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
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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
Estate Planning: Four Things to Think About
We would like to highlight four important components to consider when you are engaged in the process of estate planning. Death Taxes When you are looking forward toward the eventual transfer of your financial resources to your heirs you must consider the impact of death taxes. The inheritance tax in the state of Indiana has recently been repealed, but residents of our state still have to contend with the federal estate tax. The maximum rate of the tax is 40% and the exclusion in … [Read more...] about Estate Planning: Four Things to Think About
Commonly Asked Questions About Last Wills
Last wills are the most widely utilized estate planning documents. Let's take a look at three of the questions that people often have about these legal devices. I know that a last will can be used for transferring assets. What else can a will do? You are going to want to appoint someone to actually conduct the business of the estate during the probate process. This individual is known as the executor or personal representative, and you can name the executor in your last … [Read more...] about Commonly Asked Questions About Last Wills
Bequest Mix-Up Disappoints Oklahoma Animal Shelter
When you give a bequest to a charity it is going to be greatly appreciated, especially if the organization is strapped for cash. Many people choose to give to charitable causes in addition to the inheritances that they give to their family members. If you're in a position to do this you may want to include a charitable giving component within your estate plan. On the other hand, if you don't have any family why not leave a bequest to a charitable cause or causes? We recently … [Read more...] about Bequest Mix-Up Disappoints Oklahoma Animal Shelter
Postmortem Planning & Your Insurance Policies
The matter of postmortem planning is something to take into consideration when you are planning ahead for the inevitable. Yes, you do have to execute all the appropriate estate planning documents. The basic estate plan would include a will and/or a trust, a living will, and durable powers of attorney at minimum. You may have life insurance as well, and if you do you must let someone know about your policy or policies. If you use a last will to direct asset transfers the person … [Read more...] about Postmortem Planning & Your Insurance Policies
Powerball Winner Faces Immediate Estate Tax Exposure
Winning a large lottery is a dream come true, but you are faced with immediate estate tax exposure if you were to win over $5.25 million. A recent Powerball lump sum payout totaled almost $371 million. (The annuity option would pay over $590 million) . The ticket was sold in Florida, where there is no state income tax to pay. But 25% would be deducted from the lump sum for federal income taxes, leaving $278 million. You might think that paying almost $100 million in taxes would be enough, … [Read more...] about Powerball Winner Faces Immediate Estate Tax Exposure
Planning for the Stages of Aging
If you think about estate planning you might reduce it to the act of drawing up a last will to express your final wishes regarding monetary assets. This is a rather closed viewpoint because it doesn't really address the stages of aging. The majority of people don't pass away without going through these stages, and it takes intelligent advance planning to prepare for them. Retirement Planning When you reach the age of Social Security eligibility you do not magically gain the … [Read more...] about Planning for the Stages of Aging
Pet Planning Makes Dog Ownership Possible for Elders
Pet planning for dog owners may seem like something that is really not important because dogs have much shorter lifespans than humans. This may be true, but what if you bring a dog into your home as an elder? Dog ownership can be an ideal antidote for loneliness. As many of us are aware it is not uncommon for senior citizens to lose people close to them. They can subsequently feel quite a void in their lives. This can sometimes lead to depression. It's difficult to … [Read more...] about Pet Planning Makes Dog Ownership Possible for Elders
