Free Money How to collect spousal benefits and wait until 70 to claim your Social Security Most financial advisors will tell you the highest wage earner in the family should wait to collect Social Security benefits until age 70. Benefits increase on average 8% per year for each year you wait to collect benefits after you reach your full retirement age. This article shares the secret of how to collect benefits from your spouse’s early retirement while you wait until 70 to collect your own benefits. Social Security is much more complicated than folks believe. There are rules for minor
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Blockbuster, Circuit City, K-Mart—Estate Planning?
Blockbuster, Circuit City, K-Mart—Estate Planning? For the majority of the last 15 years, the desire to avoid the Federal Estate Tax has driven the preparation of many estate plans. In 1999, the exemption from the Federal Estate Tax was $650,000. After reaching the exemption amount, the tax started at 35 percent and hit a maximum of 55 percent! In the past two decades, several tax laws have passed which have gradually increased the federal exemption. Today only the wealthiest of individuals have estates that are potentially subject to estate tax ($11.4 million for a single individual and $22.8 for a
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How to Contact the Indiana BMV When You Believe Your Loved One Should no Longer Drive
How to Contact the Indiana BMV When You Believe Your Loved One Should no Longer Drive How do you know when your dad should no longer drive? The answer is obvious: when you will no longer ride with him. The sad fact is in rural Indiana losing your driver’s license is equated with the loss of your independence. We do not want mom or dad to lose their independence, but we also do not want them to hurt themselves or others in an accident. Indiana law permits you to contact the Bureau of Motor Vehicles confidentially to have mom or
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New VA Rules for Pension Benefits – Effective October 18, 2018
New VA Rules for Pension Benefits Effective October 18, 2018 The VA has a pension benefit to help certain financially eligible wartime veterans or spouses of deceased veterans. This pension benefit has come to be known as the Aid and Attendance Award. The VA has recently published proposed changes in determining who qualifies for this Award. The following is a brief summary of these changes. Net Worth: The rules tie the net worth asset limit to the Medicaid Spousal Impoverishment level (currently $123,600) and increase it for inflation. Annual income is added to the net worth amount to determine eligibility.
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Important Change in Indiana Health Care Consent Laws
Important Change in Indiana Health Care Consent Laws We all make decisions about our health every day. We take for granted our right to make these decisions. Who will make decisions about your health when you become incompetent? If you did not have a written advance directive, Indiana law used to have health care by committee (we see how well that is working in Washington). Your committee consisted of your spouse, your adult children, adult siblings, parents and, thanks to the meth problem, your grandparents and adult grandchildren. There was no priority order among your committee members; and like in
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Senior $afe Act
Senior $afe Act President Trump signed a new federal law into effect on May 24, 2018. This federal law promises immunity for financial institutions reporting suspected financial exploitation of consumers 65 or older. This law encourages banks, credit unions and other financial institutions to train their employees to make reports of suspected financial exploitation. This helps solve the problem of banks not alerting authorities of suspicious activity out of fear of violating federal privacy laws. Exploitation includes “the fraudulent or otherwise illegal, unauthorized or improper act or process of an individual including a caregiver or a fiduciary that: uses the
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The Top 6 Reasons to Hire an Elder Law Firm Like Dale, Huffman & Babcock
The Top 6 Reasons to Hire an Elder Law Firm Like Dale, Huffman & Babcock Seniors face complex legal concerns that are often different from what they faced when they were younger. Actions taken may have unintended legal effects. As a senior or someone who’s helping make decisions for a senior, it’s important that you work with an attorney who is an expert in Elder Law. What is Elder Law? Elder Law encompasses many different fields of law. An Elder Law Attorney specializes in how to best use their knowledge to fit the needs of seniors. The areas we practice
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Indiana Health Care Consent Law Changes Coming Soon (July 1, 2018) to a Hospital Near You
Indiana Health Care Consent Law Changes Coming Soon (July 1, 2018) to a Hospital Near You We all make decisions about our health every day. We take for granted our right to make these decisions. Who will make decisions about your health when you become incompetent? Indiana law currently have health care by committee (we see how well that is working in Washington) if you do not have a written advance directive. Your committee consists of your spouse, your adult children, adult siblings, parents and thanks to the meth problem, your grandparents and adult grandchildren. There is currently no priority
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Medical Expense Deductions Under the Tax Cuts and Jobs Act of 2017
Medical Expense Deductions Under the Tax Cuts and Jobs Act of 2017 The Tax Cuts and Jobs Act became effective January 1, 2018. The good news for elderly and disabled Hoosiers is this tax bill allows them to write off qualifying medical expenses that exceed 7.5% of their adjusted gross income for 2017 and 2018, regardless of their age. This limit increases to 10% in 2019. The standard deduction increased to $12,000 for a single person and $24,000 for a married couple as of January 1, 2018. This means a person or couple will need high medical costs in order
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Eligible Hoosiers Can Now Open an ABLE Account — in Indiana
Eligible Hoosiers Can Now Open an ABLE Account — in Indiana Eligible Hoosiers can now open an ABLE (Achieving a Better Life Experience account) as of August 1, 2017. An “eligible” Hoosier is a person who develops a disability before the age of twenty-six (26). The person must have had this disability for at least one year or must expect their disability to last at least a year. The Indiana accounts are called INvestABLE Indiana accounts. You can view information about these accounts at https://savewithable.com/in/home.html. These accounts are 529 plans for disabled Hoosiers similar to the 529 plans for college
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