One of the benefits of waiting until at least full retirement age to claim Social Security is that you are not required to pass the benefits earnings test, if you’re still working.
The Social Security Administration applies an annual earnings test which involves temporarily withholding $1 of a worker’s benefits for every $2 earned over $21,240 (in 2023). In the year that the worker attains full retirement age, the earnings test is more generous; $1 in benefits for every $3...
Read More
Category Archives: "Trusts"
21 Jul
Off
How to Reduce Medicare Premium Surcharges
You’ve reached the golden age! However, just because you qualify for Medicare, it doesn’t mean that you’re done paying for health insurance. Medicare Parts B (outpatient) and D (prescription drugs) charge a monthly premium. If you are fortunate to have a higher-than-average income (more than $97,000 for an individual; $194,000 as a married couple), you may be required to pay an income-related monthly adjustment amount (IRMAA). Your modified adjusted gross income (MAGI) includes all taxable income including income from...
Read More
Read More
03 Jun
Off
When Do You Need A Probate Lawyer?
A probate attorney can help family members of a deceased person to settle the debts and distribute the assets.
What Is a Probate Lawyer?
Probate attorney, also called trust or estate attorney, helps executors of the estate in managing the probate process if there is no will.
Probate attorneys also help with estate planning; they give advice on powers of attorney, and also help in the drafting of wills or living trusts, or even serve as an executor or administrator.
Can The Assets Of A Deceased Person's...
Read More
Read More
05 Feb
Off
The Importance of Using an Irrevocable Trust in Medicaid Planning
People often wonder about the importance of utilizing an Irrevocable Trust in Medicaid Planning. Undoubtedly, the gifting of assets can be done outright. So, why confuse things with a trust? The answer is that the gift transaction costs are only a portion of what needs to be considered. Many significant advantages that can result from gifting in trust are forfeited by the outright gifting. These advantages show the importance in utilizing Irrevocable Trusts in Medicaid and asset protection planning.
The...
Read More
Read More
15 Dec
Off
Why and how to organize your financial and legal affairs
Why Organize Your Affairs
It’s not easy to think about what might happen if you become unable to handle your own affairs. But illness and infirmity are as unpredictable as they are inevitable. It’s impossible to know when they will strike you or what form they may take.
Acknowledging your mortality is even more difficult. Even those you might reasonably expect to know better are not exempt from the tendency to avoid end-of-life decisions.
May people have inventories in their heads about...
Read More
Read More
Result 1 - 5 of 5
