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October, 2016


10! 10 years!!! (Any Gross Pointe Blank fans out there?) Hugg & Associates has participated in Chilifest for the past nine years, and this Thursday marks 10.  We hope to see you at Lifetime Celebrations located directly across the street from our office on Thursday from 5-7 pm for a fun & free community event.
5 Decisions You Can Make Now to Help Get Your Retirement Plan on Track

A recent Washington Post article, written by columnist Rodney Brooks, says that if you feel like you're way behind in your retirement planning, "You probably are, you are certainly not alone."

So here are some suggestions from Mr. Brooks to get your retirement back on track.

First, start with a truly honest self-assessment. Depending on your age and when (and how) you hope to retire, it may be time to make some important changes in lifestyle, boosting savings and trimming expenses. Start by deciding exactly where you are in the retirement planning and preparation process, and - once again - be completely honest with yourself. Professional advice in this area can really help.

Next, plan your retirement budget. Will you really be able to afford the travel you hope to do? What about health care costs and property taxes and all those other inescapable living expenses? By painting a retirement picture that includes a realistic budget, you're increasing the odds that your dreams can become reality.

Third, if you're still working, schedule a meeting with your Human Resources Department. Don't wait until the last minute, especially if you work for a big firm, because some things like pension decisions and medical benefits take time to plan. If you expect to retire before Medicare eligibility at age 65, a critical question is what health care options if any will be available to you through your employer. Having that conversation now reduces stress later.

Two more suggestions: First, think about how you will spend your days after you retire. People who consider retirement as the "finish line" are making a mistake, writes Brooks. Failure to think about your lifestyle after you quit working sets you up for boredom and dissatisfaction. Second, make a decision about your mortgage. The prevailing myth in America is that a mortgage is always good because it provides a tax deduction, but this may not be true for you. As you approach retirement, sit down with your CPA and find out what impact the deduction has on your tax bill. You may be surprised by how little impact it actually has. You may cause you to pay down your mortgage and minimize your debt.

Whatever you do as you plan for the future, don't go it alone. It's important to have a team in place - your financial professional, your tax professional and your legal professional.

Planning Ahead:  Electronic Resources
As discussed in previous posts, sorting through a parent or grandparent's affairs and finances can be daunting, but planning ahead and making use of some tools and strategies to help organize and collect vital information can prevent a lot of stress later on.  Electronic storage of important documentation and record keeping can be very helpful.  There are virtual vaults to store all estate planning documents, financial reports, and pictures of valuable items.  In addition there is financial planning software called "Living Balance Sheet" which allows you to organize storage of all financial information with easy, yet secure, access.

A password manager such as SafeInCloud, helps with managing passwords.  It can be auto-synced across a number of devices so when a change is made on one it is updated to others.  Getting a system like this started is a great way to not only help people simplify their lives, but will also make taking over financial affairs easier for children later on.

New Rule Prohibits Mandatory Arbitration
The federal government has announced a new rule that guarantees the rights of patients and families to sue long-term care facilities. The rule, released last week by the Centers for Medicare & Medicaid Services, bans so-called pre-dispute binding arbitration clauses in nursing home contracts, which require patients and families to settle any dispute over care in arbitration, rather than through the court system. The rule applies to facilities that receive money from Medicare or Medicaid. It is scheduled to go into effect in November 2016.
More Services
We also offer assistance with long-term care insurance reviews, reverse mortgage advice and counseling, and pet and gun trusts
We encourage each of you to keep up to date with the latest legal news and issues by visiting our website. Additionally, don't hesitate to contact our office with questions or to schedule a consultation.

John Hugg & Staff
Hugg & Associates, PLLC

Current Events
Chilifest at Lifetime Celebrations by Washelli 18224 103rd Ave NE Bothell Thursday, October 13, 2016 5:00 - 7:00pm Free event Donations and canned food are being collected for Hopelink
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Some Favorite Blogs & Sites
Want to keep up on news which relates to everyday life?  Check out our Flipboard magazine. 
There is a new government website Business Healthcare that offers employers information and educational materials on how the Affordable Care Act will affect their businesses.   Among other things, the site provides businesses with content on tax credits and other provisions in the law.   The site can help you learn how to provide affordable coverage options to your employees.
Protect the seniors in your family from scams and con artist! The FBI Scams page keeps you informed of the latest outrageous scams.

Keep up to date on the latest Washington news, including protecting seniors, from the Washington State Attorney General

Read articles from one of our favorite law blogs, Above the Law. Irreverent and timely, the blog will entertain and inform you.




American Association of Retired Persons (AARP) 


Department of Social and Health Services (DSHS)


National Association of Elder Law Attorneys


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