How to Avoid Taxes on Social Security Benefits
Many people are surprised to learn that their Social Security benefits can be subject to federal taxation. Whether your benefits are taxed depends on what is known as your “provisional income.” This is your adjusted gross income (not counting Social Security benefits) plus nontaxable interest and half of your Social Security benefits. For people filing […]
If You’re Thinking About Downsizing Your Home in Retirement, Avoid These Common Mistakes
Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Home’s Value Many people overestimate how much their current home […]
Do You Need a Revocable Living Trust?
One of the first questions many clients ask is whether they need a Revocable Living Trust? It’s a great question, but it leads to another: What do you want your plan to accomplish? Let’s begin with a brief discussion of what trusts are and how they work. Then we’ll explore their benefits, which should give […]
Your Legacy is More than Just the Money You Leave to family
Lynnwood/Edmonds Elder Law resources for Estate Planning, Long Term Care Planning, and Trusts. When we hear the word legacy, many of us think of money left to people and institutions that have come to mean the most to us throughout our lives. But your legacy is much more than that. It includes your memories, values, […]
Reasons to Join a Free Estate Planning Online Workshop
Free online estate planning workshops are available now! Washington Elder Law makes it easier than ever to start estate planning for yourself or an elderly relative. Workshops are important and practical ways to receive free information. Our free workshops offer a great deal of advice for seniors and their families. Our online workshops […]
