People who are involved in committed long-term same-sex partnerships may or may not have the ability to have their unions legally recognized in the states within which they reside. At the present time Indiana is not one of the states that will allow for gay marriages. This has some very profound implications on an estate planning level. There is a $5.25 million per person exclusion, but this only applies to asset transfers between people who are not married. If you are legally … [Read more...] about Estate Planning Considerations for Same-Sex Couples
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Wealth Preservation Is Key
If you are the first person in the family to accumulate significant wealth you probably had to work hard in one way or another to put together these foundational resources. You also have to work hard to make sure that they stay in the family for generations to come. It is logical to assume that "money makes money." According to experts a lot of people who inherit large sums of money do embrace this mantra, but they ultimately sit around waiting for this money to multiply … [Read more...] about Wealth Preservation Is Key
Koch Estate Faces Heavy Taxation
The federal estate tax can absorb a lot of money that would have otherwise gone to people that you love. There are those who do not empathize, saying that everyone must pay his or her fair share of taxes. But is the estate tax fair? People who are exposed to the estate tax pay taxes throughout their lives, so it could be argued that they have indeed already paid their share and perhaps more than their fair share. Why should another tax be imposed upon the event of someone's … [Read more...] about Koch Estate Faces Heavy Taxation
Do You Have an Estate Planning Consultation Scheduled?
If you have an initial estate planning consultation scheduled you should know what to expect. Your attorney is going to ask certain questions to determine what your needs are and gather the information that he or she requires to properly address these needs. Previously Executed Estate Planning Documents For one thing, you should inform your attorney about any previously existing estate planning documents that you may have signed in the past. When an estate is being administered there … [Read more...] about Do You Have an Estate Planning Consultation Scheduled?
Jerry Buss Leaves Lasting Laker Legacy
It may be difficult to empathize with people who have what many of us would consider to be very pleasant problems. However, the estate tax can in fact place a roadblock between you and your legacy. Imagine a situation where someone has invested his or her entire life into building a sports franchise. This person’s family members have been involved in the operation of the team. The team becomes almost synonymous with the family name. Over the years the team grows in value, … [Read more...] about Jerry Buss Leaves Lasting Laker Legacy
Three Things a Revocable Living Trust Won’t Do For You
There are some very useful things that revocable living trusts can do for you when you are planning your estate. One of them is the ability to address the possibility of incapacity. Around 40% of people who are at least 85 are suffering from Alzheimer’s disease, and of course this is not the only cause of incapacitation. So, incapacity planning is a must. With these trusts you can choose a disability trustee, and this individual or entity would be empowered to handle the assets … [Read more...] about Three Things a Revocable Living Trust Won’t Do For You
Three FAQs About Revocable Living Trusts
Some people who have heard about the existence of revocable living trusts shy away from them because they don't understand exactly how they work. There is no reason to decide against something before you understand the facts. You can always schedule a free consultation with our firm to learn about revocable living trusts, and we invite you to do so if you are interested. Let's take a look at three frequently asked questions about revocable living trusts here. Do I surrender … [Read more...] about Three FAQs About Revocable Living Trusts
Combine These Figures to See a Profound Picture
Many people assume that it will be easy to live inexpensively during their twilight years. You may have already crossed everything off of your bucket list at that point in terms of costly travel and adventure. Medicare will be there to handle health care expenses, and you may expect to own your own home and vehicles outright. As a result you may anticipate limited expenses. In truth, adopting the above perspective is a trap of sorts. What about long-term care? Medicare … [Read more...] about Combine These Figures to See a Profound Picture
Studies Reveal Trend Toward Reduced Inheritances
There is an interesting trend that researchers are finding regarding the inheritances that members of the baby boomer generation will be receiving. These are the people who were born between 1946 in 1964, and they are incrementally reaching their mid-60s, which is of course the approximate age of retirement for most individuals. Merrill Lynch surveyed a sampling of individuals who are in possession of at least $250,000 of investment assets over a period of time. In 2009, 54% of … [Read more...] about Studies Reveal Trend Toward Reduced Inheritances
Have You Heard of All of These Wills?
In the field of estate planning most people are aware of the existence of wills and trusts. What they may not be cognizant of is the fact that there are a number of different types of wills and trusts. We will look at some of the more commonly utilized trusts in a different post, but let's take a glance at four different types of wills. Living Will: An Advance Directive for Health Care Since there is such a thing as a living trust there can be some confusion about the purpose of a … [Read more...] about Have You Heard of All of These Wills?
