People pay many different kinds of taxes. You file an income tax return every spring, pay sales taxes when you buy things, and pay property taxes if you own a home. These taxes apply to nearly everyone.
The Social Security system of retirement benefits, begun in 1935, are a crucial underpinning of life for American retirees. For most people over 65, it’s undoubtedly hard to imagine life without this retirement benefit.
Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
Social Security recipients likely already know that their benefits get a bump almost every year to counteract the effect of inflation. However, that cost-of-living adjustment is just one of several annual tweaks to the Social Security system.
While it might seem too soon to think about this uncomfortable topic, it’s still something that needs to be carefully planned to make everyone’s life a little easier as they handle the grief of losing a loved one.