Depending on the size and scope of your assets and the specific nature of your wishes it may be necessary to implement a combination of estate planning instruments to enable the optimal transfer of assets. However, when you engage the services of an experienced estate planning attorney, he or she can greatly simplify the matter and explain your options to you in an understandable manner. This having been stated a lot of people are only going to need a very basic estate plan. … [Read more...] about The Basic Estate Plan
Estate Planning
Adding A Dimension To Your Estate Plan
Everyone has heard of the last will, which is the most common vehicle of asset transfer used in the field of estate planning. It is interesting to note that in the past this document was comprised of two different components and generally termed the "last will and testament." When it was broken down in this manner, the will was used to transfer real property and the testament was the portion of the document that was devoted to the transfer of personal property. During … [Read more...] about Adding A Dimension To Your Estate Plan
Estate Tax Savings, Asset Protection With GSTs
When people try to make the case that the estate tax should be permanently repealed one major prong of their argument is the fact that it is an exercise in taxing monies that have already been taxed. When you look at it objectively, any assets that you have been able to accumulate were acquired with the money that you had left over after paying income and payroll tax. And in addition to this you paid all kinds of additional taxes at every turn throughout your life, from property tax … [Read more...] about Estate Tax Savings, Asset Protection With GSTs
Estate Tax: Not Just Applicable To The Wealthy
There is a common misconception out there that can get you into some vulnerable territory when you are planning your estate. Some people think that the estate tax is only levied against "the wealthy," but of course that is going to depend on your definition of wealthy. Due to the enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the estate tax exclusion is $5 million at the present time. This means that only the portion of your … [Read more...] about Estate Tax: Not Just Applicable To The Wealthy
Veterans Benefit Can Defray Long-Term Care Costs
When you are standing in the present attempting to prepare yourself for a time that is well off into the future you have to make projections. This makes retirement planning and budgeting for the twilight years that will precede your passing very challenging because no one has a crystal ball and there are always going to be a lot of unknowns. But there are two things that are necessary along the way if you want to do everything possible to be prepared. For one, you need to keep … [Read more...] about Veterans Benefit Can Defray Long-Term Care Costs
As Life Changes Your Estate Plan Must Be Revised
Too many people feel as though estate planning is something that they can put off until later, but the fact is that estate planning is relevant to adults of all ages. Even if you are still in the early stages of your career and have not yet acquired a significant store of assets, you should have a rudimentary estate plan in place that includes life insurance, your final wishes, and advance health care directives. But when you get married and you have someone depending on your income, … [Read more...] about As Life Changes Your Estate Plan Must Be Revised
Keeping Up With Estate Tax Changes
The thing about planning your estate that is important to remember is the fact that it is an ongoing process because things do not stand still. Some of the changes that take place that result in the need to alter your estate plan are specific to your own life. You may have a significant change in your financial standing and/or the nature of your assets, and this can impact the strategy that is ideal for you. In addition, personal matters within the family can be a factor, such … [Read more...] about Keeping Up With Estate Tax Changes
Fundamental Probate Avoidance Strategies
In a previous post we explained some the reasons why people choose to avoid probate, but to recap there are three basic pitfalls that go along with the process. For one, probate can be costly because there are a number of expenses involved, including court costs and the fees charged by the various probate professionals whose expertise is required. In addition, probate can be time-consuming and the heirs to the estate will not receive their inheritances until the estate has been probated … [Read more...] about Fundamental Probate Avoidance Strategies
Unified Gift/Estate Tax Can Be Misunderstood
Right now the top rate of the estate tax is sitting at 35%; this is more than a third of the taxable portion of all the assets that you have been able to accumulate throughout the entirety of your life, all taken from your family in an instant. If that wasn't bad enough, if the laws stay as they are at the present time the maximum rate of the estate tax will go up to 55% in 2013. No, that is not a typo. The top-rate of the tax was 55% in 2001 and that is where it will return to … [Read more...] about Unified Gift/Estate Tax Can Be Misunderstood
Estate Planning: The Complete Picture
People are living longer than they ever have before, and considering the ongoing advances in medical science it would be logical to expect lifespans to continually grow. So planning for the distribution of your assets to your loved ones after you pass away is one thing, and making financial plans for your active retirement years is another. But there may well be a stretch of time in between when you are not capable of taking care of all of your own affairs, and this is something that … [Read more...] about Estate Planning: The Complete Picture
