Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the account funds … Continue reading
At the doctor’s office and want to know if a procedure is covered by Medicare? There is an app for that! Medicare has launched a free app that gives beneficiaries a quick way to see whether the program covers a specific medical item or service. The “What’s Covered” app allows you to search or browse … Continue reading
It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a “do-not-resuscitate” order (DNR). While both these documents are advance … Continue reading
Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who may … Continue reading
Estate planning does not have to be a complex and time-consuming process. Unfortunately, certain mistakes can complicate matters for your loved ones after your death. Passwords are a common problem during the estate planning process. Chances are, you are like most people and have various online accounts. You could have online banking, Bitcoin wallets, and … Continue reading
Prior blogs discussed why you should begin the estate planning process. However, much more can be said about which options you may have available. Depending on your personal situation or wishes, you could use a will or a trust. The Benefits of a Living Trust A living trust is one option you may have for … Continue reading
Estate planning is essential for people from all walks of life. Whether you are rich, poor, or somewhere in-between, you should ensure that your affairs are in order should the worst come to pass. If you suffer incapacitation or death, an estate plan can ensure that your medical decisions are carried out and that your … Continue reading
Medicare covers preventative care services, including an annual wellness visit. But confusing a wellness visit with a physical could be very costly. As part of the Affordable Care Act, Medicare beneficiaries receive a free annual wellness visit. At this visit, your doctor, nurse practitioner or physician assistant will generally do the following: Ask you to fill … Continue reading
Social Security survivor’s benefits provide a safety net to widows and widowers. But to get the most out of the benefit, you need to know the right time to claim. While you can claim survivor’s benefits as early as age 60, if you claim benefits before your full retirement age, your benefits will be permanently … Continue reading
There are many different factors involved with asset protection, especially when it comes to building your estate plans. If you want to ensure that your assets are passed down to your grandchildren safely and correctly, it’s important that you have an open and honest conversation with your children about your estate planning goals. What Are … Continue reading
