Two Crucial Documents That College Students Need

Is your “baby” going away to college? Or, has he/she recently gone away to college? If so, you’ve no doubt spent a lot of time poring over lists lately, to determine what’s a “want” and what’s a “need.” And you’ve probably – singlehandedly - made the post-it companies rich.

You’ve been planning – and if you’re like I was, dreading – this day for a couple of years. And you’ve most likely been saving for it for a lot longer than that.

So, chances are, you’re prepared. But, in this crazy world in which we live, there are some things for which you just can’t prepare…such as accidents or other tragedies.

That’s why you need to have your children sign two critical documents.

If your child is already 18, you already know that, legally, he/she is an adult. And because of federal privacy laws, the college he/she is attending generally can’t divulge medical information to you.

That’s why any child going away to school should sign a Health Care Proxy and HIPAA authorization. This way, if tragedy or illness strikes, you’ll be able to get the information you need. It doesn’t matter if you gave birth to that child. You won’t be able to get any information on his health status unless there’s a signed HIPAA authorization.

What happens if there’s an accident, and your child ends up in a coma? Who’s going to be the child’s voice? If there’s no Health Care Proxy, you may have to go to court to get a guardianship designation so you can make decisions for your child. Tragedy, though, has its own timetable. And going to court could cost you preciously if it takes too much time.

Remember Terry Schiavo?

If you’ve got questions about this, we can answer them.

At The Law Offices of Alice Reiter Feld & Associates, we get asked questions like this all the time. In fact, we’ve been answering questions like these from South Florida families for the past 33 years. And we’ve been helping them secure their own futures as well as their children’s…with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

We can answer your questions. And we’re only a phone call away.

Planning To Retire This Year? Ask Yourself These Questions First! - Part 2

In our last blog, we touched on a few questions you should consider before leaving your 9-5 career behind for a 24/7 retirement. We're talking about the rest of your life. And if you're not ready - emotionally or financially - you may want to wait.

Here are more questions you should be asking yourself, before taking the plunge.

CAN I PUT OFF TAKING SOCIAL SECURITY?

There's a natural instinct to sign up when you turn 62. But "full-retirement age" isn't until 66...and, if you start early, your benefits will be reduced. So, if you've got a bit of a nest egg, consider waiting a while. And if you can wait until 70, your benefits will be even higher.

For those eligible at age 66, waiting just one year will result in monthly benefits equaling 108% of the previous amount. And waiting until 70 would generate 132% of the regular monthly benefit!

In fact, you can nearly double the amount you'll get at 62 if you can wait until 70.

HAVE YOU SPOKEN WITH YOUR ACCOUNTANT?

Most of us speak with our accountant just once a year - at tax time. But don't consider retirement without doing it again!

A big chunk of your IRA is going to Uncle Sam when you withdraw it. And you'll need to prepare for that.

Consider a financial planner, too. Together, they can develop a strategy for your taxable and tax-sheltered accounts. And they can help you decide whether to convert to a Roth IRA, where withdrawals are tax-free...but conversions are not.

WHAT ARE YOU RETIRING TO?

Are you ready? Not only financially...but emotionally? To make the most radical change of your life?

And are you ready to seek out new pursuits and intellectual challenges, so your life stays interesting, and your brain healthy?

As an Elder Law attorney for the past 33 years, I get asked about retirement every day.

In fact, at The Law Offices of Alice Reiter Feld & Associates, we've helped thousands of South Florida families answer questions such as these. And we've helped them prepare for the future, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you're approaching retirement, you've got questions. And we've got answers.

We're just a phone call away.

Planning to Retire This Year? Ask Yourself These Questions First! - Part 1

My Boomer clients talk about retiring all the time. And I always tell them the same thing: If you’re thinking about retiring…think hard!

You’ll have to make big decisions about things such as Social Security and taxes – in advance. The world as we knew it has been turned upside-down in recent years, and this decision will affect the rest of your life.

There’s another decision, too. Are you sure you’re ready – emotionally – to retire?

If you’re considering making the break, ask yourself these questions:

AM I REALLY READY?

Because of the loss of our financial security-blankets in recent years, people are working longer. If you enjoy your job, maybe you should keep working.

It will allow you more time to build up your savings for the day when you really do want to play golf instead of office politics, and more time to pay down your mortgage. Once you retire, it can be difficult to un-retire.

CAN I REALLY LIVE ON A SMALLER BUDGET?

If you think it was hard staying on a budget during your working life, you ain’t seen nuthin’ yet! In fact, it often gets more expensive to live after you retire. You’ve got less coming in. But you’ll probably be spending money on things you never had the time to spend it on before.

You’ll probably be traveling more. Seeing more movies or ballgames. Playing more golf. Going out with friends more. And perhaps buying more “toys.”

The Web can be a resource; mint.com can help you figure out expenses that may end with retirement, and those that may begin.

Some experts encourage a trial run, by living on a projected “retirement budget” while you’re still working. It’s not a totally-accurate method. But it might give you time to develop coping strategies.

As an Elder Law attorney for the past 33 years, I get asked about retirement pretty much every day.

In fact, at The Law Offices of Alice Reiter Feld & Associates, we’ve helped thousands of South Florida families answer questions such as these. And we’ve helped them prepare for the future, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you’re approaching retirement, you’ve got questions – and we’ve got answers.

We’re just a phone call away. 

Veterans Are The Newest Target For Scammers

If you're a veteran, and you're thinking of attending one of those "free lunch" investment seminars - Beware! There's no such thing as a free lunch!

However, there is such a thing as a scammer. They're taking aim at veterans. And, often, they're doing it in suits and ties, peddling "free advice" from investment firms that's really a sales pitch.

In 2007, the SEC did a study of 110 "free lunch" seminars given by investment firms. Although most of these seminars were advertised as "educational," in actuality, 100% were sales presentations. Fifty percent used misleading advertising. One-quarter made unsuitable recommendations. And 13% appeared to be downright fraudulent.

The only person fully qualified to discuss veterans benefits with you is an Elder Law attorney, or a financial advisor who's accredited with the VA. Yet, many of these so-called "advisors" are not accredited.

Often, these scammers will pose as experts on the Aid and Attendance benefits, which covers unreimbursed medical expenses for combat veterans and their spouses. Many veterans who've taken their advice have found themselves virtually broke, because they've been disqualified from receiving Medicaid benefits.

The advisor won't be broke, however; a sale of a $500,000 annuity can result in $75,000!

If you're a veteran, you should read this recent article in the Chicago Tribune: http://www.chicagotribune.com/business/sns-201212190930--tms--savingsgctnzy-a20121219-20121219,0,4002905.story

At The Law Offices of Alice Reiter Feld, we've met far too many veterans who've been scammed...and who've come to us for help after the damage has already been done.

Over the past 33 years, we've helped thousands of South Florida veterans and their families make choices that are right for them. And we've helped them, too, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you've got questions about veterans' issues or benefits, we can help. We're just a phone call away.