A lot of people have visions of Florida sunshine in mind when they think about retirement. Indeed, the mild weather is certainly part of the appeal of relocating to Florida after you put your working years behind you. There are however financial motivations to retire to Florida and other states that offer favorable environments to retirees. When you are living on a limited fixed income you have to stretch your dollars as far as they will go. Paying ever-increasing taxes is … [Read more...] about Retirement Planning: Consider Tax Responsibilities
Taxes
Protect Your Resources For Succeeding Generations
You may have found yourself daydreaming from time to time about what you would do if you were ever to come into a large sum of money. The truth is that a visit to a good local Indianapolis estate planning lawyer should be near the top of your list. If you were to pass away without taking any steps to gain estate tax efficiency your loved ones could lose massive amounts of money when the federal estate tax is imposed. Of course some people accumulate significant financial resources … [Read more...] about Protect Your Resources For Succeeding Generations
Estate Tax Rate Raises Many Eyebrows
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
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
Taking Action To Protect Land-Based Businesses
Some people are going to have different concerns than others when it comes to estate planning. One of the first things to prioritize when you are evaluating your situation is going to be whether or not your estate is exposed to the federal estate tax. There is a particular quantity of resources that can be passed along before the tax kicks in. Right now this exclusion stands at $5.12 million, but it is going down to just $1 million at the end of this year. The rate of the tax is … [Read more...] about Taking Action To Protect Land-Based Businesses
Does Your Estate Tax Exclusion Die With You?
A certain amount of financial resources can be passed on to your heirs before the federal estate tax becomes applicable. This exclusion amount is not consistent from year to year however, and as a result you have to be ready to make adjustments. The best way to be prepared at all times as things change is to develop a solid long-term working relationship with a good Indianapolis estate planning attorney. Your lawyer will gain an understanding of your unique situation and let you … [Read more...] about Does Your Estate Tax Exclusion Die With You?
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
Life Insurance Proceeds Should Be Properly Positioned
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
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
