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What You Need to Know If You Intend to Work Longer

May 23, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

Up to two-thirds of baby boomers intend to work beyond age 65. Some of these never expect to retire at all. Some of the most common reasons of delaying retirement or continuing to work after your retirement age include the health benefits sponsored by your employer and the need for additional income. Many people plan to stay involved in their career simply because they enjoy what they do. It is essential to take positive steps towards staying healthy, keeping your job skills up to date, getting further education and networking. It is also important to regularly monitor your projected retirement income need.long term care planning

These could be subjected to long-term care health expenses if you were to have a long-term care health event. It is also essential to have a contingency plan in the event that you’re compelled to retire for reasons other than you expected such as your health. A contingency plan can give you peace of mind that no matter when you ultimately enter retirement, you will have the resources necessary to support yourself.

Many people are forced into retirement earlier than they expected but an estate planning attorney help you navigate this complex situation can give you further peace of mind as well as the backup plan should something happens to you before you anticipated. Looking ahead to long-term care needs and projecting your retirement income are just a couple of the things you can do to protect your future as well as the value of any assets set aside for your beneficiaries.

It is never easy to consider the prospect of what might happen to your if you were to become incapacitated but having all of your legal documents in line makes things much easier for your loved ones.

 

Growing Retiree Population Expected to Create Investment Return Drag

May 18, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

baby boomers retirement investment

A new study indicates that there’s an even better reason to try to save more for retirement. Research presented by the Center for Retirement Research at Boston College identified whether or not a growing retiree population would have an impact on investment returns. The study identified that the growing number of individuals retiring every single day and drawing down their accounts would have a potentially negative impact on the returns of investments in general.

There are shrinking numbers of subsequent generations beyond the baby boomers but the baby boomers make up a significant portion of the population. If the supply of savings increases relative to the demand for that money, the clearing on savings will decrease and investors would receive less income from dividends, interests, and profits for every dollar that they invest.

If the savings supply, however, falls relative to demand, savings can be invested in opportunities that have higher returns. As the demographic in the United States, however, shifts towards an older population mean, the economy needs less money to build new factories, machinery, offices, and roads than it did when the labor force was expanding. Although younger generations will help to increase the demand for and the supply of savings as they prepare for retirement and pay off debt and borrow, retirees will also be drawing down their own accumulated assets during the retirement process. Retirees draw down savings typically at a much slower pace than suggested by previous research. Retirees tend to hold reserves which makes it all the more important to have an experienced estate planning attorney help you determine what will happen to your assets after you pass away.

 

 

 

New Retirement Study Identifies That Half of Retirees Expect to Work Part-Time

May 17, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

A new study conducted by the TransAmerica Study for Retirement Studies identified that up to two-thirds of baby boomers intend to work beyond age 65. Some individuals have no plans to retire at all and at least half of the survey respondents expected to have at least some form of employment during that time. baby boomers retirement

Some of the most common reasons for delaying retirement or deciding to work after their retirement age include employer health benefits and the need for additional income. Significant members of individuals share that they simply enjoyed what they did or wanted to stay involved in their vocation.

One of the most important steps to take for anyone who intends to work after retirement is to focus on staying healthy. Many older individuals can be negatively impacted by a serious health care event but planning ahead for the future and having your legal documents in line gives you peace of mind that someone is able to step in and make decisions on your behalf even if you were to become unable to do so. Setting up a consultation with an experienced estate planning attorney is another step that you can take to gain confidence about your future plans and distribute any additional assets you may have as a result of continuing to work past your retirement age.

Monitoring projected retirement income needs can give you a good perspective on what you’ll need to support yourself as well as what you will be able to leave behind as a legacy for your beneficiaries. It is also important to have a backup plan in the event that you suddenly need to retire earlier for health or additional reasons. Contact an experienced estate planning attorney today to learn more.

Are You Exposing Your Retirement Funds to Long Term Care Cost Devastation?

May 10, 2017

Filed under: Baby Boomer Generation — Neel Shah @ 9:15 am

 

Do you have enough set aside to afford up to $8000 a month in long-term care? Chances are that at some point during your older years, you will need access to it. Advancements in medical technology mean that baby boomers who are just approaching retirement age may expect to live another 30 years or longer.

 

If you are 65 years old today, there is at least a 70% chance that you will need some kind of long term care over the course of your life as shared by the U.S. Department of Health and Human Services. However, without proper planning put in place and considerations over your individual health care and retirement needs, you could be exposing all of your retirement assets to be quickly eaten up with just one long term care event.

 

Genworth’s Cost of Care Survey identified that a private room at a nursing home has a median cost of just under $8000 per month. An in-home aide cost just less than $4000 per month and those costs are continuing to rise.
Medicaid and Medicare may not fully cover all of the expenses associated with a long-term care event, exposing you to serious problems and worrying that you’ll have to decimate all of your retirement savings. If you have particular assets set aside, you may wish to hand these off to future generations after you pass away, but they could be quickly eaten up if you do not have protection tools in place such as Medicaid considerations with advanced planning or a long-term care insurance policy. Do not hesitate to consult with an experienced New Jersey estate planning lawyer to learn more about how to protect yourself now and in the future.

