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
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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?
Access Our Estate Planning Report Library
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Beware of Joint Ownership
Sometimes you hear about some type of easy answer when it comes to estate planning, and joint ownership is one of these notions. Most people who have a significant amount of life experience are going to be wary of so-called easy answers, but there are those who do buy into them. We would like to look at some of the difficulties that you can get yourself into if you decide that joint ownership is a good substitute for a properly constructed estate plan. You can add another owner on … [Read more...] about Beware of Joint Ownership
Marital Deduction Only Afforded to U.S. Citizens
There is a federal estate tax marital deduction between a husband and a wife that allows you to bequeath an unlimited amount of money to your spouse without incurring any estate tax liability. At the current time the estate tax carries a 40% top rate, and the amount of the exclusion is $5.25 million. (You may see this exclusion figure increase next year if an adjustment for inflation is applied.) Anything that you pass along to your heirs other than your spouse that exceeds $5.25 million … [Read more...] about Marital Deduction Only Afforded to U.S. Citizens
New Show to Feature Estate Feuds
There is an article of interest to people in the estate planning community appearing on The Trust Advisor website at the present time. A reality television show is in the works that would look at disputed estate cases. Most of us have heard of the popular reality TV show Storage Wars, and this one is working with the name Will Wars during the early stages of exploration. The premise is to allow members of wealthy families who are involved in estate disputes to make their respective … [Read more...] about New Show to Feature Estate Feuds
Manzarek's Death Sheds Light on Legacy Planning
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
Health Care POA: Selecting an Agent
The process of estate planning should include preparations for the eventualities that you may face when you reach your twilight years. One of these would be the possibility of becoming unable to make sound health care decisions on your own. Many people suffer from physical and/or mental incapacitation once they reach an advanced age. If you were unable to communicate your health care decisions the court could be petitioned to appoint a guardian to act in your behalf. You can take … [Read more...] about Health Care POA: Selecting an Agent
Tax Benefits Realized Through ILIT
Certain steps must be taken to reduce your estate tax liability if the value of your assets exceeds the exclusion amount. One course of action to this end could be the creation of an irrevocable life insurance trust or ILIT. When you convey assets into an irrevocable trust rather than a revocable trust you no longer retain incidents of ownership. Therefore, these trusts are often utilized by people seeking asset protection and estate tax efficiency. When you are tallying your … [Read more...] about Tax Benefits Realized Through ILIT
