Category Archives: Pension
What’s Involved in the Probate Process?
SWAAY’s recent article entitled “What is the Probate Process in Florida?” says that while every state has its own laws, the probate process can be fairly similar. Here are the basic steps in the probate process: The family consults with an experienced probate attorney. Those mentioned in the decedent’s will should meet with a… Read More »
Can I Revoke a Power of Attorney?
Cindy’s stepsister, Charlotte, suggests that she be given power of attorney to help Cindy with her business matters, should Cindy not be able to manage her financial affairs. When Cindy agrees, Charlotte’s attorney creates a Statutory Durable Power of Attorney that names Charlotte as her agent. What happened next, according to the Glen Rose… Read More »
Do I Need More Than a Will?
If you die without a will (i.e., intestate), a court will determine who inherits your assets and who would care for any surviving children as a guardian. CNBC’s recent article entitled “A will doesn’t cover all your bases when it comes to end-of-life decisions. Here’s what else you need” explains that some assets pass… Read More »
What Should I Know about Beneficiaries?
When you open almost any kind of financial account, like a bank account, life insurance, a brokerage account, or a retirement account – the institution will ask you to designate a beneficiary. You’ll also name beneficiaries when you create a will or other legal contracts that require you to specify someone to benefit. With… Read More »
How Should I Take My Pension?
The number of pension plans decreased to just 46, 700 in 2017, from 103, 000 in 1975. At the same time, defined-contribution plans, such as the 401(k) grew to 662, 800, from 207, 700, says CNBC’s recent article entitled “Pandemic creates pension plan tension: Take the lump sum or trust lifetime payments.” With so… Read More »
Retirement Fund Withdrawals Can Affect Social Security Benefits
Coordinating income in retirement takes a bit more thought than just collecting a paycheck. Take too much from Peter, you’ll end up paying Paul. Some retirees end up owing taxes on their Social Security benefits. If you want to avoid this scenario, master the details as explained in the article “Will My Retirement Fund… Read More »
How Veterans Benefits Can Help Pay for Senior Care
If you are 65 or older and served in the military during wartime or are the spouse of a wartime veteran, you might qualify for veterans’ benefits, like Aid & Attendance, a pension and housebound care. More than 30 percent of seniors might be eligible for these valuable programs from the Veterans Administration (VA),… Read More »
What Do I Need in My Estate Plan in Addition to a Will?
American Legion’s recent article, “Planning beyond the will” says that it’s important that your estate planning papers are synced with your wishes and the current law, but you should also look at some items outside of the fundamental documents: Beneficiary designations. This includes life insurance policies, IRAs, current and former employer retirement plans and… Read More »
What Do I Do With an Inherited IRA?
When a family member dies and you discover you’re the beneficiary of a retirement account, you’ll need to eventually make decisions about how to handle the money in the IRA that you will be inheriting. Forbes’ recent article, “What You Need To Know About Inheriting An IRA, ” says that being proactive and making… Read More »
What Types of Senior Care is Available for Veterans?
The U.S. Department of Veterans Affairs offers some funding programs that can help offset the cost of some types of senior care. U.S. News & World Report’s recent article, “Veteran Benefits for Assisted Living, ” explains that many senior living companies try to help many veterans maximize their benefits, which in some cases can… Read More »