The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.
Healthcare is a major expense for seniors, so much so that recent estimates put the average cost of it at $387,644 throughout retirement for the typical 65-year-old couple retiring today. While that figure may seem astronomical, it actually doesn't account for a related expense that many seniors will inevitably face: long-term care.
Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition?
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.
Elder law issues can be complex. One wrong word or move can mean the difference between a good result and disaster should you become incapacitated or if other unexpected issues should occur in your senior years. An elder law attorney can help you plan for what will happen, if you should become mentally or physically incapable of taking care of yourself and your own personal business matters.
If you’re fortunate, you’ll live independently and in good health throughout your retirement years. However, if you ever needed some type of long-term care, such as a stay in a nursing home, would you be financially prepared?
While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.
Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.
Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
