Thursday, January 20, 2011

Social Security - Some Surprise Benefits

Social Security News

We are all generally aware of how Social Security works but when we assist in estate planning for clients there are many things to consider, especially if the client has been divorced. A few of the considerations follow:

  • A widow or widower, at full retirement age or older, receives 100 percent of the worker’s basic benefit amount
  • A divorced spouse of a worker who dies could get benefits just the same as a widower if the marriage lasted 10 years
  • Note: remarriage can end the deceased spousal or former spousal benefits
  • In one-earner families, the working spouse can “claim and suspend benefits” so that at full retirement age, he or she continues to work and “claims” benefits, then “suspends” benefits, which enables the non-working spouse to receive a spousal benefit
  • In two-earner families, a surprising result can occur. If one worker takes social security at full retirement age (now 66 years old), that spouse can receive the monthly benefit and can continue working with no penalty. At full retirement age, his or her spouse can receive an amount equal to 50% of the spouse’s monthly benefit each month without affecting his or her ability to continue to work until age 70 at which time he or she can receive a substantially higher amount per month due to “delayed retirement credits.”
  • A bigger surprise is that a former spouse (not remarried, where the marriage was at least ten years) at full retirement age can also receive an amount equal to 50% of the former spouse’s monthly benefit each month without affecting his or her ability to continue to work until age 70.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, January 14, 2011

Durable Power of Attorney in RI

Will your Durable Power of Attorney Work for You?


We often hear that “avoiding probate” is a good thing and in most cases the statement is true. The probate that is “avoided” is usually post-death probate. Many people use revocable and irrevocable trusts or joint-asset and “transfer on death” planning in such situations. But it is surprising how many people fail to have a Durable Power of Attorney prepared. It is even more surprising to see how many of the documents that are drafted cause confusion or simply don’t work in the manner intended by the “grantor” of the power. Here is a list of “do-s” and “don’ts”:

1. Do make your Power of Attorney “durable” so it will survive your incapacity.
2. Do nominate a sensible person as your “attorney-in-fact” and as a successor.
3. Do consider whether the power should be contingent on future events (“springing”) or immediate.
4. Do discuss protecting your assets after your incapacity from an attorney-in-fact who will not fulfill your ultimate estate goals.
5. Do read the power carefully before you sign it. If it does not make sense to you it probably won’t make sense to banks, financial institutions and others when it is used in the future.

1. Don’t nominate a person who has serious health issues or is older than you.
2. Don’t hold the document for more than five years without re-reading it and having an attorney review it. Things change!
3. Don’t confuse everyone by leaving joint attorneys-in-fact with unclear statements as to their respective powers or their separate powers.
4. Don’t place powers regarding medical decisions in your document if you have already designated another person to exercise those same powers in your “medical durable power of attorney”.
5. Don’t put the signing of this document off to the future. Dollar for dollar, it is the least costly way to “avoid probate” since it can avoid the necessity of a guardianship during your lifetime.”

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Tuesday, January 11, 2011

Elder Law Attorney in Newport RI

WE MAKE HOUSE CALLS.

WHY?

BECAUSE WE ARE “SELFISH!”


Elder care-givers and professionals know well that elders need (and deserve) “special treatment.” In our law office we don’t “rush them,” we enunciate clearly, we work at a slower pace. We respect them and don’t talk to them as if they are children. We listen carefully to their questions and comments. We also listen to their children but preserve their dignity when listening to their spokesperson. These practices follow common sense and are not unusual.

While we have handicapped ramps and an elevator at our office, we have decided to make house-calls. Why? Obviously, some elders don’t travel well or don’t travel at all. Despite the loss of time (and billable hours) to us, we will travel anywhere in Rhode Island to meet with clients and their family members. My father pointed out (often) that most of what appears to be “generous” is in fact “selfish.” We agree. We are in business. We want to meet more clients. We want clients to trust us and to accept us as their family advisors. We know that they are most comfortable on their “turf.” A cup of tea at the kitchen table often leads to good feelings on the part of the potential client who has become a “host.” Sometimes “selfish” motivations can work to benefit both client and attorney.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.