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How To Prepare For The Retirement Years   Ages 25, 30, 35, 40 – save more spend less Save as much as possible on a pre-tax or tax-advantaged basis (Why think about retirement at these young ages?  Because, with a little luck, you’ll be old someday) Age 50 – increase savings in retirement plan by the catchup amount Age 59 ½ – you can withdraw money from your retirement account without penalty.  But unless you…
I have had a few clients caught up in scams of the Madoff variety, but fortunately not for large sums. The most common reaction when this happens is embarrassment, that someone who is intelligent could be caught by something that seems so obvious in hindsight. And yet scams continue. Why is that? There are several reasons: The world is a complex place, and getting more so. It’s tempting to select a pre-packaged, simple solution People…
In most households, there is one spouse who handles financial matters- paying bills, filing tax returns, planning retirement income. While division of labor might be great, there could be problems if the “non-financial” spouse is the survivor- he or she might be easy prey for those who try to sell inappropriate investments or insurance policies, or might be a victim of out-and-out theft. There is a solution, but it requires work while both spouses are…
Providing for the people who matter most to you is one of estate planning’s overarching goals. An inheritnace can go a long way toward ensuring the security of your partner, spouse, or children after you’re gone. But sometimes our loved ones need to be protected from themselves. Reckless spending and the claims of creditors can quickly eat away at what at first seemed like limitless reserves. By establishing a spendthrift trust, you can help safeguard the assets you leave…
A client visited today and asked what advice we give to husbands and wives about financial responsibilities when one spouse has died. It’s still often one spouse’s task to pay bills and make household arrangements, and if that spouse dies first, what can be done to assist the survivor? My suggestion was just what I have done. Although my wife is familiar with our bills and the various contracts we have for maintaining our home,…
Like most people, members of the LGBTQ community often wait until after a major life event before meeting with a lawyer to plan their estates. The adoption of a child, the death of a loved one, or the approach of old age can be enough to prompt some of us to meet with a lawyer. Depending on the life event in question, waiting might work—or it might simply be too late. Learn why the best time to put…
What will happen to your frequent flyer miles when you’re gone? Will your spouse, partner, or someone else you care about be able to use and enjoy them? The airlines’ rules are not always clear-cut on the matter. But with proper planning, you can make the most of their policies and help to ensure that your miles are passed on to someone you designate. Click here to learn more: https://mdlgbtestateplanning.com/articles/who-inherits-your-frequent-flyer-miles/
One of the many benefits of Saul Ewing’s recent merger with Arnstein & Lehr, now Saul Ewing Arnstein & Lehr, is that we now have offices in Miami, Fort Lauderdale and West Palm Beach, Florida. Many people living in the Northern and Midwestern states have second homes in Florida or have become full-time Florida residents, and they often need additional or different estate planning assistance. My colleague Fatima Hasan practices from our Fort Lauderdale and…
An article in the September 4, 2018 Wall Street Journal discusses the question of what people will spend in retirement. Its author is connected with something called the Center for Advanced Hindsight, which I suppose is humorous. The article indicates that the center brought together a large number of people and asked them what they thought their expenses would be in retirement. Because they had heard the figure of 70% of pre-retirement expenses, that’s what…
1. Why is it important to have a discussion about buy-sell agreements in the context of estate planning? The ownership interest in a closely held business represents a substantial portion of an individual’s wealth.  Determining how much his or her family will be paid for that interest and when payment will occur is a very important part of the estate plan.  If the value is trapped in the business or can only be extracted over…