If I Sell This Investment Do I Have To Pay Tax

We have a process and a form for this question, if you have a question about capital gains tax, give my office a call at 215-886-2122.

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Protect Your Ability To Save For Retirement

You’ve worked hard to save for a comfortable and fulfilling retirement — preparing both financially and emotionally for that stage in life. But, what if a long-term illness or injury before retirement keeps you from working — for several months, a year or longer? Not being able to work could have a significant impact on: • Your retirement contributions• Your employer’s contributions. Fortunately, DI Retirement Security can help make sure you don’t have to “downsize” your retirement plans.  Now Disability Insurance to complete your Retirement Plan.  Call my office at 215-886-2122, lets talk about the completion of your retirement plan.

Thanks to the Bucks Co Bar Assoc for the publishing of my article

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Veterans Aid & Attendance Benefit

We may be able to help veterans of WWII, Korea, Vietnam and other wars qualify for funds that most people don’t know exist. The Veterans need not have participated in these wars but rather just needed to be on active duty within 90 days on either side of these declared wars.

The extra funds could mean the difference between depleting a life savings to pay medical bills and being able to use that savings for retirement or to pass it on to the next generation.

The Veterans Aid and Attendance Benefit can provide around $2,000 a month to pay for all types of medical care, including hospital and doctor care, and also home health assistance.

According to the latest data available from 2017, $3 billion had been allocated by Congress since the law went into effect in 1951 and only 150,000 veterans or spouses of veterans are currently claiming the benefit.

That is only 1% of the 15 million veterans who might qualify. Up to 85% of applicants get rejected on their first application because the process is complicated, but our office can find out if the Veterans qualify and, if so, help them get the funds.

Any veteran who served during the dates of a declared war–including WWII, Korea, Vietnam, Iraq and Afghanistan–is eligible if he or she is 65, received a discharge other than dishonorable, had 90 days of active duty with one day during wartime, and needs help with daily living activities because of health issues.

There are some other minor criteria due to the dates different wars were declared. If a veteran is disabled, the age limit can be lowered. There are income eligibility guidelines, too, but there are techniques, such as setting up an irrevocable trust, that can protect assets while still qualifying for the Veterans Aid and Attendance Benefit.

Some of the problems that could qualify for the benefit are:

  • You require the aid of another person in order to perform personal functions required in everyday living, such as bathing, feeding, dressing, attending to the wants of nature, adjusting prosthetic devices, or protecting yourself from the hazards of your daily environment
  • You are bedridden, in that your disability or disabilities requires that you remain in bed apart from any prescribed course of convalescence or treatment
  • You are a patient in a nursing home due to mental or physical incapacity
  • Your eyesight is limited to a corrected 5/200 visual acuity or less in both eyes; or concentric contraction of the visual field to 5 degrees or less

Using the available veterans’ benefits can pay for medical expenses or for an assisted living facility and protect the family’s nest egg at the same time, he says.

The Veterans Aid and Attendance Benefit is completely separate from Medicaid. Applications are separate and can be made for either or both, but the two should not be confused.

The Veterans Benefit is described in four pages of a 1,800-page law, so it is not surprising many Veterans do not know about it.

 

Considering Retirement?

We have a 3 page checklist for that.  Contact my office at 215-886-2122 and let’s have a conversation to see where your readiness stands for retiring.

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Nine Reasons Not To Get Life Insurance (NOT REALLY)

  1. It’s too expensive. Concern over cost is one of the most common reasons people give for forgoing life insurance. And that’s too bad when you consider that many people overestimate the cost of life insurance. That includes Millennials:  As a guide, a healthy 30-year-old can get a $250,000 20-year level term life insurance policy for about $13 a month.
  2. I don’t have any kids. Does your spouse or partner depend on your paycheck to help pay for living expenses? Or do you have a sick parent or relative who would need to hire a caretaker if you weren’t around? These are just a few of the (many) reasons to consider life insurance if you’re childless.
  3. I’m too young and healthy to worry about life insurance. No one is invincible or knows what tomorrow may bring. If anyone depends on you to make ends meet, you’ll want to consider life insurance. Plus, young and healthy people tend to get great rates–and can often lock in coverage in case their health takes a turn for the worse later in life.
  4. I’m too old to need life insurance. We all know age is just a number, and that’s certainly the case when someone would face a financial hit without you in the picture.      life insurance
  5. My health isn’t great. There are lots of life insurance options for anyone in less than optimal health, so don’t assume you can’t get coverage if you have diabetes or high blood pressure, for example. The key is typically to have the condition under control with a physician’s guidance and medication if needed.
  6. I smoke. There are many companies that offer life insurance for smokers–just know that you’ll end up paying more than nonsmokers.
  7. I don’t work outside of the house. Whether you’re caring for young children or aging parents (or both!), you provide invaluable services that would be expensive to replace. Life insurance can help ensure the ones you leave behind get the care they need.
  8. I don’t have the time to get coverage. These days, it’s easy to get a quote, all you need do is call our office and most applications are e-signed. And there are even policies out there that don’t mandate a medical exam, often called simplified underwriting.
  9. I don’t know what kind of coverage I need or how much. That’s what four in 10 people give as an excuse, according to the Barometer Study. Our office is glad to sit down with you or have a phone conversation and explain your options.

Give our office a call to discuss your Life Insurance needs at 215-886-2122.

Michael L. Schwartz, RFC®, CWS®, CFS, a registered principal offering securities and advisory services through Independent Financial

Group, LLC., A Registered Broker/Dealer and R visor,
Member FINRA-SIPC. Schwartz Financial and Independent

Financial Group, LLC are separate entities.

Not All The Money In Your Retirement Account Belongs to You

The money in your retirement account

Learn how to keep more of your retirement money in your pocket.  Call 215-886-2122 for the facts.