If you have an estate plan in place you are actually among a minority of Americans. That's correct, even though death is widely understood as one of the proverbial two inevitable facts of life, the majority of American adults have not executed all of the necessary estate planning documents. There are those who have taken a single step along the way. Perhaps you had a last will drawn up when you had your first child, or when you got married. This does not mean that you are … [Read more...] about How Thorough Is Your Existing Estate Plan?
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An Examination of Federal Transfer Taxes
If you have been able to accumulate a significant store of wealth throughout your life you must take steps to mitigate your exposure to federal transfer taxes. Those who do not plan ahead effectively could be doing their family members quite a disservice. There are taxes on asset transfers in the United States. These levies can dramatically reduce the value of your estate as it is being passed on to your heirs. Gifts that you give to others while you are alive can also be … [Read more...] about An Examination of Federal Transfer Taxes
Taxes to Erode Gandolfini Estate
The actor James Gandolfini died recently at the age of 51. He made his mark playing the unforgettable role of Tony Soprano, and he will certainly be missed by his family, friends, and legion of fans. When famous people pass away the media shares whatever information is available. Sometimes you can learn something about estate planning when you hear about the successes and failures of high profile individuals. There are a couple of things that can be learned when we examine the … [Read more...] about Taxes to Erode Gandolfini Estate
In Right Climate GRAT Can Pay Off
In the field of estate planning the acronym GRAT stands for a grantor retained annuity trust. If you create such a trust in the right economic climate it could result in an eventual transfer of assets to the beneficiary without any gift or estate tax exposure. Those who have assets in excess of the estate tax exclusion amount must indeed look for ways to pass along these resources in a tax efficient manner. Right now the exclusion is $5.25 million, and if you have assets that … [Read more...] about In Right Climate GRAT Can Pay Off
Medicaid Questions Answered
Because of the fact that so many people are seeing their senior years start to come into focus there are a lot of questions about government programs like Medicare, Medicaid, and Social Security. We would like to look at three of the more commonly asked questions about the Medicaid program as it applies to senior citizens. 1.) I have worked all my life and I will be qualified for Medicare. I've heard Medicaid is relevant to seniors. Why is this? The reason why Medicaid is … [Read more...] about Medicaid Questions Answered
Social Security FAQs Answered
The years can pass by quickly, and before you know it the prospect of collecting Social Security may start to become relevant to you. There are some basic questions that people generally have, and we would like to answer them here. When will I become eligible for Social Security? This is a seemingly simple question that actually has multiple answers that are not entirely simple. You can apply for your benefit when you are as young as 62. However, if you do this you will … [Read more...] about Social Security FAQs Answered
Affidavits and Simplified Probate
If you choose to direct the future transfer of your assets to your heirs through the terms of your last will the process of probate is probably going to be a factor. We say "probably" because small estates may be able to avoid the full probate process. In the state of Indiana it is possible to avoid probate altogether by utilizing a simple affidavit if the overall unencumbered value of the property is less than $50,000. If there is real property involved this process cannot be … [Read more...] about Affidavits and Simplified Probate
SCOTUS Rules on DOMA Constitutionality
The Defense of Marriage Act (DOMA) states that a marriage is something that can only exist between a man and a woman. Because of this, same-sex couples who have been married in states or countries where these marriages are legal have not been afforded certain privileges that are available to heterosexual married couples. One of these is the unlimited marital estate tax deduction. There is a $5.25 million estate tax exclusion, and the maximum rate of the tax is 40%. This … [Read more...] about SCOTUS Rules on DOMA Constitutionality
Your Living Trust May Be Outdated
A revocable living trust can be a popular alternative to a last will as a way to express your wishes regarding the transfer of your financial assets after you pass away. The primary advantage that comes along with the creation of such a trust is the fact that assets would be distributed to your beneficiaries outside of the process of probate. People often times try to avoid probate because it is time-consuming, and in some cases it comes along with a number of significant … [Read more...] about Your Living Trust May Be Outdated
Do You Have a Living Will?
Advance directives for health care are recommended for everyone, and one of them is the living will. With this directive you record your preferences regarding the use of life-sustaining medical procedures. Perhaps the best way to understand why a living will is important is to recount the story of Terri Schiavo that was widely publicized a number of years ago. Terri was a young woman who had not yet reached her 30th birthday when she went into full cardiac arrest. She … [Read more...] about Do You Have a Living Will?
