There are some responsibilities that you have to take care of that require your attention just once, and you may think that drawing up a will or otherwise planning your estate is one of these things. However, the reality is that nothing could be further from the truth. Estate planning is an ongoing process, and if you want to make sure that you are protecting yourself and your family at every juncture it is important to recognize the fact that the changes that take place in your life … [Read more...] about Estate Planning Is An Ongoing Process
Estate Planning
Keeping It Simple: Pay On Death Accounts
There are many different financial instruments that can be used to optimize your resources, protect your assets, and prevent asset erosion during transfer to your loved ones after you pass away. Some of these are considerably complex because they have to be to respond to the realities of the tax code while satisfying any number of personal objectives. However, there is something to be said for keeping it as simple as possible in every field of endeavor, and this is true for estate … [Read more...] about Keeping It Simple: Pay On Death Accounts
Probate & Your Executor
One of the things that you have to keep in mind when you are drawing up your will is the fact that after your wishes have been recorded they have to be carried out by someone. This "someone" is called the executor, and it is important to understand the totality of what the executor is going to be charged with doing on behalf of the estate. The first thing to consider is the fact that your estate is going to have to pass through the process of probate. This is when the probate or … [Read more...] about Probate & Your Executor
Estate Planning and Final Arrangements
When you are planning your estate it could be said that the overarching purpose is to make preparations that will benefit your loved ones at the time of your passing. Of course the first thing that comes to mind in this regard is the proper situation of your assets, and this is as it should be. In addition, the matter of your funeral is something to consider as well, and many people choose to make funeral preparations while they're still alive for a couple of different … [Read more...] about Estate Planning and Final Arrangements
Estate Planning When You Divorce
Having a solid estate plan is important, no matter what your age or situation, but when someone divorces, it is extremely important. Divorce is an ordeal, even under the best of circumstances, but it is important to remember that not only will a divorce cause problems within your family; it can also make a mess out of your estate. When you divorce there are a number of details that you must pay attention to. The first is dividing all of your assets according the agreement of your … [Read more...] about Estate Planning When You Divorce
The Appeal Of Revocable Living Trusts
When you are planning your estate, the primary reason why it requires "planning" aside from simply deciding who will be the direct recipients of your assets after you pass away, is to make sure that your resources remain intact during the process of transfer. Ideally you would also like your heirs to receive their inheritances in a timely manner with minimal administrative hassles. This is why many people choose to create revocable living trusts as their primary instrument of … [Read more...] about The Appeal Of Revocable Living Trusts
Estate Planning & Pets
It is not uncommon for people to procrastinate when it comes to planning for the future. Though it is always best to take the bull by the horns and get started as soon as possible, there is so much to consider it can be overwhelming. Once you start planning your retirement and the ultimate distribution of your wealth after you pass away, one thing leads to another and you then find yourself making preparations for other eventualities of aging, such as possible incapacity. … [Read more...] about Estate Planning & Pets
New Round Of Estate Tax Wrangling On Tap
Toward the end of last year the topic that was on everybody's mind within the financial planning community was that of the possible sunset of the tax cuts that were part of the Economic Growth and Tax Relief Reconciliation Act of 2001. If they were to expire, the estate tax would be carrying a $1 million exclusion and 55% maximum rate, which were the numbers that were in place back around the time that the Bush tax cuts were initially passed and signed into law. As a result of the … [Read more...] about New Round Of Estate Tax Wrangling On Tap
Avoiding Probate: Is It The Best Choice?
When you pass away, utilizing a will as your primary vehicle of asset transfer your estate must pass through the legal process of probate. Probate provides certain protections because it ensures the court supervised administration of your estate, but there are pitfalls involved with probate as well. What are these pitfalls? Interestingly enough, one of the protections that probate provides for those who survive you can be seen as a negative by some. During the probate … [Read more...] about Avoiding Probate: Is It The Best Choice?
Charitable Remainder Unitrusts At A Glance
During the summer of 2010 there was an interesting story circulating throughout the financial community about a challenge that was issued by two of the most notable billionaires in the world. Bill Gates and Warren Buffett reached out to the richest people in the United States asking them to pledge to give away at least half of their wealth throughout their lifetimes. Buffett himself has given billions to the Bill and Melinda Gates Foundation, so he is indeed "walking the … [Read more...] about Charitable Remainder Unitrusts At A Glance
