The following email I received from a client demonstrates why those of us who hire caregivers, whether for our children, our spouses, or our parents, need to do so above the table, paying our share of FICA:
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Dear Atty. Margolis, |
The following email I received from a client demonstrates why those of us who hire caregivers, whether for our children, our spouses, or our parents, need to do so above the table, paying our share of FICA:
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Dear Atty. Margolis, |
Topics: social security, Caregivers
If you are in your 60s, you have some major decisions to make concerning when you begin taking Social Security which can impact your lifetime benefit level and that of your spouse, if any. The longer you postpone receiving benefits up until age 70, the higher your monthly payment will be for the rest of your life. But you may have to live a long time to make up for the years of benefits you will have missed by waiting until age 70.
A colleague who advises clients on these issues recently related a story of how important these choices can be (with some of the facts changed to protect the innocent, and not so innocent). It's also a cautionary tale for lawyers who might advise in areas where they don't know what they don't know.
Read MoreTopics: social security
One of our clients recently brought to our attention a Social Security benefit that was news to us. He and his wife care for their adult daughter with a disability in their home. Our client retired and began receiving Social Security benefits. As a result, his daughter was able to drop her Supplemental Security Income and switch over to Social Security Disability Income (SSDI), a much better benefit for a number of reasons.
Read MoreTopics: social security, disability
Baby boomers—those born between 1944 and 1964—aged now between 55 and 75, are retiring in droves... 10,000 a day by one measure, and will continue to do so for the next two decades. Unfortunately, neither they nor our national economy can afford this. The economy needs skilled and experienced workers, even if some may not be totally up-to-speed on the latest social media phenomena. And few baby boomers have sufficient savings to see themselves through a long retirement. Those savings are more important than ever, since very few baby boomer retirees will have pensions.
Read MoreTopics: baby boomers, social security
Have estate planning questions? If so, read: Get Your Ducks in a Row
