In Part 1, we explained how Social Security benefits are calculated and why the age you start benefits matters.Next, in Part 2, we discussed the rules for spouses, ex-spouses, and survivor benefits.Lastly, In Part 3, we looked at how taxes and other income can affect how much you keep. This is Part 4 of our four-part Social Security series. In…
When Social Security Becomes Taxable. How Other Income Can Change What You Keep
In Part 1, we explained how Social Security benefits are calculated.In Part 2, we discussed the rules for spouses, ex-spouses, and survivor benefits. This is Part 3 of our four-part Social Security series. Even after you understand how Social Security works, other rules can affect how much you actually receive. One of the most common surprises is that Social Security…
Marriage, Divorce, and Social Security. Rules That Can Affect Your Benefits More Than You Expect
In Part 1, we explained how Social Security benefits are calculated and why the age you choose to start benefits can make a meaningful difference. This is Part 2 of our four-part Social Security series. Marriage, divorce, and the loss of a spouse can all affect Social Security benefits, sometimes more than people expect. In estate planning, we often see…
When Should You Start Social Security? Why Timing Matters More Than Most People Realize
Social Security sounds simple. You work, you retire, and at some point you begin receiving a monthly check. In reality, the rules are more nuanced than most people expect. The age you choose to start receiving Social Security benefits can affect how much you receive each month, how long your retirement savings last, and how financially secure a surviving spouse…
What Is Portability? The Estate Tax Election Families Miss All the Time
We occasionally write about estate tax issues when a rule comes up that people have heard of but do not fully understand. Portability is one of those rules. Many people are unsure how estate tax works. Some assume everyone pays it. Others assume it only applies to the ultra-wealthy. In reality, estate tax is not something people think about until…
Exceptions to the 10-Year Rule. Who Is Treated Differently?
In Part 1, we explained the SECURE Act’s 10-year rule, which took effect in 2020. Most adult children who inherit a retirement account must now withdraw the entire account within 10 years. However, not all beneficiaries are treated the same under the law. This is Part 2 of our two-part SECURE Act series, outlining the key exceptions to the 10-year…
The SECURE Act and the 10-Year Rule. What Changed for Inherited Retirement Accounts?
In 2020, the rules for inherited retirement accounts changed in a significant way. For many years, most beneficiaries could “stretch” withdrawals from an inherited IRA over their lifetime. This meant they could take small required withdrawals each year based on their life expectancy, allowing the remaining funds to continue growing tax-deferred for decades. That assumption shaped many estate plans. Beginning…
Medicare Wrap-Up: The Big Takeaways from Our 4-Part Series
How a Good Estate Plan Helps You Avoid the Worst Surprises Medicare is a tremendous help for many retirees, but it is not full coverage. Understanding where Medicare helps and where it falls short is an important part of both retirement and estate planning. As estate planning attorneys, we often see Medicare confusion surface during a crisis. Someone gets sick,…
Traditional Medicare vs. Medicare Advantage: A Planning Perspective
Once you understand the basics of Medicare, the next major decision is how you want your coverage structured. For many people, this choice feels less technical and more personal, because it affects where you receive care, how much flexibility you have, and what your long-term costs may look like. As estate planning attorneys, we pay close attention to this decision…
The Medicare 3-Day Rule, Observation Status, and the Nursing Care Confusion
Many families assume Medicare will pay for nursing home care when it’s needed. Unfortunately, this misunderstanding often leads to major surprises and unexpected bills. As estate planning attorneys, we most often see this confusion surface during a medical crisis, when decisions are rushed and families are already under stress. At that point, learning how Medicare actually works can feel overwhelming,…