grandchildren's future inheritances. A simple way to achieve inheritance protection is through a trust. A trust can pass your wealth bypassing…
