It is very important to remember that estate planning is not a "one and done" kind of thing. It is an ongoing process, and it should be viewed as such. Important things that happen in your life can immediately affect your existing estate plan, and this is something to keep in mind. If you procrastinate even when you know your estate plan needs to be adjusted you are taking a gamble. And the problem with this type of wager is that you are putting your family members at risk … [Read more...] about Will Revenue Be Increased By Allowing Estate Tax Relief To Expire?
Estate Planning
Making Philanthropy Part Of Your Estate Plan
Estate planning can on the surface seem like a rather straightforward and calculated financial matter. You inventory your assets, identify those who will be included in your inheritance plan, and consult with an estate planning attorney to find out how to transfer your assets in an optimal manner. Though the above is certainly necessary, there is another aspect to estate planning that looms like the proverbial 600 pound gorilla in the room. In the Western Hemisphere people don't … [Read more...] about Making Philanthropy Part Of Your Estate Plan
Did Amy Winehouse Have An Estate Plan?
The horrible news of the death of Amy Winehouse was circulated recently, and she was a talented individual who certainly passed away before her time at just 27 years of age. She joins what they call the "27 Club," a group of music superstars who all died at the tender age of 27. This group includes Kurt Cobain, Brian Jones, Jim Morrison, Janis Joplin, Jimi Hendrix, and the legendary bluesman Robert Johnson. Amy Winehouse became the first British woman to win five Grammy awards in … [Read more...] about Did Amy Winehouse Have An Estate Plan?
Alexander McQueen Left Three Dogs $82,000
When you're planning your estate it is a good idea to engage the services of an estate planning attorney for a number of different reasons. For one thing, there is more to it than simply drawing up a last will. A last will is one way to transfer assets to your loved ones, but there are other options as well and the ideal strategy is going to vary depending on the identity of your assets and exactly what it is that you want to accomplish with your estate. Another reason why it is … [Read more...] about Alexander McQueen Left Three Dogs $82,000
Estate Planning: Life Insurance Is Key
If you're like a lot of people your first exposure to life insurance takes place when you are offered it on the job as one of your benefits. If you are young and single at that time you may feel like it is nice to be able to leave your loved ones enough to handle your final expenses, but beyond that it may not seem especially important. However, as you enter different stages of your life and people come to rely on your income, life insurance takes on added significance. Clearly, … [Read more...] about Estate Planning: Life Insurance Is Key
Straightforward Approach To Estate Planning
Because of tax laws and certain specific safeguards you may want to include in your estate plan somewhat complicated financial instruments are sometimes utilized. But even when this is necessary you can also add some other components to your estate plan that are simple and straightforward. There is no reason to make things more difficult than they have to be, and this is one of the reasons why it is a good idea to consult with an estate planning attorney when you're serious about … [Read more...] about Straightforward Approach To Estate Planning
The Information Age & Your Estate Plan
The technological advances that we make as a society impact every industry and estate planning is no exception. We live in the information age, and these days we can do meaningful research quickly and efficiently with the simple click of a mouse. This is for the most part a very positive thing, but you have to be aware of websites claiming that estate planning is as simple as filling in the blanks on a generic template. The fact is that there can be multiple documents involved, … [Read more...] about The Information Age & Your Estate Plan
Avoiding Multiple Estate Tax Levies
The impact of the estate tax is a matter of great concern when you are planning your estate, and the first thing you have to determine is whether or not your estate is subject to it. The current exclusion amount is $5 million so if your estate is worth less than this it is not exposed to the estate tax. If it is worth more, the portion that exceeds the exempt amount is subject to a 35% federal levy. Does this mean that you do not have to concern yourself with the estate tax if … [Read more...] about Avoiding Multiple Estate Tax Levies
A Revocable Living Trust Can Enable Probate Avoidance
When you come to the conclusion that it is time to take action and put an estate plan in place one of the things that you are going to have to decide on will be the vehicle or vehicles of asset transfer. To many people this equates to the creation of a last will, but a last will is not your only option. In fact, a lot of people would say that it is not the best choice because your estate has to pass through probate when you use a last will as your primary asset transfer … [Read more...] about A Revocable Living Trust Can Enable Probate Avoidance
Ongoing Legislative Changes & Your Estate Plan
One of the things about estate planning that you would do well to recognize early on is the fact that it is an ongoing process. Things within your own life do not stand still, and significant life changes are going to make certain aspects of your existing estate plan obsolete. For example, if you were to get divorced you would probably want to change things around considerably. Then if you were to remarry, your family dynamic would change again and you would inevitably want to … [Read more...] about Ongoing Legislative Changes & Your Estate Plan
