Legacy wealth planning is a more advanced form of estate planning. People who have accumulated a great deal of wealth have concerns that others do not. As a result, these individuals are typically going to employ strategies that protect assets and preserve wealth for the benefit of succeeding generations. If you are interested in legacy wealth planning you will definitely want to take steps to gain estate tax efficiency. In 2013, we have a $5.25 million estate tax exclusion. The top rate of … [Read more...] about What Is Indiana Legacy Wealth Planning?
Charitable giving in Indiana can be part of your estate plan. When you understand all the facts and take the correct steps you can assist nonprofit enterprises of your choosing while gaining tax efficiency in the process. Right now the estate tax exclusion is $5.25 million, and the top rate is 40%. When you are planning ahead for the future you should inventory your assets so that you have an understanding of your net worth. If your assets exceed the estate tax exclusion you must take steps to … [Read more...] about Charitable Giving in Indiana: Consider Its Value
The Doors have gone down in history as one of the most influential rock bands ever. Ray Manzarek, one of the band's founders, died recently at the age of 74, and his death sheds some light on legacy planning. You can leave behind a financial legacy to your loved ones by providing them with monetary resources. However, your legacy can extend into other areas. In the case of Ray Manzarek we see an amazing musical legacy. His music is an eloquent statement of his life''s … [Read more...] about Manzarek's Death Sheds Light on Legacy Planning
Winning a large lottery is a dream come true, but you are faced with immediate estate tax exposure if you were to win over $5.25 million. A recent Powerball lump sum payout totaled almost $371 million. (The annuity option would pay over $590 million) . The ticket was sold in Florida, where there is no state income tax to pay. But 25% would be deducted from the lump sum for federal income taxes, leaving $278 million. You might think that paying almost $100 million in taxes would be enough, … [Read more...] about Powerball Winner Faces Immediate Estate Tax Exposure
You may want to give to charity when you are planning your estate. Your legacy could then live on after your passing as some of your resources are utilized to make the world a better place. If you do have philanthropic aims you have to decide on a vehicle or vehicles of charitable giving. One option is the creation of a private foundation. When you look into the subject you may be surprised to hear that most of these foundations don't have any employees, and the majority of them … [Read more...] about Make Charitable Gifts Count
If you are the first person in the family to accumulate significant wealth you probably had to work hard in one way or another to put together these foundational resources. You also have to work hard to make sure that they stay in the family for generations to come. It is logical to assume that "money makes money." According to experts a lot of people who inherit large sums of money do embrace this mantra, but they ultimately sit around waiting for this money to multiply … [Read more...] about Wealth Preservation Is Key
If you have an initial estate planning consultation scheduled you should know what to expect. Your attorney is going to ask certain questions to determine what your needs are and gather the information that he or she requires to properly address these needs. Previously Executed Estate Planning Documents For one thing, you should inform your attorney about any previously existing estate planning documents that you may have signed in the past. When an estate is being administered there … [Read more...] about Do You Have an Estate Planning Consultation Scheduled?
It may be difficult to empathize with people who have what many of us would consider to be very pleasant problems. However, the estate tax can in fact place a roadblock between you and your legacy. Imagine a situation where someone has invested his or her entire life into building a sports franchise. This person’s family members have been involved in the operation of the team. The team becomes almost synonymous with the family name. Over the years the team grows in value, … [Read more...] about Jerry Buss Leaves Lasting Laker Legacy
Arranging for resources to be given to charity can be part of your estate planning efforts, and this can be a very rewarding way to foster a lasting legacy. To engage in philanthropy you must select a vehicle of charitable giving. There are those who opt for private family foundations, and we are all aware of famous ones such as the Rockefeller Foundation and the Ford Foundation. Very large and well-funded private family foundations are going to be staffed, and there will be … [Read more...] about The Rewards of Giving
Many people do some soul-searching when a new year begins. As you reflect on your life and your responsibilities you would do well to consider the stages of life that lie in the future. Everyone should have an estate plan in place, and this applies to adults of all ages. When there are people relying on you it is important to make sure that you take steps to provide for them should the unthinkable take place. No one knows what lies ahead, and tragedies do strike as we all … [Read more...] about Estate Planning: Let the New Year Inspire You