Advance directives for health care are recommended for everyone, and one of them is the living will. With this directive you record your preferences regarding the use of life-sustaining medical procedures. Perhaps the best way to understand why a living will is important is to recount the story of Terri Schiavo that was widely publicized a number of years ago. Terri was a young woman who had not yet reached her 30th birthday when she went into full cardiac arrest. She … [Read more...] about Do You Have a Living Will?
Estate Planning
Estate Planning for the Rest of Us
There are people who do not concern themselves with estate planning because they are not extraordinarily wealthy. They assume that estate planning attorneys are only useful for high net worth individuals who are exposed to the estate tax. The federal estate tax carries a 40% maximum rate in 2013, and the amount of the exclusion is $5.25 million. This does not mean that you have no reason to consult with an estate planning attorney if your assets do not exceed this … [Read more...] about Estate Planning for the Rest of Us
Access Our Estate Planning Report Library
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Beware of Joint Ownership
Sometimes you hear about some type of easy answer when it comes to estate planning, and joint ownership is one of these notions. Most people who have a significant amount of life experience are going to be wary of so-called easy answers, but there are those who do buy into them. We would like to look at some of the difficulties that you can get yourself into if you decide that joint ownership is a good substitute for a properly constructed estate plan. You can add another owner on … [Read more...] about Beware of Joint Ownership
Marital Deduction Only Afforded to U.S. Citizens
There is a federal estate tax marital deduction between a husband and a wife that allows you to bequeath an unlimited amount of money to your spouse without incurring any estate tax liability. At the current time the estate tax carries a 40% top rate, and the amount of the exclusion is $5.25 million. (You may see this exclusion figure increase next year if an adjustment for inflation is applied.) Anything that you pass along to your heirs other than your spouse that exceeds $5.25 million … [Read more...] about Marital Deduction Only Afforded to U.S. Citizens
New Show to Feature Estate Feuds
There is an article of interest to people in the estate planning community appearing on The Trust Advisor website at the present time. A reality television show is in the works that would look at disputed estate cases. Most of us have heard of the popular reality TV show Storage Wars, and this one is working with the name Will Wars during the early stages of exploration. The premise is to allow members of wealthy families who are involved in estate disputes to make their respective … [Read more...] about New Show to Feature Estate Feuds
Manzarek's Death Sheds Light on Legacy Planning
The Doors have gone down in history as one of the most influential rock bands ever. Ray Manzarek, one of the band's founders, died recently at the age of 74, and his death sheds some light on legacy planning. You can leave behind a financial legacy to your loved ones by providing them with monetary resources. However, your legacy can extend into other areas. In the case of Ray Manzarek we see an amazing musical legacy. His music is an eloquent statement of his life''s … [Read more...] about Manzarek's Death Sheds Light on Legacy Planning
Tax Benefits Realized Through ILIT
Certain steps must be taken to reduce your estate tax liability if the value of your assets exceeds the exclusion amount. One course of action to this end could be the creation of an irrevocable life insurance trust or ILIT. When you convey assets into an irrevocable trust rather than a revocable trust you no longer retain incidents of ownership. Therefore, these trusts are often utilized by people seeking asset protection and estate tax efficiency. When you are tallying your … [Read more...] about Tax Benefits Realized Through ILIT
Estate Planning: Four Things to Think About
We would like to highlight four important components to consider when you are engaged in the process of estate planning. Death Taxes When you are looking forward toward the eventual transfer of your financial resources to your heirs you must consider the impact of death taxes. The inheritance tax in the state of Indiana has recently been repealed, but residents of our state still have to contend with the federal estate tax. The maximum rate of the tax is 40% and the exclusion in … [Read more...] about Estate Planning: Four Things to Think About
Commonly Asked Questions About Last Wills
Last wills are the most widely utilized estate planning documents. Let's take a look at three of the questions that people often have about these legal devices. I know that a last will can be used for transferring assets. What else can a will do? You are going to want to appoint someone to actually conduct the business of the estate during the probate process. This individual is known as the executor or personal representative, and you can name the executor in your last … [Read more...] about Commonly Asked Questions About Last Wills
