Have you thought about long-term care? What about the planning for it, or even the possibility (now reality) of costs increasing? The Associated Press’ Tom Murphy elaborates on how much long-term care costs have increased in his article.
Back in 2004 Genworth Financial started a survey and since then, we’re now seeing the second-highest increase of 4.5%. This is due to labor expenses and sicker patients. And soon, we may see costs go to $100,000 or more per year. This cost can be for nursing homes, assisted living, adult daycares, etc.
How many American 40 and older do you think haven’t made any plans for their long-term care needs? One-third, according to a 2016 Associated Press-NORC Center for Public Affairs Research Survey.
We Can Help
At Rhodes Law Firm, we highly recommend you begin planning for long-term care, and everything else for that matter, as soon as you can. When you’re ready to start planning for times like these, estate planning, and more, contact us and we’ll get you started!
On Tuesday, September 26, 2017, Rhodes Law Firm had the pleasure of attending the Life After 50 Expo held at the Legends Club in Augusta. The Expo is a compilation of services, tips, and fun for how to enjoy the second half of your life! There were vendors and speakers there covering topics from health to travel to finances and so forth.
At the Expo
This event was a very exciting opportunity for the firm! We had the chance to meet so many great people, and are beyond excited to help them with their estate planning and other needs. We’ve included photos of Daniel, Kayla and our booth at the event below!
When you’re ready to start planning for life after 50 (and even before!), contact us and we’ll get you started!
Shining the Spotlight
To our clients and readers, Rhodes Law Firm would like to turn the spotlight onto our clients Reginald and Zenna Foster! They are the owners of Tropical Smoothie Cafe, located on Robert C. Daniel Jr. Parkway.
If you’re struggling to find a great breakfast or lunch spot with a healthy focus, head over to Tropical Smoothie for fresh and flavorful sandwiches, smoothies, and more. You’ll be happy you did!
Rhodes Law Firm is proud to be working with such wonderful business owners. We encourage you to stop by and check out their bright and welcoming store to taste the goodness! You can also visit their website for more information at www.tropicalsmoothiecafe.com .
It’s no doubt that Social Security will face changes over the next several years, and no exactly for the best. There’s just no avoiding it. However, there are still ways to set your children for success when they reach their time of retirement.
This article explains why setting up a Child IRA now would put that child in a better position. It is said by Chris Carosa, president of Stanton Asset Management, that putting $1,000 in an IRA for your child each year until the child is 19 can grow to $2.2 million by the child’s 70th birthday.
Readers, we invite you to post your ideas and tips on this topic! What are some other ways that can set your child/grandchild up for retirement success?
At Rhodes Law Firm, we’re especially known for our heavy focus on Estate Planning, Elder Law, Long Term Planning, and those alike. But with many of our clients, their business is also a major component in putting together the rest of their planning.
Let your bank, financial adviser, or brokerage firm help you with the financial planning aspects of your estate. You need a qualified estate planning lawyer to draft the legal documents that create an estate plan for you. A qualified attorney, like those at Rhodes Law Firm, will work with your financial adviser and accountant to create the best plan for you!
Here’s a quick list (but not limited to) of how we can represent your business:
• Startup assistance
• Buy/sell agreements
• Contract review
• Transition planning
• Purchase and sale of business
Thankfully, Millennials are beginning to catch on to the importance of starting a retirement fund as soon as possible. But if you are reaching retirement soon, you may feel obligated to make sure that your surrounding young co-workers are up-to-speed on this topic.
There are several experiences and tips to share in order to make it seem a bit more realistic than just the idea of planning for retirement; and there certainly various ways to approach this subject instead of coming across as “that codger in the office everyone avoids…” as this article puts it.
Be the bearer of helpful tips and words of wisdom to our younger generations!
Taking care of your estate plan early on is a great decision, without a doubt. There’s really no such thing as starting early with this. However, sometimes in life we think we’ve got our “ducks in a row” and somehow something goes wrong.
In this article, you’ll find great ways to make sure that the above doesn’t happen to you and your estate plan, by essentially making it bulletproof:
- Have a pre-paid, pre-planned funeral
- Set up a family committee to manage your revocable trust
- Have different lawyers develop a plan for you and your spouse
- Don’t underestimate your life expectancy
- Match your lifestyle to your income in retirement
There are always nooks and crannies that many people forget about, or not even think about at all! Click here to read further, and to make sure it’s unstoppable!
You’ve already designated amongst your children and siblings who receives your assets, but are having difficulty with what to leave your grandchildren. There are several ways to gift your assets to your grandchildren while making sure there are no misuse of funds. You wouldn’t want to leave them “x” amount of money for higher education and it be used for something else, right?
Here are some of those ways to make sure your grandchildren get the most out of your gift(s):
• Whether the grandchild attends a private school, or planning to attend college in the future, you can set up a plan to pay that school directly.
• If there are any medical expenses for the grandchild, you can set up those payments similarly to educational costs. Just be sure to pay the medical provider directly.
• You can set up an IRA or savings bond.
• Transfer money into a trust.
Your overall goal is to ensure that the money/assets you leave behind will be properly used and essentially not wasted. The perks for you (besides knowing your grandchildren will benefit from it) are that this gift-giving can decrease your estate size and tax. There also may be no gift tax!
To further learn how to get started and what the best route is for your gifting of assets, contact us today!
Estate planning is complicated as it is – sorting through and designating your assets to whomever. But picture a family where both spouses have been previously married with children. Now imagine this already-combined family having a child or more children together. It seems like things are beginning to look more complicated, right?
When a family is as complicated as this (regarding who gets what assets) it’s highly possible to cause hurt feelings and/or conflict.
Read on for the appropriate avenue(s) in which to make this process as stress-free as possible.
Now that April showers have come and passed, and May flowers are blooming right before our eyes, we welcome National Elder Law Month!
The month of May was designated as National Elder Law Month back in 1987 by the National Academy of Elder Law Attorneys. In that time, there was an increasing demand for legal needs pertaining to the senior community, people with special needs, and their families.
As members of the National Academy of Elder Law Attorneys, Rhodes Law Firm is taking this time to increase community awareness, and to allow our team to assist you and your family with these common issues (but not limited to):
- Tax Planning
- Estate Planning
- Long-term Care
- Social Security
- Asset Protection
- Estate and Trust Administration
Call our office to schedule an appointment, and please look through our list of provided services!