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Independent Investor - Bill Schmick

Pet trusts are the way to go

If you have been avoiding a visit to an estate planning lawyer, despite the pleading of your spouse, your kids or grandkids, consider this: your pet’s future well-being could be in jeopardy without a legal safeguard.

New legislation is surfacing in a number of states that recognizes our concern for our pets. Even though we consider our pets part of the household, remember that legally your pet is not considered a human. Instead, they are considered tangible property and, generally speaking, tangible property cannot be named as a beneficiary of a trust.

Medicare: Why you need more than Parts A and B

Medicare costs jumped 3.4 percent last year. Drug prices gained a whopping 11 percent. Medicare parts A and B do not cover prescriptions, and the gap between what it does cover and your out-of-pocket expenses could break you.

Last week, while walking Titus, our chocolate Lab, I bumped into a fellow dog walker. I’ll call him Abe. Abe is retired and on a tight budget. In an effort to save money, he elected not to acquire the prescription-drug insurance called Medicare Part D.

The Affordable Care Act won’t go away

Throughout the presidential campaign, our president-elect, Donald Trump, bashed Obamacare at every opportunity. But don’t assume that just because he doesn’t like it in its present form, it’s the end of America’s first attempt at solving our universal health care issue.

“It’s gotta go,” said Trump, in a CNN interview during the presidential campaign. He promised to “repeal and replace it with something terrific.”