Old age and retirement – Then24.com

Attorneys in California and Washington. Lawyer LyLy Nguyen specializes in Law

Khanh Tiem Chapter 7, 11, 13 for individuals and commercial establishments, delete all types

debt, litigated before the Court of Insolvency and filed for bankruptcy to cancel tax debt. About Plan

Determining Property, Lawyer LyLy specializes in drafting Wills and Trusts, authorizations

Manage all assets, advise on medical care in case of impotence, and plan a career.

Regarding Tax Law, Lawyer LyLy represents clients in tax audit cases

stop foreclosure for lack of tax, represent in Tax Court, and

family to reduce tax debt. Regarding Commercial Law, Lawyer LyLy helps to establish a company

and partnerships. In addition, Lawyer LyLy is also very experienced in tax benefits

personal income tax, employment tax, sales tax, and property tax at two federal levels

and state. If you need a private consultation, please contact Lawyer LyLy Nguyen at

office at 10221 Slater Avenue, Suite 216, Fountain Valley, California 92708.

Phone: (714) 531-7080, website: www.lylylaw.com

Lawyer LyLy Nguyen

Most seniors prefer to live with other seniors in retirement homes that are nicknamed “retirement villages.” (Illustration: Chris Jackson/Getty Images)

According to Eastern tradition, Vietnamese people often live with their children when they get old

grandchildren. However, when wandering abroad, this situation is difficult to implement. On the land

American real life runs clockwise, descendants in adulthood

Many have to work far away and have their own families, so they have too many personal ties

cause no longer able to care for elderly parents. That’s the ultimate reason

necessary to take care of saving enough money to live independently during the day

sunset of life.

Conventional wealth planning focuses only on the legacy left to the family

and relatives survived, but this time should consider arranging for yourself

himself in his retirement days. In the United States, statistics show the number of births

The birth rate skyrocketed along with medical advances, making the population over 65 years old

within the next 40 years.

This change gave rise to a new type of law called the “elder law”.

In the complex environment of today’s society, who makes a will or trust?

(a trust) also do not forget to plan for retirement by buying life insurance

Or choose a place to live to take care of your old age. Most Americans

When they are old, they are often poor and live in extreme poverty, the amount of social security

security) monthly government allocation is too modest not enough to make a living

Tell when you’re sick.

Recently, there have been many changes in the US tax code which are very favorable for the business

save money for retirement. Limits on contributions to all types of individual super funds

(Individual Retirement Account (IRA) for short) is $6,000 annually (over 50 years old

is $7,000). What’s more, it’s now very easy to contribute your retirement savings to

various funds.

Indeed, this is a great favor to those who are doing two or three different jobs

because now they can put it all together in a fund like an IRA. Opposite to

For those who are self-employed, programs can be used

retirement such as SEP IRAs or SIMPLE IRAs, restrictions or prohibitions have been

Loosen a lot; these programs give them the right to spend more and

Easier to donate. Recently, large and small companies often set up additional programs

401(k), this fund makes it easy and soft for workers to master investment status

more flexible than conventional pension funds. Although every pension fund is difficult to keep

safe from uncertainties caused by economic risks downhill, but the level of risk

also greatly reduced, no longer as scary as before.

For entrepreneurs, there are other ways to plan for retirement. Programs

tax-qualified retirement plans for each professional employer

$20,500 (over 50 is $27,000). Business owners benefit from two things. Rank

First, as an employer, all contributions to superannuation plans

are tax-deferred; Second, as an employee, the money is contributed to the programs

Superannuation program in my name is also tax free until actually withdrawing the money

only have to pay taxes (when you quit your job, retire, become disabled or die). In general, when taking

When money comes out, the profit is also less. Therefore, the tax will be much lighter. Furthermore, there are

You can keep your money in a non-drawn fund to continue deferring taxes until age seventy

half. Even if you yourself are a worker and are alone, or benefit

ie earned by doing two “jobs” or when the business is not established in the form

The company can contribute money to the fund (Retirement Plan).

To set up this fund, it is necessary to consult a professional lawyer and will receive practical benefits

as follows:

– Firstly, be able to compete with other competitors in the market in

attractive recruitment of good workers or retain excellent employees.

– Second, for reasons of retirement funds contributed by the employer to a trust

separate, so this money cannot be touched by anyone, not even the creditors.

However, as a member of a pension fund, the owner can invest digitally

this tax free money for profit.

