When the Floor Drops

This time of year (Mar - May) is rough for me, it brings back a lot of memories - most vivid perhaps the week my wife spent in the ICU until she passed, her subsequent burial over Easter weekend of 2012 and what would've been our wedding anniversary on May 18th. Certainly the most dramatic, but not the only time I've lost my equilibrium because something totally unexpected, and unwelcome, occurred. And when this happens, it's up to us to decide how we'll react - do we roll with the punches and come back fighting, or do we drop to the mat? Admittedly I haven't always responded with grace under pressure - it's taken years and multiple incidents I could've (and should've) handled better to get me to where I am; and I still consider myself a work in progress.

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Love means My Will is Up to Date

Having worked for two bank trust departments and observed so many complex problems created by the lack of a will, I have always urged clients, friends, and family members to keep their estate planning documents up to date. Those documents include a will, durable power of attorney, medical power of attorney, and several other documents in many situations.

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THEY DID WHAT????!!!!!!

I think it's safe to say we've all either been in a position to say this, or know someone who has. This article is specifically focused on the titling of your estate. Far too often, in my opinion, there is conflict or confusion about what to do when someone passes away, and which is the last thing anyone should have to deal with when mourning.

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Why you should wait until 70 to file for Social Security when you have disabled child

Social Security makes up a very large portion of the income most people receive in retirement, and it makes sense why they would want to start collecting it as soon as possible. However, according to the social security administration, if you start collecting it before your full retirement age you could be leaving between 20 - 30% of your benefit on the table - meaning you will forever miss out on this money. However, if you wait until age 70 before collecting benefits you could earn an additional 5.5 - 8% each year you delay past your full retirement age (delayed retirement credits).

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What to Know About Tax Breaks for Disabled Individuals

It can feel overwhelming to provide the care and services a disabled family member needs. And unfortunately, many families overlook tax credits and deductions that could help defray the costs of that care. These include the medical expense deduction and the child and dependent care credit, and disabled taxpayers may take deductions for impairment-related work expenses.

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A Life Insurance Strategy for Families With Special-Needs Children

‍For families who have children with special needs — for example, a mental or physical disability — the question isn’t whether the parents should own life insurance, it’s how much they can afford. Generally speaking, families with special needs are planning retirement for two generations — the parents and the child — because the child may not be able to earn income as an adult and support himself or herself.

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Long-Term Care Benefits for Veterans

Veterans have access to health and long-term care benefits that can have a significant impact on their family’s finances. The Department of Veterans Affairs will pay for certain long-term care services for disabled and low-income veterans. With help covering long-term care costs, many veterans and their families can focus on other important aspects of their financial planning. There are many options for veterans to take advantage of as they age and require care, but often veterans don’t even know they may be eligible. Here’s a look at the various benefits available:

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ABLE Accounts Help Foster Independence for Disabled People

Most parents don’t expect to provide financial support to their children for their entire lives. But families of children with disabilities may have to. Recent legislation makes it easier for families to set aside money explicitly to provide for the needs of loved ones with disabilities, while also helping them to become more independent. New state-sponsored accounts allow disabled people to accumulate assets in their own name, without the risk of losing their Social Security disability benefits.

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Break the Cycle

Recently my son’s teachers and I met for his IEP (individualized education plan) and one of the goals we discussed was using money.

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