May Home of National Elder Law Month

May 23, 2016

Filed under: Baby Boomer Generation — Tags: , — Neel Shah @ 9:15 am

Since 1963, the month of May has been a time to focus on issues impacting older individuals. In 2016, this focus is on elder law and how an elder law attorney can help the growing numbers of senior citizens accomplish their estate planning goals. elder law attorney NJ

Elder law attorneys serve a crucial role by helping you or your loved ones plan for the future. This, of course, will encompass estate planning for what happens after you pass away, but it also frequently involves planning for your life, too. This is because a growing number of individuals face the risk of incapacity due to disability or a severe illness.

Given that so many elderly individuals are coping with at least one chronic condition, it is important to think about having the right documentation to allow someone else to make decisions on your behalf and to talk in greater detail about your financial plan for long-term care.

One of the most commonly misunderstood aspects of elder law has to do with Medicaid. Small missteps in your Medicaid planning can cause problems down the line, so it’s a good idea to consult with an experienced New Jersey elder law attorney now to develop goals and plans. In the event that you sustain a serious injury or contract a chronic illness requiring long-term care, knowing your options ahead of time and having a contingency plan can minimize the stress you experience during this time.

You can take the important first step this May by setting up a meeting with an elder law attorney to discuss your future steps. Adult children who have baby boomer parents, too, can work on their own plan and talk about options for Mom and Dad as well. Before heading into the busy summer and vacation season, make sure you can cross this project off your “must do” list. You’ll have peace of mind about your long-term plan by doing so.

 

How to Help An Elderly Loved One Avoid Identity Theft

March 8, 2016

Filed under: Aging In Place,Baby Boomer Generation — Neel Shah @ 9:15 am

Unfortunately, identity theft is on the rise and elderly individuals may be most vulnerable to having their accounts hacked. They might not even realize that this has happened until it is far too late. There are several different things you can do to help your elderly loved one avoid identity theft. Use these tips to prevent an unfortunate incident.shutterstock_78312646

  • Do not have your elderly loved one carry their social security card with them. Instead it should be stored in a safe place.
  • Never attach your social security number or a personal identification number to any card that you are carrying, or store this on a piece of paper or receipt that your loved one is carrying.
  • Make sure that your relative has signed all of their credit cards immediately. It is best to use credit cards that only have the new chip technology.
  • Make sure that your elderly loved one always checks his or her receipts to ensure that they received their own as opposed to someone else’s.
  • Shred any documents that have a social security number, account number or pin number located on it.
  • Make sure that you check your elderly loved one’s credit reports on a regular basis so that you can be alerted to fraud as soon as possible.
  • Have your loved one store passwords for all accounts in a safe location.
  • Contact debit card or credit card issuers immediately if you believe that your loved one has been subject to identity theft. Doing this can help to stop the thieves before it goes any further.

Proactive versus reactive approaches in elder law planning

August 17, 2015

Filed under: Aging In Place,Baby Boomer Generation — Neel Shah @ 9:15 am

Although it is certainly possible to achieve a fair amount with reactive planning in an elder law crisis, it is much easier to plan in advance. An elder crisis with no prior planning might leave invested parties with only a will or a will and power of attorney to review. Even if these documents are clear, they might be just part of the puzzle when it comes to elder law planning. If a will or power of attorney is all you have in place, your loved ones might struggle to answer pertinent questions down the line if something happens to you. CZwBoPsXAxqmnWRu0IcQzBOq-zBKlJ3es7lZfGpfZsA

Being proactive with elder law planning can help to reduce stress, but it can also be important for saving money. For example, buying long-term care insurance can help to protect your assets even in the event a crisis that requires nursing home care or other advanced medical assistance. Planning can also help to address the potential of where you would like to live when you are older. You should never assume that your family members are clear about your plans or that they are all on the same page with regard to your care. If you have desires about medical treatment in the future, they should be communicated early.

Ready to get ahead on the planning process? Contact us today to get started.

Elder Law Costs Compared: Assisted Living, Nursing Home, and In-Home Care

June 16, 2015

Filed under: Aging In Place,Baby Boomer Generation — Neel Shah @ 9:15 am

The baby boomer generation is a big one, and the impact on health care services is reported widely throughout the news. According to US News and World Report, over the course of the next two decades, more than 10,000 baby boomers will reach age 65 every single day. This statistic is causing more individuals to think about planning ahead for long-term care and the inevitable costs associated with it. Whether you’re nearing this category yourself or whether you’re helping a parent plan, it pays to be informed about care options. 18scG5olSFcN_T7nAvlyJR0UuPaAw6Op6b14U7fh3j8

Many people are not aware that in-home care can exceed the costs of assisted living-location is also a factor, especially if you or your loved one lives in the city. The costs in urban areas surpass non-urban areas by as much as 15 percent.

