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
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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?
Elder Care Robots Being Developed
Sometimes statistics paint a grim picture, and this is certainly true when you look at the state of elder care. The costs are exorbitant, and Medicare doesn't pay for an extended stay in a nursing home or assisted living community. As a response many people who need help with their day to day needs rely on family members and/or friends to provide in-home assistance. In fact, this is where most of the care that is required comes from, but sometimes it is not enough. In-home … [Read more...] about Elder Care Robots Being Developed
Estate Planning for the Rest of Us
There are people who do not concern themselves with estate planning because they are not extraordinarily wealthy. They assume that estate planning attorneys are only useful for high net worth individuals who are exposed to the estate tax. The federal estate tax carries a 40% maximum rate in 2013, and the amount of the exclusion is $5.25 million. This does not mean that you have no reason to consult with an estate planning attorney if your assets do not exceed this … [Read more...] about Estate Planning for the Rest of Us
How Will You Pay for Long-Term Care?
When you are a younger adult who has never had any trouble getting around the subject of long-term care can seem completely irrelevant. However, those who are currently residing in a nursing home or assisted living community probably felt the same way at some point in time. It is important to look ahead toward the eventualities of aging if you want to be comprehensively prepared for the future. Long-term care is actually going to be needed by about 70% of people in the United States … [Read more...] about How Will You Pay for Long-Term Care?
