ESTATE PLANNING

Many people have received a disability due to a personal injury situation or are developmentally disabled due to known or unknown reasons. These special needs individuals, commonly referred to as handicapped, may not be fully aware of what challenges the future may hold for them. Hopefully they have loved ones and family to help them plan for the day when they will be on their own.

While the subject may be difficult to think about, it remains a fact that most people will spend some portion of their lifetimes in an assisted care facility. The possibility also exists that individuals may run up large medical bills both before and during placement in such a facility. It is therefore important to be prepared for these events by consulting with an estate planning and elder law attorney about proper Medicaid planning.

There is currently a lot of talk in the press about how reverse mortgages can be used to supplement your retirement income. Some sources advocate the use of R.M. while others preach against them. First of all its like virtually every investment or financial decision, are good for some and bad for others. How they apply to you depends on your circumstances and what you're trying to accomplish. Let's set the record straight on this topic and retirement planning.

Family members caring for loved ones with special needs want to ensure that their child or sibling will remain financially secure even when they are no longer there to provide support and assistance. In many cases, expenses increase dramatically when care and guidance formerly provided by family members must instead be paid for through a professional caregiver or other service.

The economy is in a temporary mess with home prices diminishing and the stock and bond market falling. Yet, for anyone with a federal estate tax issue potentially at his or her death, this is a good time to give as many assets as one can. This is one of the best opportunities to transfer wealth to younger generations, without incurring the federal estate tax in the process.

In seeking additional retirement income, retirees should be aware of the estate-liquidating function of immediate annuities. Immediate annuities are unique since they require the annuitant to transfer part of their estate in order to purchase the annuity. Although deferred annuities involve relinquishing your funds as well, there is no accumulation phase with immediate annuities.