Kathryn T. Joseph & Associates, Inc.

July 2018 Archives

Long-term illness care is a major expense for Baby Boomers

Many baby boomers are concerned that a long-term illness could wipe out their retirement savings. That's because skilled nursing and assisted living can be very expensive, and Medicare only covers a limited amount of the expenses. The annual cost of long-term nursing care can range anywhere from $60,000 to $93,000. With proper planning, however, there are some resources to make long-term care for Ohio families a lot more affordable.

Leaving a legacy to people who are not family

Some people in Ohio may have complex estates that include a business and other assets. They may think of the business and assets as their legacy and want to make sure their spouses and children benefit from that legacy. However, people often do not take into account the fact that their loved ones may be ill-prepared to take over their businesses or manage assets. It is possible to create an estate plan that still allows loved ones to benefit financially without giving them control of the legacy.

When your debt is greater than your estate

It is not uncommon to have some amount of debt to your name. Just about every adult has a mortgage, car payment, student loans, credit card bills and other forms of debt that they are steadily paying down. When debt swells to uncomfortable levels, though, it can lead to big questions as we get later into life.

Tips for funding a trust

People in Ohio who create a trust as part of an estate plan should make sure that they also fund the trust. Without placing assets in the trust, the trust document itself is like an empty container.

How dynasty trusts can allocate assets for future generations

With a standard trust, there is an eventual limit to how long funds from an estate can be distributed to beneficiaries. Typically, after the last beneficiary passes, that's it for distributions. For Ohio residents with significant assets looking to make their money live on indefinitely, this goal can be achieved with a dynasty trust. It's an option that may be a more appealing way to address the financial needs of heirs for multiple generations since changes were made to the tax law. 

Changing trust strategies in a high interest environment

Since the financial crisis of 2008, interest rates have remained very low compared to historical levels. However, rates are now starting to rise with no signs of stopping. As a result, portfolios that have performed well in a low-rate environment will need to adjust strategies going forward. Two tools that are particularly advantageous for Ohio families in the current environment are grantor retained annuity trusts (GRAT) and charitable lead annuity trusts (CLAT). 

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
Fax: 216-765-8817
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