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A Good Time To Plan Ahead

The best time to create an estate plan is now. In general, people contemplate estate planning for weeks, months or even years before finally taking action. For some, it is a birthday, a life event or the start of a new year that finally inspires them to get started. If you are finally ready to put down in writing your plans for the future, you should speak to an experienced professional to make sure everything is done properly.

Hidden costs can derail an estate plan

The decision to retire can create a sense of relief, joy and hope for the future. It can also leave you feeling anxious and unsettled. Going forward without the traditional source of income you've relied upon for years, possibly decades can be an adjustment. Without careful planning, unexpected costs can be a calamity.

Long-term care can bleed an estate dry

It is easy to underestimate the cost of long-term care. Many people hope to remain in their homes and avoid the need for a nursing home or care facility. Some believe that their children, or friends or neighbors will be able to compensate for the things they lose to age. The truth is that health is an uncertain proposition the older we get. No one wants to suffer from dementia, loss of mobility, loss of cognitive function or other medical issues connected to getting older. That doesn't make those problems any less real.

Will health care be out of reach soon?

Health care costs have continued to rise at an alarming rate. Health care needs often grow as we age. For many of us, the potential cost of health care for our later years is enough to cause us to lose sleep. Long-term care insurance is one of the solutions some are turning to to address this situation.

Thinking about care decisions in advance

Estate planning covers decisions about financial matters and the creation of one's legacy. it also covers immediate and important decisions about health care and a person's preferences for the end of life. Advance care planning is not something that should be left up to chance. People need to understand what they do and do not want regarding medical treatments as they age.

Estate planning and aging alone

Many of the cues that get people thinking about estate planning are family related. New marriages, becoming a grandparent, passing along a family business or protecting family heirlooms can all be the impetus for starting an estate plan. A new trend may require a change in the way people consider legacy planning. A growing percentage of Americans between the ages of 45 and 65, prime years to complete an estate plan, are living alone.

Estate taxes are confusing, even to the IRS

The Treasury Inspector General for Tax Administration recently issued a report concerning how estate and gift tax returns are being processed. The report highlights substantial discrepancies in how the IRS handled the examination process. One of the issues covered in the report is that the document used by the IRS to classify gift and estate tax returns in difficult to read and follow. As anyone who has ever read an IRS form can attest, simplicity and  clarity are not the driving force behind creating tax documents.

Discussing Estate Planning Goals

There are topics that many Americans do not feel comfortable discussing, even with friends and family. Some topics are too personal, others are simply uncomfortable. Estate planning touches on two topic that many people have trouble discussing: money and death.

Blended families and estate planning

There are many pitfalls for the inexperienced estate planner. Do-it-yourself planning can go from confusing to hopeless with a just few, relatively common wrinkles. One of the most common factors that can make estate planning complicated is the blended family.

Can you make your own estate plan?

The do-it-yourself crowd has access to tools that were unimaginable even a decade ago. Those tools can be powerful, but therein lies the problem. Power, in the hands of the inexperienced, can be disastrous. If you are considering creating an estate plan on your own, it is important to have an accurate understanding of exactly when a problem is beyond your ability to solve.

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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