With so many ways to claim benefits, especially if you are married or were divorced at some point in your life, small mistakes can add up to a big difference in the amount of Social Security benefits you receive, says a recent article, “11 Social Security Mistakes That Can Cost You a Fortune” from Nasdaq. Here's a list of some of the biggest Social Security mistakes people make: 1. Not Reviewing Your Earnings Statement Annually Not checking your earnings record during your working life can add up to significant losses. Even if you’re decades away from claiming, you should check your earnings record annually since this is what Social Security benefits are based on, not the amount of taxes you or your employer(s) paid. You can create or log into a mySocial Security online account to gain information related to estimates for retirement, disability, and survivors benefits you and your family may be eligible for. Common mistakes include employers recording incorrect earnings or earnings not showing up because you changed your name and the name change wasn’t processed correctly. Check your statement annually to avoid losing the right number of benefits because of earnings record mistakes. If you see an…
As the Eagles ready themselves for a farewell tour that spans two months in late 2023, it's hard not to think about their late guitarist Glenn Frey who passed away in January 2016.
Children are treated fairly when it comes to inheritance. But “fair” doesn’t always mean “equal,” especially if your family situation or assets are complicated. In some circumstances, giving kids equal inheritances may not be the best option.
A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple's children and grandchildren, are supported financially.
For many seniors, the thought of estate planning can seem daunting, the complex laws and myriad of decisions to be made can be overwhelming. But rest assured, with the help of an experienced Omaha Medicaid planning attorney, this process can be navigated smoothly, ensuring you can enjoy your golden years in peace and security. Why Estate Planning Matters As we age, our needs and circumstances change. What might have been an appropriate strategy in our 40s might not serve us well in our 70s or 80s. This is especially true when it comes to preparing for potential long-term care and healthcare costs, including those covered by Medicaid. In Nebraska, the annual costs of nursing home care can quickly drain your nest egg, leaving little for your heirs. That's why it's important to plan ahead with a solid estate plan. Watch a brief masterclass by our owner and lead Omaha estate planning attorney, Andrew Sigerson: The Five Disastrous Mistakes that Drain Your Nest Egg to the Nursing Home. The Role of an Omaha Medicaid Planning Attorney Medicaid planning is a critical component of any comprehensive estate plan for seniors. It involves employing strategies to protect your assets while ensuring you're eligible…
The family vacation home is often a point of pride, a place for reconnecting and making memories. A vacation home, whether it’s in the mountains, near the sea, on a lake, or on a farm, can have sentimental as much as economic value.
If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.