Category Archives: Estate Planning – Financial Planning For Seniors

Elder Law Estate Planning

The goal of estate planning is to help you distribute your lifetime accumulation of wealth at the least possible cost and in the most efficient manner — to transfer assets to your heirs with a minimum of estate shrinkage.  Estate shrinkage is the depletion of assets caused by estate settlement costs, repayment of debt and estate tax liability. Have You Planned For The Future? The answer lies in each of these questions — if you answer “No or I Don’t Know” to any of these questions, we recommend contacting and an attorney for elder law estate planning immediately:

  • Do you have a will?
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Tax Help for Seniors in Maine

As the most comprehensive site informing the public about all the multi-faceted aspects of caring for seniors, GeriCareFinder is looking to reach out a helping hand to all those who need information about what is involved and also to provide a place where they can find the services they need.  We also can provide you resorces to find tax help for seniors in Maine.

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Income Tax Help For Seniors

You will need to know about your senior loved ones assets and income to be able to help you will the income tax help for seniors. There are many tax forms to fill out for seniors, and this can all be quite confusing for you or your senior loved one. Knowing how much is coming in and what is being received by your senior loved one can help you figure out the taxes. Account statements can help guide you, as well a bank deposit slips. If you are caring for a senior loved one that needs assistance with their taxes, you can help them by doing it yourself, by getting senior tax assistance, or by contacting a financial manager for your senior loved one.

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The Costs Of Long Term Senior Care

The costs of long-term care are often thought of in terms of monetary expenses. Although paying for care out of pocket can be very expensive, it is just as important to think about the cost of providing care over a period of years in non-economic terms.  There are many types of costs of long term senior care.

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The Reasons For Estate Planning

The goal of estate planning is to help you distribute your lifetime accumulation of wealth at the least possible cost and in the most efficient manner — to transfer assets to your heirs with a minimum of estate shrinkage. Estate shrinkage is the depletion of assets caused by estate settlement costs, repayment of debt and estate tax liability.

Have You Planned For The Future? The answer lies in each of these questions — if you answer “No or I Don’t Know” to any of these questions, we recommend considering Estate Planning immediately.

  • Do you have a will?
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Reverse Mortgages For Seniors

With the increasing popularity of reverse mortgages for seniors, elderly citizens are being faced with decisions that will affect their entire estates. Reverse mortgages create a means by which seniors may unlock the equity in their homes and receive cash to meet their financial obligations, pay for health care, or just to enjoy their life’s pursuits. Prior to initiating the actual documentation, careful thought and consideration should be devoted in order to fully understand the complete set of consequences.

What Are The Pros & Cons?

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Making the Most of Retirement Planning

One of the most critical and frequently overlooked issues in retirement planning comes after most people have retired. Beginning on the April 1 occurring after you reach age 70 ½, you must begin taking minimum distributions from your retirement plan. How you structure these distributions can have a profound effect on your own retirement and even more on what you leave your heirs.

There are some basic retirement planning steps you can take to get the most out of your retirement plan. Failing to follow these basic strategies could wind up costing you and your heirs many thousands of dollars in unnecessary taxes. A case study of how poor retirement planning can cost one’s heirs appears at the end of this section.

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