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
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
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
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
When someone passes away there are two different ways to perceive of the event. You could look at it as something that is totally sad and feel as though the only appropriate response is to mourn. On the other hand, you could choose to celebrate the life of the deceased individual. This would include remembering all of the qualities that made this person special and unique. When you are planning your estate you may want to ask yourself how you will be remembered and take steps to … [Read more...] about How Will You Be Remembered?
Planning for the future requires more than simply filling out a last will document or otherwise preparing for the eventual transfer of your assets to your loved ones. There are a lot of things to consider with regard to the eventualities of aging, and if you want to be comprehensively prepared you have to cover all of your bases and develop a holistic plan. Everything is connected, and this is a good thing to keep in mind as you go about the process of long-term planning. When you … [Read more...] about Being Prepared Requires Comprehensive Planning
What if you bought a piece of property years ago for about $25,000 and now it is worth more than $300,000? You don't want it anymore but want to get rid of it in a way that maximizes your tax advantages. If you sold it outright, you might have to pay capital gains tax, and you don't want that. How about making a charitable remainder trust to your favorite cause? Knowing that both you and the charity will benefit makes it an especially attractive option. How it works: You must be able to … [Read more...] about Feeling Charitable? Give It Away and Come Out Ahead
Family heirlooms may be your only connection to past generations. You might possibly have possessions that once belonged to your great-grandparents or, even, great-great-grandparents. It is a privilege to hold jewelry your great-grandmother wore, a journal your great-great-uncle wrote or early photographs taken by your grandfather. These family heirlooms deserve the honor of preservation so future generations have the same opportunity to enjoy their heritage. Treasures that have been … [Read more...] about Passing On A Legacy – Preserve Your Family Heirlooms