senior couple webJohn and Mary did everything right – or so it seemed. They worked hard, saved money, invested wisely, and spent prudently. Now in their golden years, John and Mary looked back contentedly upon a lifetime of achievements. They had put their children through college, paid for nice weddings, and helped the kids buy homes. Sitting on a nice nest egg, John and Mary now had both the time and money to travel as they always hoped to do.


But then John had a stroke. This put him in a nursing home at a cost of $10,000 a month. At over $100,000 per year in out-of- pocket care costs, the couple’s nest egg eventually vanished. It had never occurred to John and Mary to integrate proper estate and long-term care planning with other measures to attain a secure retirement. Nor did the family realize after John’s stroke that opportunities still existed (yes, even after the fact!) to protect Mary from impoverishment and provide an eventual inheritance for the children.
Jane, a widow with no children, was living a comfortable, secure retirement. But as she aged, without realizing it, Jane gradually lost her ability to properly manage her finances and to see to her personal care needs. By the time it became apparent to those around her, Jane’s savings were gone, squandered, leaving her broke.
The above scenarios happen all too often. They are all the more tragic because it doesn’t have to turn out that way if you set aside a nice nest egg for a secure retirement. You won’t be secure if, due to incapacity, catastrophic health care costs arise and proper legal tools are not in place; or if, due to illness or the frailties of advanced age, you lose your ability to manage your money, and there’s no one to step in to help, because there is no Power of Attorney or Revocable Living Trust in place.
Retirement planning, done right, includes more than just building income and having sufficient savings to meet lifestyle needs after you are no longer working. A successful retirement plan also includes prudent estate and long-term care planning.
So, do your planning to protect your next egg and secure your future. Vasiliadis & Associates can help. It’s what we do. And now is a great time to get it done. If not now, when?
The Law Offices of Vasiliadis & Associates are located at 2551 Baglyos Circle, Suite A-14, Bethlehem, PA 18020, (610) 694-9455, www.elderlaw-penn.com

More Finance Articles

  • Are You Planning for a Good Retirement?

    Most people who vacation spend many hours planning before hand. They purchase tickets, make reservations, schedule tours and transportation and anything else that allows them to relax and enjoy their...

  • Beach Property Drawbacks

    Erosion due to storms can be a huge challenge!   While it can happen any time of the year, erosion due to storms can have a dramatic impact on beachfront properties as evidenced by this picture in...

  • Benefits of Using Senior Real Estate Specialist

    Seniors have unique situations that call for someone trained to best handle them. A specialist brings more than just a realtor’s license when helping seniors with their real estate issues. These...

  • Buying or Selling a Home? Use a Realtor with Experience

    Similar to younger generations, seniors are an active demographic in the real estate market. Whether downsizing or moving closer to family, seniors need and desire to transition into a new home for...

  • Getting the Right Help for Your Move

    When you’re ready to move, are you going to call your friends with pickup trucks to come over and help?  When relocating from a large four bedroom home to a one or two bedroom apartment in a senior...

  • Is a Reverse Mortgage Right for You?

    What is a reverse mortgage?A reverse mortgage is a government insured loan which allows homeowners to access the equity they have built up in their homes. The homeowner retains title to their home. Unlike...

  • Key Steps to Selling Your Home

    Local realtor, Elissa Clausnitzer, SRS, CMRS shares some important tips on selling your home.Representation The job of a real estate agent is to represent your best interests in each step of the...

  • Maximize the Value of Your Home

    In the Lehigh Valley demand for a home is up and home inventory is down. Many boomers and seniors looking to move or downsize are in the driver’s seat. 2017 is shaping up to be one of the best...

  • Need to Sell a Home to Move to Senior Living?

    Need to Sell a Home to Move to Senior Living?You made the decision to move to senior living. For some this would seem like a daunting task – and it can be. But there is help available so that the...

  • Preventing Medicare Fraud

    Did you know that Medicare Summary Notices (MSNs) provide important information to help you prevent Medicare fraud?  Many people know this as the “This is not a bill” statement. Medicare consumers...

  • Preventing Medicare Fraud

    Each year, Medicare loses $60 - $80 billion to fraud and abuse. Money lost to fraud means increased costs, and can diminish the quality of care you receive. The Senior Medicare Patrol at the Center...

  • Property Tax/Rent Rebate Deadline Extended

    The Property Tax/Rent Re­bate program deadline for older adults and residents with disabilities to apply for rebates of rent and property taxes paid in 2015 has been extended from June 30 to...

  • Realtor for Veterans

    Veterans can use help from time to time. I am honored to work with veterans and to help them obtain financing for their homes. Of particular importance is the VA Home Loan program - a mortgage option...

  • Retirement Planning: More Than Building a Nest Egg

    John and Mary did everything right – or so it seemed. They worked hard, saved money, invested wisely, and spent prudently. Now in their golden years, John and Mary looked back contentedly upon a...

  • Reversing Reverse Mortgage Myths

    “Don’t get a reverse mortgage, you’re giving your home to the bank.” Having been in the reverse mortgage business for the better part of a decade, I have heard many things said about reverse...

  • Selling Your Home in 2017?

    You may have been thinking about selling your home, and if so, 2017 may be the year to do it. With the recent rise in interest rates and recently reported economic optimism, experts are saying that...

  • The Best Home Renovations

    As people progress through various stages in life they find themselves in a quandary regarding their home – should I stay or should I go? For those who want to stay in the same geographic location...

  • Value of a Certified Senior Advisor

    This photo is of my father, Bob Hollinger Sr.. who served three years in the United States Marine Corps in Italy in 1945. He’s 87 now, and I spend a lot of time with him. It’s been six years since...

 
Contact Us

Please enter your data here. Fields with an asterisk (*) are required.
Please provide us with a phone number or email so we may respond to your request.
Full Name (*)

Please type your full name.
E-mail

Invalid email address.
Phone

Invalid Input- please enter in form: 123-456-7890
How may we be of service? (*)

Please tell us how big is your company.
Please enter the characters shown. (*)
Please enter the characters shown.
Refresh
Invalid Input