Dear Clients and Referral Partners,
Earlier today we issued our November 2020 edition of the R. F. Meyer & Associates e-newsletter.
If you did not receive it by email, please find a link below to download the full PDF version from our website.
With the calendar flipping toward the end of the year, this newsletter’s theme is “estate planning checkup.” We urge you to look ahead – and to make sure your estate planning is in good order.
The articles in this month’s newsletter all cover some aspect of estate planning for seniors:
- The increase in Social Security benefits in 2021 will be even smaller than in 2022: A 1.3 percent cost of living adjustment is planned. The average monthly benefit will go up by $20 a month, or $240 yearly.
- The rules around Required Minimum Distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, there is a process to follow to quickly right any errors and avoid penalties.
- For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be so welcome. If this happens to your loved one in nursing home care, be prepared to contact your state Medicaid agency, and to go without Medicaid benefits for at least one month. Contact an Elder Law attorney to make sure the inheritance is properly handled, to prevent further negative impacts.
- A recent study finds men often fail to take their wives’ future survivor benefits into account as they decide when to claim Social Security. This can leave many widows needlessly facing big decreases in benefits.
Bottom line, estate planning and management is more than just having a will in place. Your planning checkup should take many things into consideration. As life unfolds, circumstances will change. Good planning and keeping on top of your legal options is key to maximizing your benefits.
We hope you find this month’s articles informative and interesting. Please stay healthy and enjoy the rest of your fall. Contact our office for assistance with any estate planning, Elder Law, Medicare-Medicaid or Probate issue. Call us at 614-407-7900, drop an email to Info@ElderLaw.US or just fill out the Contact Us form on our website at ElderLaw.US/Contact.
Richard F. Meyer, Esq.