Legacy & Retirement

Legacy & Retirement – Knowledge

Estate Planning

It is often difficult to motivate elderly parents to take the necessary steps to ease the burden for the family in the preparation of information regarding medication, physicians, ease of transference of wealth, and putting a plan in place that helps decide changes caused by life events. I had a friend of mine go to look for Noah’s Ark and he told me that when he reached 10,000 feet, he had to decide what he would do at 14,000 feet.  He explained that the lack of oxygen at 14,000 feet made it difficult to think and make good decisions.  It is kind of that way with aging.  We have to decide at 10,000 feet what we will do at 14,000 feet.  My mom was 98 when she passed and she was still at 10,000 feet, but I have known others who were at 14,000 feet when they were in their fifties.  Planning ahead makes it easier for family members to carry out the wishes of their aging parents. We have a wealth of information in our estate planning book, just $1 in our store!

Social Security

Contrary to popular opinion, there are strategies that need to be applied to these government benefits that reward those with knowledge of the system. Two people applying for Social Security with the same fact circumstances one would assume would end up with the same benefit. Actually one could end up with a $1,000 more by knowing how the system works. So knowledge is a key component to the years one has remaining. Learn more about successful strategies in our Social Security mini-book.

Medicare

There are a number of programs offered to individuals who fall below the poverty line. The factors that go into the eligibility for benefits vary based on number of people in the household, income for the household, net worth of the household, and age. Benefits cover a wide range of services. You can learn more in our medicare book (available for $1 in our store).

Medicaid

When one spouse goes into a nursing home with limited resources, they will ultimately qualify for Medicaid. This occurs when their assets are reduced by 50%, or equal to $109,560, whichever is less. Each spouse is allowed to retain his or her own income. Learn more about the complicated medicaid system in our mini book.

Veteran Benefits

There are a number of benefits available to veterans and members of the armed forces. Credit unions, government programs, housing assistance, and more. Look for a fuller rundown in our book available in the store and at the bottom of this page.

Reverse Mortgages

There are three reasons why people use a reverse mortgage. The first reason is to stop the payments toward debt either in the form of mortgage debt or credit card debt. The second purpose is to make a major purchase that would be impossible otherwise. The third reason is to either establish a source of future income, or to establish access to cash for expected or unknown future expenses. There are no restrictions on the use of the money.

If you are considering a reverse mortgage, make sure you are well informed by using our dedicated ebook, available in our webstore.

Tax Planning

Because of the complexity of tax law, there are many ways to affect the taxes that are paid.  Most accountants record what was done rather than planning to improve the outcome. Significant taxes are often paid by those who lack understanding of the laws.  Also the laws are constantly changing. This leads to poor stewardship. You can become a tax planning expert by using our special book! Check out our store for more.