Posts by BuffaloBuilt
CARING FOR YOUR AGING PARENTS
WHAT IS IT? Caring for your aging parents is something you hope you can handle when the time comes, but something you probably hope you never have to do. Caring for your aging parents means helping them plan for the future, and this can be overwhelming, both physically and emotionally. When the time comes for…
Read MoreHEALTH SAVINGS ACCOUNTS
WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)? A health savings account (HSA) is a savings vehicle established to set aside funds tax free to pay for health care expenses. HSAs, created as part of the Medicare Prescription Drug and Modernization Act of 2003, expand upon the benefits offered by Archer medical savings accounts (Archer MSAs).…
Read MoreUSE YOUR ANNUITY TO PAY FOR LONG-TERM CARE INSURANCE
The cost of long-term care can quickly deplete your savings and affect the quality of life for you and your family. Long-term care insurance allows you to share that cost with an insurance company. But premiums for long-term care insurance can be expensive, and cash or income to cover those premiums may not be readily…
Read MoreCOMPARING LONG-TERM CARE INSURANCE POLICIES
Because long-term care insurance (LTCI) is a relatively new product, policies are not standardized. This can make it especially difficult to compare policies when you’re shopping for this type of insurance. However, comparing LTCI policies is a lot easier when you know what to look for and follow a few simple guidelines. COMPARE INSURANCE COMPANIES…
Read MoreFIVE QUESTIONS ABOUT LONG-TERM CARE
1. WHAT IS LONG-TERM CARE? Long-term care refers to the ongoing services and support needed by people who have chronic health conditions or disabilities. There are three levels of long-term care: Skilled care: Generally round-the-clock care that’s given by professional health care providers such as nurses, therapists, or aides under a doctor’s supervision. Intermediate…
Read MorePROTECTING YOUR LOVED ONES WITH LIFE INSURANCE
HOW MUCH LIFE INSURANCE DO YOU NEED? Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take…
Read MoreLIFE INSURANCE BASICS
Life insurance is an agreement between you (the policy owner) and an insurer. Under the terms of a life insurance policy, the insurer promises to pay a certain sum to a person you choose (your beneficiary) upon your death, in exchange for your premium payments. Proper life insurance coverage should provide you with peace of…
Read More529 COLLEGE SAVINGS PLANS
Section 529 college savings plans are tax-advantaged college savings vehicles and one of the most popular ways to save for college today. Much like the way 401(k) plans changed the world of retirement savings a few decades ago, 529 college savings plans have changed the world of college savings. A brief history 529 plans were…
Read MoreSAVING FOR COLLEGE
There’s no denying the benefits of a college education: the ability to compete in today’s job market, increased earning power, and expanded horizons. But these advantages come at a price. And yet, year after year, thousands of students graduate from college. So, how do they do it? Many families finance a college education with help…
Read MoreDIVORCE AND ESTATE PLANNING
HOW DOES DIVORCE AFFECT ESTATE PLANNING? Wills for both spouses are often drawn up sometime during the marriage–particularly if there are children involved. When divorce is contemplated, the selection of beneficiaries and executors will likely be revised to reflect the absence of your former spouse. Additionally, you will need to re-examine the gift and estate…
Read MoreKEY ESTATE PLANNING DOCUMENTS
There are five estate planning documents you may need, regardless of your age, health, or wealth: Durable power of attorney Advance medical directives Will Letter of instruction Living trust The last document, a living trust, isn’t always necessary, but it’s included here because it’s a vital component of many estate plans. DURABLE POWER OF ATTORNEY…
Read MorePLANNING CONCERNS OF DIVORCING COUPLES
WHY IS IT IMPORTANT FOR YOU TO UNDERSTAND THE BASICS OF DIVORCE LAW? While divorce is certainly a time of emotional turmoil, it’s a time of financial upheaval as well. The financial change brought about by divorce can be particularly devastating to families with children and to older couples who have assigned the career duties…
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