Though it’s not pleasant to contemplate, according to the US Department of Health and Human Services, an individual who is 65 years of age today has a nearly 70% chance of needing some type of long-term care in their older years. Long-term care is a blanket term that incorporates care over an extended period of time, both in your home or in a facility and it can range from general assistance with daily tasks to more comprehensive medical care. AARP reports that the national average for a private room in a nursing home is $108,405 per year and $61,776 for a home health aide.
Trusts and Estate Planning
What is a trust?
A trust is a legal arrangement that allows a third-party (known as a trustee) to manage assets on behalf of a beneficiary or beneficiaries. A trust is set-up by a person known as the grantor, sometimes also referred to as a trustor, who determines what assets are to be added to the trust and names the trustee and beneficiaries. Property put in trust is legally owned by the trust and can be any type of asset, including cash, securities, life insurance policies, or a home or other real estate.
[Read more…]Understanding the Secure Act 2.0
In 2023, the SECURE Act 2.0 for retirement savings becomes federal law, reshaping tax incentives for years to come by making numerous changes to existing retirement account rules and related tax breaks. Though there are many changes, below are some of the ones that will impact high wage earners, those still working, and those who have or are about to retire.
Medicare Changes in 2022
5 Tips to Reduce Financial Stress During Market Volatility
Market volatility. Most investors understand this is a normal occurrence when investing but that doesn’t necessarily make it any easier to stomach the rollercoaster balances in your accounts. Your chest feels constricted, your jaw is tight, at the back of your mind there are nagging worries that frequently send you down a rabbit hole of “what-if” scenarios. Understandably you’re worried: it’s your livelihood, your future, your quality of life, your legacy.
But given that making knee-jerk financial decisions based on emotional reasoning is unlikely to get your investments to where you want them to go, here are a few suggestions of ways to hang tight and stay calm through a period of market volatility. [Read more…]