Archive for Federal Taxes

Are You a “Baby Boomer”?

Did you know that every day 10,000 Baby Boomers retire? Just as federal and state taxes are increasing, these numbers tax the government systems many rely on.

Come in for an initial consultation to discuss how these changes will affect your life plan, and estate plan.

And please feel free to contact me on the Form to request brief answers to your pressing questions as they affect your family, and your plans.

What is an Estate Plan?

What is an “Estate Plan”? And when should you revise it?

A simple plan usually includes a Will, Power of Attorney, and Advance Directive.

These documents can:

  1. protect your assets and ensure your financial life continues should you become ill or disabled (Power of Attorney);
  2. protect your health should you be unable to make your own medical decisions (Advance Directive and Living Will);
  3. Distribute your assets to family and friends upon your demise. (Last Will and Testament).

So at each stage of your life you should have these documents, and review them when your life changes.

As we go along, we will consider additional tools, such as guardianships for disabled loved ones; trusts ( revocable and irrevocable), government benefits ( when and IF you will qualify to receive any such benefits); and how tax benefits will change your formula for retiring.

Such benefits include Veterans benefits, Medicare, Medicaid, Social Security, SSI, Able Act. Many of these benefits are declining. Come in to discuss which of these benefits may or may not, factor into your life and estate plan.

Susan P. Preston, Esq.