Throughout our lives the goal is to accumulate financial resources. This is not just a self-serving endeavor; if you have a firm financial underpinning you will be in a position to provide opportunities to your family members and perhaps even engage in philanthropic activities that benefit the community as a whole. While it could seem as though financial success is nothing but positive, the fact is that you must be careful as you are planning your estate if you have been fortunate … [Read more...] about Life Insurance Proceeds Should Be Properly Positioned
Financial Planning
Assisted Living Carries Big Price Tag
Budgeting for the latter stages of your life involves making intelligent long-term projections. If you want to be prepared for all contingencies you should be pragmatic and conservative with regard to your estimates. With this in mind, you would do well to consider the possibility of incurring long-term care expenses at some point in time. If you are fortunate enough to live into your senior years it becomes likely that you will need living assistance before all is said and … [Read more...] about Assisted Living Carries Big Price Tag
Dick Clark, New Year's Eve & Your Estate
Dick Clark is synonymous with New Year's, and it is interesting to consider what would have happened to his estate if he had passed away next year rather than this year. It is estimated that Dick Clark's estate will wind up being worth hundreds of millions of dollars so the federal estate tax would certainly be applicable. This year the estate tax exclusion is $5.12 million, and the maximum rate of the tax is 35%. A tax of 35% on hundreds of millions of dollars is considerable to … [Read more...] about Dick Clark, New Year's Eve & Your Estate
Asset Protection Must Be Part Of The Plan
Every move that you make has a ripple effect, and this is something to keep in mind when you are considering the topic of estate planning. If you are a serious minded individual who has every intention of maximizing your resources you would do well to develop a comprehensive, cohesive long-term financial plan that culminates in the distribution of your resources after you pass away. What would be the alternative? The answer is to be one of those who goes through life with blinders on … [Read more...] about Asset Protection Must Be Part Of The Plan
Taking Anticipated Lifespan Into Consideration
Exactly how much money you are going to need to finance your retirement years is going to have something to do with how long you live. While it is clearly impossible to circle the date on your calendar, it is quite possible to examine life expectancy statistics and use them as a general barometer. If you were born today your average life expectancy would be 78.1 years. However, as you get older your life expectancy increases. For example, a man who celebrated his 62nd … [Read more...] about Taking Anticipated Lifespan Into Consideration
Leaving A Legacy Behind
As you are inventorying your assets and asking yourself how you are going to spread them around after you pass away you may start to consider the totality of your legacy. People who are in a position to do so often times look for ways to make an impact even after they are gone, and this practice is known as legacy planning. Your reach can extend into the community as a whole after your family has been well provided for, and this can actually go on for generations. Some people … [Read more...] about Leaving A Legacy Behind
Charles Foundation, Children Battle Over Copyrights
When financial resources will continue to come in after you pass away you have some decisions to make. Some people who are in this situation have the desire to give something back to worthy causes, and creating a charitable foundation is an option. This is what the legendary singer and composer Ray Charles did with his legacy. The Ray Charles Foundation is devoted to assisting youth programs and contributing to efforts to educate those with hearing impairments. One of the … [Read more...] about Charles Foundation, Children Battle Over Copyrights
Inheritance Planning: The Receiving End
Estate planning attorneys are going to routinely assist people who are endeavoring to prepare their assets for eventual transfer to their loved ones after they pass away. However, professional advice can also be extraordinarily useful when you receive an inheritance, especially if it takes you by surprise. When people pass away unexpectedly at a relatively young age their heirs may find themselves in possession of significant financial resources all of a sudden. If you had no … [Read more...] about Inheritance Planning: The Receiving End
Social Security: Some Things To Know
Most people are going to be relying on Social Security to one extent or another when they achieve senior citizen status so you need to know what to expect. It should be noted that although 60% of people who receive Social Security say that it is their primary source of income you should do everything possible to avoid being overly dependent on the program because the income that it provides is relatively modest. You become eligible to receive your full Social Security benefit when you … [Read more...] about Social Security: Some Things To Know
Loss Of Employment & Your 401(k)
At the present time it appears as though economic indicators are looking up, but it is no secret that unemployment has been high over the last several years. If you were to lose your job after contributing into a 401(k) while you are employed you may be wondering what becomes of your account, and we would like to take a brief look at this type of scenario here. One course of action that you could take would be to do a direct rollover into an individual retirement account. Or, if … [Read more...] about Loss Of Employment & Your 401(k)