– Third, all the returns generated by the investment are concurrent

tax deferred and will continue to defer until income is actually distributed

out.

Administration of this pension fund is quite expensive and is required every year

prepare complex returns for the IRS to co-notify the Department of Labor. although

However, administrative and annual reporting costs are due to the fund’s earnings

output to pay, not from the business owner’s pocket.

Want to have enough money to use when you retire as desired, in addition to focusing

increase income, but also reduce spending to get results quickly. Planning

Plan from now on, that is, gradually tighten your wallet in daily expenses.

For most housing expenses are the heaviest monthly expenses, so what to do

Paying off debt to fully own a house will relieve a lot of burden,

Because when you retire, you only need a small amount of money to live comfortably if you don’t stick to it

to any other extravagant entertainment needs.

A major issue in planning for retirement is choosing where to live

old days. There are two solutions: live in nursing homes or live right away

own house. This paragraph mentions the first solution and will explain

the case of staying at home in the next lesson.

Currently, the following two types of nursing facilities are prevalent throughout the states

states in the United States:

Congregate housing – Most seniors prefer to live together

with other old people at the concentration houses, which are given names like “retirement village”.

location” (retirement villages) or there are many other establishments that advertise to serve people

The elderly live with a semi-independent living, including accommodation

accommodation including cleaning services, catering, entertainment facilities, medical care

men, attend social programs, etc. These facilities may also provide

Nursing services for terminally ill people. Typically, residents of

The “retirement village” must sign a contract valid for life and pay a sum of money

big to be accepted, then have to continue to pay monthly rent and much

other miscellaneous fees.

Some places even require residents to sign off on their Medicare benefits

they, in return, will be granted an apartment unit and enjoy

services and health care during your stay here, but

People have no right to control. When this person dies, someone else will take his place

So take that apartment.

What is the impact of such retirement arrangements for seniors?

to asset planning?

The “retirement villages” require residents to declare all assets that

they have and then set a high and low tier housing rate according to affordability

how much monthly. Therefore, people who want to stay there need to calculate

I give my wealth to my relatives rather than falling into the hands of apartment owners

there. Most of the middle class now have to pay a sizable portion of their assets as money

fees to join the “retirement village.”

Thus, it means wanting to live relatively comfortably and comfortably in the

the last days of life in these types of nursing homes will reduce the

wealth left to inheritance after death, because it is necessary to pay for birth expenses

live in retirement.

For that reason, it is wise to have a professional property attorney review the

contracts with “retirement villages” before signing and adjusting plans

Asset planning accordingly. Lawyers will also help clarify

exposed to complex conditions. For example, the entry fee increases or changes

service, right to eviction or reassignment, right to appeal

decisions of “retirement village” owners, liability for injuries occurring at the site

residence, conditions when health changes, or premature death, or want to move out.

Another form of community of older people are “supporting homes”.

housing) – This type has many different forms from private private inns to

From the elderly to large apartments, both provide accommodation and support services

lifting such as helping with eating, changing clothes, pushing a wheelchair when moving, including bathing,

go to the toilet. In addition, it also helps with all other miscellaneous movements in daily life

day including making phone calls, walking, shopping and managing money, and other responsibilities

protection service, especially for those who are disabled or too old.

There are many different types of “nursing homes” with the following three being the most common:

1- “board and care home” – also has many other names

such as “residential-care or domicile-care facilities”, “residential-care facilities”

home for the aged, and community-based residential

facilities) are centers that provide accommodation, support services, and care

continuously day and night.

2- “assisted-living facilities” – also provide services such as

above but more recreational activities and residents are cared for with its own personality

more distinct. The elderly here are encouraged to live independently, privately and comfortably

rather than collective care.

3- “Continuing-care retirement communities”

CCRCs for short) are expensive but provide all the high-quality services

more advanced in all activities of caring for the elderly. Life in these communities

range from private custodial apartments to nursing homes

Professional lines are cared for by professional nurses.

As usual, the writer would like to confirm the content of the research series

This law is to be used solely for informational purposes.

only help readers with some basic general knowledge about US law

and cannot be regarded as the attorney’s relationship with the client (attorney-client

relationship). Therefore, if there is a problem related to the law, readers still need to

Talk to an attorney who specializes in your case.

If you need a private consultation, please contact Lawyer LyLy Nguyen at our office in

Address 10221 Slater Avenue, Suite 216, Fountain Valley, California 92708, Electric

phone: (714) 531- 7080; Website: www.lylylaw.com

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