Bear in mind as well that quality and cost can also vary quite a bit between independent care and agency staff, although the latter usually fall under licensing and accreditation standards. The average costs for the various types of care nationwide are as follows:

  • In-home care: Monthly cost of $4500
  • Nursing home care: Monthly cost of $550-6200
  • Assisted living: Monthly cost of $3000

Many people are not informed about just how easy it is to spend though assets and leave a healthy spouse with the financial fallout. Protect yourself by planning ahead- contact our office today for more information. Contact us at info@lawesq.net.

Elder Law Tips: 7 Scams That Target Seniors

June 8, 2015

Filed under: Asset Protection,Baby Boomer Generation — Tags: , — Neel Shah @ 9:15 am

Unfortunately, the elderly are frequently targeted in fraudulent schemes because the individuals carrying out these scams believe these individuals are more vulnerable and are more likely to have accumulated wealth. What follows are seven of the most recent and common scams targeting elderly individuals. 1D1iOB5glGAXlnOxXmQJ2CG7dNc6GG0GXY-G8vdLRBE

IRS Phone Scam

Recently seniors received phone calls threatening arrest and driver’s license suspension for nonpayment of back taxes. The fraud earned the scammers more than $5 million.

Health Care Scam

Seniors in this fraud scheme are asked to provide personal information in order to receive help with health insurance. That information can be used for identity theft.

Great Grandchild Claims

Sometimes, elderly individuals will receive communication from an alleged great grandchild asking for money. They are advised to verify the identity before sending any funds.

Unethical Financial Advice

Some individuals will claim to be professional financial advisors, making investments on a senior’s behalf. Individuals should always be carefully vetted before being used for financial management or advice.

Obituary Scheme

In this situation, individuals will call the family of a recently-deceased relative and claim that money is owed or that a package needs to be delivered. The “package” is then sent to the family cash-on-delivery, but it’s usually empty or worthless.

Prescription Drug Ruse

With prescription costs being a primary concern for elderly individuals, many turn to the Internet for cheaper prices. Sometimes, this can mean that money is taken without the delivery of any drugs. Make sure you fully investigate a site or service before signing up.

Funeral Plot/Service Scams

Unfortunately, some funeral homes might encourage seniors to purchase a casket or burial plot when they intend to use cremation. Read the fine print and make sure a family member knows your wishes.

Sadly, these scams are all too common. One of the best ways to combat scams is to ensure your estate planning and elder planning have considered many options. Get advice from an experienced attorney today at info@lawesq.net.

 

3 Steps for Baby Boomers Without a Plan

January 30, 2014

Filed under: Advanced Directives,Baby Boomer Generation,Living Will,Power of Attorney,Trusts,Wills — Neel Shah @ 7:31 pm

While every mentally competent individual over the age of 18 should have an estate plan in place, it is especially important that Baby Boomers without a plan begin to put something together. A recent article offers several estate-planning strategies for baby boomers to begin planning:

Last Will And Testament

(Photo credit: Ken_Mayer)

    1. Create a Will and Trust: No matter what type of estate planning scheme a person employs, he or she should incorporate a will into that scheme. Within a will, a person can designate a guardian for his or her minor children, as well as the distribution of personal items such as heirlooms and valuable items.

    2. Designate a Power of Attorney: A power of attorney is a vital document for any estate plan, because it allows you to designate a person to handle your financial and legal affairs should you be involved in an accident.

    3. Create a Health-Care Power of Attorney and Living Will: Just as a power of attorney allows an individual to designate the person who will handle his or her financial and legal affairs in the event of an accident or emergency, a health care power of attorney allows an individual to designate the person who will make medical decisions on his or her behalf.

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Applying the K.I.S.S. Principle: – Simplifying Estate Planning

September 3, 2013

Filed under: Baby Boomer Generation,Distribution of Assets,Estate Planning,Power of Attorney — Neel Shah @ 2:17 pm

For members of the baby boomer generation, estate planning is about more than organizing their financial affairs. Many Boomers wish to create estate plans that leave a legacy and make a difference in the world. However, when considering these estate planning goals, Boomers might quickly become overwhelmed with the task at hand. A recent article offers simple tips for Boomers to get started on their estate plan and create their legacy.

The first step in creating an estate plan is making a list of all of your assets. This list should include all real estate, valuable personal property, insurance accounts, retirement accounts, the value of any trusts, and any amounts you expect to receive before you pass on. When making this list, be sure to note if any of these assets are tied to debt, such as a mortgage or lien on a home. After you list your assets, consider how you would like to distribute them, and who you would like your beneficiaries to be.

Next, consider who you would like to serve as your financial power of attorney. This is the person who is tasked with managing your financial affairs should you become incapacitated. Remember that incapacity can take many forms, such as mild dementia or an intensive hospitalization after an accident. You may limit this power if you wish. For example, you could provide a limited power of attorney to only handle your small business. With these important decisions, creating an estate plan will be essential in detailing your wishes should you become incapacitated.