Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by the financial services company HSBC.
Besides the third round of stimulus payments, multiple expanded tax credits for parents are perhaps the most widely known provisions of the COVID-19 relief bill that President Joe Biden signed into law on March 11. But the expansive legislation, formally known as the American Rescue Plan Act of 2021, contains provisions that affect Americans of all ages, even retirees.
Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf, when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important instances when the power of attorney (POA) won’t be recognized and followed.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.