Archive for the ‘Estate Planning & Probate’ Category
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January 19, 2011
Dependent Benefits
Divorce- If you are divorced, you are still eligible for dependents benefits based on your former spouse’s record if the marriage lasted at least ten years, the divorced became final at least two years prior and both you and former spouse have reached age 62, regardless of whether your spouse has begun receiving benefits himself.
Remarriage- Your former spouse’s remarriage has no effect on your ability to collect dependent benefits on his earning record. However, your own remarriage will cause you to lose the ability to collect dependent benefits on your former spouse’s record. You will then need to meet these same requirements to qualify for dependent benefits under your new spouse’s record, ie. ten year marriage, etc. If however, you divorce again, you can collect dependent benefits on either of your former spouse’s earning records if you meet the same necessary requirements previously cited for each respective former spouse.
Survivor Benefits
Divorce- If you are divorced, you are still eligible for dependents benefits based on your former spouse’s record if the marriage lasted at least ten years.
Remarriage- A surviving spouse who remarries before age 60 loses survivor benefits through the deceased former spouse- however if she is again widowed or divorced at age 60 she regains her eligibility. A surviving spouse who remarries after age 60 will not lose her survivor benefits.
Please keep in mind that divorce or remarriage has no effect on your ability to receive retirement benefits based on your own work record.
Elizabeth L. Perla, Esq.
Law Offices of Randall M. Perla
Cleveland Estate Planning Attorneys
19443 Lorain Road
Fairview Park, Ohio 44126
Phone (440) 333-2503
Fax (440) 333-9650
perlalaw@wowway.com
www.randallperla.com
January 18, 2011
So you’re approaching 62 or maybe 66 and you’re wondering, is it time to tap into my social security retirement benefits? Or maybe you’re in the retirement planning stages and wondering how best to leverage your benefits. Either way, reviewing the following checklist of factors should help you arrive at an answer.
1.) How much will I get? This will depend on your earning record, the year you were born and probably most importantly at this point, when you choose to tap into them.
If you are thinking of applying for your benefits prior to your full retirement age (you can apply as early as age 62), the amount of benefits you will receive over the course of your lifetime will decrease for every month you’ve received those benefit prior to age 66, your full retirement age. (Please note that although for ease of reading I will refer to age 66 as full retirement age, your full retirement age will differ slightly based on the year you were born. You can find out your full retirement age on www.ssa.gov).
Contrastingly, you can increase your benefit amount for every year you delay receiving your benefits past age 66 up to age 70. There is an often cited phrase called your “break even point.” This phrase can either refer to the point at which waiting until 66 would have been to your advantage rather than taking benefits at age 62 or the point at which waiting to taking benefits until age 70 would be to your advantage rather than taking benefits at 66.
So for example, it is often cited that if you take retirement benefits at the earliest possible time, age 62, and live past 77 then your total lifetime benefits will be less than if you had waited until age 66. Similarly, it is often cited that if you wait to take benefits until you are age 70, and live past 79 then your total lifetime benefits will be more than if you had taken benefits at age 66. These figures aren’t entirely accurate because your particular “break even points” will differ slightly based on your earning record and the year you were born. You can figure out your own “break even points” at www.ssa.gov .
2.) Do I have an immediate need for the funds? If you need the money to pay the bills or have enough retirement money saved up for yourself, but have a family member for example, that needs the money, then you may want to consider taking the funds early.
3.) Will taking my funds now allow me to keep other profitable investments in place longer? What is going to provide you the more profitable return?
4.) Am I still working? If you are still working and are below age 66, you will lose $1 for every $2 you earn above $14,160.
5.) How is my health? If you have a particular health condition or family history that makes it unlikely that you will live past 66 or 79, depending on whether your considering early or late benefits, then you may want to consider taking benefits early.
6.) How stable do I believe the current social security system is? A lot of people are of the opinion that social security retirement benefits are unsustainable and that they will be reduced over time. If that is the case then it may be better to start tapping into your social security retirement benefits as soon as possible.
Elizabeth L. Perla, Esq.
