Key Milestones For Planning Your Retirement
The key to having a comfortable retirement is to save as much as possible as early in your career as possible. Time, tax breaks, and compounding interest all add up, and by getting into the habit of saving when you are young, it will be exponentially easier to reach vital retirement goals as you get older.
With this in mind, one of the most important things you can do at this age is to take full advantage of employer-sponsored retirement accounts, such as 401(k)s, 403(b)s, IRAs, and other tax-advantaged plans, especially if your employer offers a match. A common rule of thumb is that you should save at least 15% of your pre-tax income each year. If that’s not possible, then save as much as you can – and at least enough to get the full benefit of your employer’s matching contribution if one is offered.
Make Sure Your Kids Are Prepared with This Summer Camp Checklist
This year, summer camps are expected to be back in full swing after two pandemic summers forced them to close or operate at limited capacity. Camp is an excellent opportunity for kids to make new friends, try new activities, and gain self-confidence and resilience. But as parents and counselors know, a lot of preparation goes into making lasting summer camp memories.
Camp is a unique experience because it may be the only time during the year that kids are away from home – and parental supervision – for an extended period. Although the time spent apart can be positive for the parent-child relationship, there are several contingencies that families should plan for ahead of time. After your child is off at camp, it may be too late to update contact information, medication lists, and temporary guardianship permissions.
FAQs About Long-Term Care Insurance
With the booming aging population, more and more seniors will require long-term healthcare services, whether at home, in an assisted living facility, or a nursing home. However, such long-term care can be costly, especially when it’s needed for extended periods.
Moreover, many people mistakenly believe that their health insurance or the government will pay for their long-term care needs. But the fact is, traditional health insurance doesn’t cover long-term care. And though Medicare does pay for some long-term care, it’s typically limited (covering a maximum of 100 days), challenging to qualify for, and requires you to deplete nearly all of your assets before being eligible (unless you use proactive planning to shield your assets, which we can support you with if that’s important to you and your family).
10 Things You Should Know About Living Wills
A living will often called an “advance healthcare directive,” is a legal document that tells your loved ones and doctors how you would want decisions related to your medical care handled in the event you become incapacitated and are unable to make such decisions yourself, particularly at the end of life. Specifically, a living will outline the procedures, medications, and treatments you would want – or would not want – to prolong your life if you become unable to discuss such matters with doctors yourself.
For example, within the terms of your living will, you can spell out certain decisions, such as if and when you would want life support removed should you ever require it, and whether you would want hydration and nutrition supplied to prolong your life.
Questions First Responders Must Consider to Best Protect Their Loved Ones
Being unable to work or make decisions for yourself can seem like an unimaginable scenario. You spend your time coming to other people’s rescue, so it may be difficult for you to imagine a time when you might need help or rescue. However, such things happen to people every day. To best protect yourself and your loved ones, there are a few things you should consider.
Disability insurance allows you to supplement some of or all your income (depending on your level of coverage) while you cannot work. With the proper range in place, you know that, should you be injured, you and your loved ones will still have money coming in to support you. If you have no disability insurance or are concerned that its coverage is insufficient, consider reaching out to an insurance agent to review your current situation and future needs expertly.
Estate Planning Must-Haves For Single Parents
Having an estate plan that covers the care of your children in case you should be in a severe accident, fall ill, or die welcomes peace of mind for the single parent knowing everything and everyone they love is taken care of. Here are the must-haves that can protect your children if something were to ever happen to you:
Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 2
As we reported last week in part one, Legendary hip hop artist DMX born Earl Simmons passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.
Although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion.
The saddest part of this whole situation is that virtually all of the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been easily prevented with straightforward estate planning. Using revocable living trusts, for example, DMX could have ensured that his children and fiancée would have immediate access to his assets upon his death or incapacity, avoiding the need for court involvement altogether and keeping the contents and terms of his estate totally private.
Britney Spears’ Nightmare Conservatorship Underscores The Vital Importance Of Incapacity Planning – Part 2
This week, we continue the conversation about Britney Spear’s nightmare conservatorship. Last week, in part one, we highlighted the real potential for abuse that exists within the conservatorship and guardianship system.
Britney Spears’ Nightmare Conservatorship Underscores The Vital Importance Of Incapacity Planning – Part 1
Since the age of 16, when she burst onto the charts with her debut single, “…Hit Me Baby One More Time,” Britney Spears has been one of the world’s most famous and beloved pop stars. Yet despite her massive fame and fortune, Britney, who is now 39, has never truly had full control over her own life.
Just Married? 6 Estate Planning Essentials for Newlyweds – Part 2
Indeed, once your marriage is official, your relationship becomes entirely different from both a legal and financial perspective. With this in mind, last week in part one, we discussed the first three of six essential items you need to address in your plan, and here we cover the final three.
Why Is My Trust So Long?
When you met with an attorney a few weeks ago, perhaps all you expected was a simple will. Maybe you thought that, with your situation, the work should be easy and the documents should be few. But now that you have finished working with the attorney, your parting gift is a large binder filled with hundreds of pages. You may be wondering, “Why is my trust so long?”
3 Vital Estate Planning Documents For High School Graduates
With the arrival of summer, young people across the country are about to reach a key milestone: high school graduation. If you have a child claiming their diploma, now is the time to prepare them for life after leaving the nest.
What is Long-Term Care and Who Provides It?
Most long-term care involves assisting with basic personal needs rather than providing medical care. You are usually determined to need long-term care if you need help with two or more “activities of daily living” (such as bathing, dressing, eating, and going to the bathroom). Family members usually provide long-term care to start, but as an illness escalates paid care may become necessary.
Four Common Myths about Estate Planning
Almost everyone will benefit from estate planning, which addresses non-wealth aspects of your legacy along with the financial aspects. Estate planning can ensure someone you trust will care for your children and pets after your death, and make sure treasured family heirlooms end up where you want them to go. Estate planning also can help you pass along your values.
Reviewing Your Estate Plan after the Death of a Loved One
Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a major impact on your planning. If you have an estate plan, one of the first items you need to do when a loved one dies is to review the documents with the following questions in mind: