By Roy Whited
This information was taken in part from a newsletter posted by Life Health Pro in November 2012. The content reminded me of certain issues that we see our clients facing almost every day.
Thinking only in terms of “me” and not “we”. At the death of the first spouse, the surviving spouse will lose a social security benefit, see a possible reduction in a pension income, and likely an increase in their tax bracket when going from a joint return to an individual return. Eighty percent of all men die married, while 80% of all women die single. Additionally, 75% of all women living in poverty were not poor before they were widowed. Early income and retirement planning decisions should be made with the survivor benefits in mind to ensure that both husband and wife are protected.
In addition to making the correct choice for income planning it is also very important to protect other assets such as the home. The home is many times one of the larger assets owned by a couple and can be used to create additional income if needed.
Remember, not all trusts are created equal. Not all trusts are designed to protect your home. In fact most are not designed to protect your home from being lost to the cost of your poor health.
Call the Cooper and Adel law firm and take advantage of a one hour free consultation to learn about how you can protect your home and other assets. 1-800-798-5297
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