Law Offices of Randall M. Perla
Cleveland Estate Planning Attorneys
19443 Lorain Road
Fairview Park, Ohio 44126
Phone (440) 333-2503
Fax (440) 333-9650
perlalaw@wowway.com
www.randallperla.com
January 10, 2011
The amount of Social Security benefits, that is retirement benefits, disability benefits, dependency benefits, and survivor benefits, that you qualify for is calculated based on your earning record. People with greater earnings will receive greater benefits. Moreover, you must accumulate 40 credits of work to qualify- essentially 10 years of work.
Hence, it is in your best interest to make sure that Social Security has an accurate work record for you, especially if you have changed your name during your lifetime due to marriage or divorce or have a hyphenated name, as it increases the odds of an error.
You should receive your statement every year in the mail. However, if you have not been receiving your statement or would like to view an updated statement, you can obtain it online at the social security website (https://secure.ssa.gov/apps6z/isss/main.html). You will need your name as shown on you social security card, your social security number, date of birth, place of birth and your mother’s maiden name. If you do find an error and would like assistance in getting the record corrected, our office can help.
In addition to a record of your earnings history, the statement includes an estimate of benefits available to you and family- which can be useful for planning purposes, especially if you are nearing retirement age.
Elizabeth L. Perla, Esq.
Law Offices of Randall M. Perla
Cleveland Estate Planning Attorneys
19443 Lorain Road
Fairview Park, Ohio 44126
Phone (440) 333-2503
Fax (440) 333-9650
perlalaw@wowway.com
www.randallperla.com
February 11, 2010
So you are planning on getting married. Congratulations and best wishes! But before you say “I do” to your new spouse, please consider the following important estate planning tools. Your future, as well as the future of your children and grandchildren, depends on it.
Prenuptial Agreement- Counter to popular opinion, prenuptial agreements are not just for the rich and they’re not just in case of divorce. Prenuptial agreements can be used to ensure that property passes to children or other chosen heirs and not a new spouses, in the event of death, among other useful advantages.
Last Will and Testament- Without a will setting forth who will inherit on the event of your death, Ohio law dictates that your spouse will inherit much if not all of your probate property (unless a valid Prenuptial Agreement states otherwise).
Living Trust- Although Ohio law does not allow a spouse to entirely disinherit a spouse as far a probate property is concerned (without a valid Prenuptial Agreement), because a spouse cannot elect against non-probate property, you can effectively disinherit a spouse by transferring property into a Living Trust.
Keep in mind that if you haven’t yet tied the knot, a Prenuptial Agreement is your most powerful planning tool. If you are already married and would like your inheritance to go elsewhere should you predecease your spouse, a Living Trust may be your best option.
Elizabeth L. Perla, Esq.
Law Offices of Randall M. Perla
Cleveland Divorce and Estate Planning Attorneys
19443 Lorain Road
Fairview Park, Ohio 44126
Phone (440) 333-2503
Fax (440) 333-9650
perlalaw@wowway.com
www.randallperla.com
January 19, 2010
An Application must be filed in Probate Court in the county where the prospective ward (the person needing the guardianship) resides. The applicant/prospective guardian must be a resident of the state of Ohio. Each county has its own set of forms for this process. However, all applications include a statement of a guardian’s willingness to perform the task and an evaluation of the ward’s mental and physical condition by a physician, psychiatrist or licensed psychologist. A bond must also be posted by the applicant/prospective guardian. In addition, the prospective ward and all next of kin must be notified of the guardianship application and the date and time of hearing. An investigation must then be conducted by a court appointed investigator, who will interview the prospective ward and make a recommendation to the Court. Then a formal hearing will be conducted, which the applicant/prospective guardian must attend, to determine whether the guardianship is necessary and whether the applicant/prospective guardian is appropriate.
Elizabeth L. Perla, Esq.
Law Offices of Randall M. Perla
Cleveland Guardianship Attorneys
19443 Lorain Road
Fairview Park, Ohio 44126
Phone (440) 333-2503
Fax (440) 333-9650
perlalaw@wowway.com
www.randallperla.com
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