If you are unsure about your estate tax exposure you may not be all that concerned about the matter. If worse comes to worse your family members will have to pay a small percentage to the powers that be and it is really no big deal, right? The answer to this question depends upon your definition of a "small percentage." At the time of this writing the top rate of the federal estate tax is 35%. A lot of people would say that this is anything but a small percentage. … [Read more...] about Estate Tax Rate Raises Many Eyebrows
Financial Planning
Succession Planning: What Lies Over The Horizon?
Most employees of companies do not have to concern themselves with the future of the company after they retire or pass away. Of course loyal individuals certainly care about the company that they invested so much energy into over the years. But the truth is that when the time comes to step away the company will simply self-navigate into the future. Conversely, succession planning is a very prominent concern for business owners who are planning for retirement and their eventual … [Read more...] about Succession Planning: What Lies Over The Horizon?
Social Security: Where Do You Stand?
While it is best to view Social Security as a form of supplemental income rather than a foundation if it is at all possible, this is the ideal rather than the overarching reality. In fact, the Social Security Administration tells us that Social Security is the primary source of income for most people who reach the age of eligibility. Regardless of your anticipated level of reliance on Social Security you are going to want to know how much you can expect to receive when you qualify for … [Read more...] about Social Security: Where Do You Stand?
Informed Planning For Service Veterans
Having a comprehensive understanding of the resources that you have to draw from is key when you are formulating a plan for the future. It is not fair to expect the typical layperson to be apprised of intricate rules governing certain benefit programs, and this is of course where expert advice comes in. Without tapping into professional expertise you may actually overlook some of the benefits that you are eligible to receive, especially if you are a veteran. One of these is the … [Read more...] about Informed Planning For Service Veterans
Limited Gift Giving Window Exists
There is a Federal gift tax in place that is designed to prevent people from giving away their resources while they are still alive in an effort to circumvent the estate tax. It carries the same rate as the estate tax which is 35% as of this writing. These two levies are said to be "unified," so the exclusion that exists encompasses both your estate and any gifts that you give that are not exempt for one reason or another. Under current laws the unified exclusion is $5.12 million, … [Read more...] about Limited Gift Giving Window Exists
Estate Tax: Clarity May Emerge During Election Season
We are in a familiar if not altogether comfortable situation in 2012 with regard to the estate tax parameters. Uncertainty reigns, but we may begin to see some clarity as the election season heats up this year. Back in 2010 we had a midterm election, and the question of possibly extending the Bush era tax cuts was part of the debate. You may remember that a tax relief measure was in fact passed at the end of that year that is now called the Tax Relief, Unemployment Insurance … [Read more...] about Estate Tax: Clarity May Emerge During Election Season
It Can Take Time To Accumulate Retirement Resources
It is understandable that in many cases young adults are focused on the present. They are more in touch with the experiences of high school and college than they are with the realities of middle age and beyond. However, people who find themselves financially prepared for every stage of life are generally those who have the maturity to plan ahead in advance when others did not. Retirement does not just fall into your lap. Yes, we do pay into Social Security and Medicare but … [Read more...] about It Can Take Time To Accumulate Retirement Resources
Too Much Debt Can Delay Retirement
If you are wise you will save early and often so that you have sufficient resources available to you as the typical age of retirement approaches. A lot of people find themselves unprepared because they take no steps to augment their Social Security benefits, and we are seeing more and more people say that they will never be able to retire because of financial need. While it is clearly important to build a retirement nest egg, you must also keep a close eye on the debt that you are … [Read more...] about Too Much Debt Can Delay Retirement
Don't Rely On Overly Simplistic Solutions
Estate planning is something that a lot of people don't see as an immediate concern because death seems like a long way off. Because of this many individuals go through life without any estate planning documents at all. Others latch onto overly simplistic solutions feeling as though anything is better than nothing. One of the things that some people will do instead of devising a proper estate plan is to add a beneficiary or beneficiaries to a payable on death or transfer on death … [Read more...] about Don't Rely On Overly Simplistic Solutions
Residential Asset Protection
Your home may be your most valuable personal asset, and as a result you may be very interested in protecting it from any legal actions that may be lodged against you in the future. People who are in certain lines of work are naturally vulnerable to lawsuits, and for these individuals (and others) a qualified personal residence trust may be a good option. Once you place the property into the trust it is protected because it is technically no longer your personal property and it is not … [Read more...] about Residential Asset Protection
