NEWS & ARTICLES

Comparing the Different Types of Retirement Communities

Retirement Community Types At BayWoods of Annapolis, we want seniors to make informed decisions about their retirements, so we’ve created a quick comparison of the different types of retirement communities that you’re likely to encounter. If you have any questions about the costs of living at BayWoods of Annapolis, feel free to get in touch with our staff. Insurance Model or Life Care Community The design of a Life care

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Does Your Estate Plan Include These 4 Things?

Estate Planning Mistakenly, many people believe that an estate plan is only necessary if you are in your senior years or have considerable wealth.  Nothing could be further from the truth!  There are many legal strategies involved in estate planning, and unfortunately, not all of us will live to be 100.  But, did you know that in the state of Maryland, without a viable legal estate plan, the State will distribute your estate according to Maryland’s laws of intestacy and not necessarily to your spouse or dearest family members?  That means that every Maryland resident actually already has a plan in place (as established by the state) and it’s up to you to change it so that it reflects what you intend or wish.  In this article, Baywoods of Annapolis shares some of reasons to have an estate plan and what it should include. Tip #1:  Don’t go it alone Simple estate planning does not need to be costly, but it’s significantly better than no plan at all!  Since the laws of each state vary and change frequently, an experienced estate planning attorney can provide valuable advice and help you avoid common pitfalls.  They will work hard to understand your

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Planning for Retirement Living – Where? How Much? How Long?

Retirement Living Planning We all know that planning for retirement, meeting with a financial planner, and understanding the expenses associated with retirement are important to ensure your lifestyle is all you hope for, during retirement.  In this article, Retirement Living Planning, we reveal the five things you should evaluate to make sure that your living arrangements meet all of your expectations. How Long Will You Live? While no one can answer this question for a certainty, the probability and statistics show that we are all living longer lives.  For example, if you saved $5 Million for retirement and only needed it for 5 years, your lifestyle would be very different than if you had to stretch that money to accommodate 25-35 more years.  So, it’s important to plan wisely for income and expenses that can support a longer life span. What Does Retirement Look Like For You? Have you saved up enough money to have the lifestyle you desire, in retirement?  Will you be able to retire early, or will you need to wait it out?  Will you be able to live and play on a golf course day in and day out, or will you need to consider some

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