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!
Generation Y, or more commonly known as Millennials, are reaching the stages in life that include the start of their career, first day of college, buying their first house or car… Let’s just say it’s a lot of “firsts.”
You can imagine when the term estate planning reaches their ears, it doesn’t automatically turn into a priority; what happens is their face goes from normal to confused. Although understandable, it’s certainly a topic that its importance should really be explained thoroughly.
Think about it.
What if there’s a couple in a domestic partnership and something happens to one of them? If there’s not an estate plan intact, the surviving partner has little-to-no say in the matter of what happens to the other’s belongings or finances.
Even for the young families. What’s next if something happens to the parents? Who will step in?
Take a look at the sourced article for further insight on these scenarios, and spread the word that estate planning really shouldn’t begin at the age of 40 or 50, but sooner.
As we all know, the month of April is more commonly known for its showers. In the finance world, however, it’s also known as National Financial Literacy Month! It’s a month dedicated to alert, educate, motivate and assist the public to cost-effectively establish and keep their financial and estate plans up-to-date, according to www.estateplanning.com.
They also point out three (3) challenges that Americans face in regards to their financial future, which is why we encourage everyone at any age and any stage of life to start planning:
- The majority of Americans lack the ability to adequately plan for retirement as most Americans over 65 are totally dependent on Social Security.
- It is estimated that we 120,000,000 Americans do not have an up-to-date estate plan to protect themselves and their families.
- Many people mistakenly believe that because they are not “rich,” they do not need to do any estate and financial planning.
To help you get started on your financial/estate planning journey, please contact us. Each month we have in-person workshops, as well as full online workshops if you are not able to attend.
In case you haven’t heard… we have an announcement!
As of January 1, 2017, J. Daniel Rhodes has become a partner in our firm. Congratulations Daniel!
Daniel Rhodes is an Augusta native, with strong ties to the community. In his practice, Mr. Rhodes primarily focuses on estate and probate law, as well as business planning and long-term care asset protection. Mr. Rhodes obtained a Bachelors of Business Administration from The University of Georgia in 2011. He went on to obtain a Juris Doctorate degree from the Charleston School of Law in 2014, where he focused on tax and estate planning law. During law school, Mr. Rhodes was the President of the Tax Law and Estate Planning Society for two years. He is a licensed attorney in both Georgia and South Carolina, and practices at both the Augusta and Aiken branches of the law firm. Mr. Rhodes is a member of the National Academy of Elder Law Attorneys (NAELA). Though Mr. Rhodes has only been at Rhodes Law Firm in his capacity as an attorney for two years, he has worked at the firm in one capacity or another for over ten years. Mr. Rhodes is a proud Eagle Scout as well as an active member in the Rotary Club of Augusta.