When the fiscal cliff deal was reached we finally got some clarity with regard to the estate tax parameters for 2013. "Going over the cliff" as it were would have resulted in a harsh scenario for those who have achieved a bit of financial success. The estate tax exclusion would have been trimmed down to $1 million, and the maximum rate of the tax would have gone up to 55%. In 2012, the estate tax exclusion was $5.12 million. There is a base of $5 million that was implemented … [Read more...] about Estate Tax Details Set for 2013
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Retirement Planning for Business Owners
When you are self-employed your primary concern when you first start out is going to be to simply make it over the hump and survive. After some time you may recognize the fact that you are indeed on firm footing, and at this point you have some advance planning to do with regard to retirement. When you work for an employer you are usually going to be offered the opportunity to participate in a 401(k) plan, and many times the employer will match your contributions. On the other hand, … [Read more...] about Retirement Planning for Business Owners
Preparing for Possible Incapacity: Remember HIPAA Release
Estate planning is a basic responsibility that goes along with being a self-supporting adult. When you are planning ahead for the future you should definitely discuss everything with a licensed estate planning attorney because there are things that you may not have considered. One of these is the possibility of incapacity. We have all heard of Alzheimer's disease, but you may be somewhat surprised to hear that according to the Alzheimer's Association around 40% of people who reach … [Read more...] about Preparing for Possible Incapacity: Remember HIPAA Release
Medicaid Changes Announced
Medicaid is very important to many elders because most of the nursing home care that is provided in the United States is paid for by this joint federal/state program. Even if you were to enter into retirement with some reasonably significant savings they could be swallowed up by long-term care costs. In 2012 the average annual charge for a private room in a nursing home exceeded $90,000 throughout the United States. Senior citizens have a 40% chance of requiring nursing home care … [Read more...] about Medicaid Changes Announced
The Importance of Estate Planning for Parents of Minors
Sometimes people do not understand the value of taking certain actions until tragedy strikes. They find out what can happen the hard way, and this can be quite sad for some families. With the above in mind we would like to emphasize the importance of estate planning for the parents of minor children. Young adults often times decide that they do not need an estate plan because they are in fact young and they don't expect to pass away any time soon. However, every day when you tune … [Read more...] about The Importance of Estate Planning for Parents of Minors
The Rewards of Giving
Arranging for resources to be given to charity can be part of your estate planning efforts, and this can be a very rewarding way to foster a lasting legacy. To engage in philanthropy you must select a vehicle of charitable giving. There are those who opt for private family foundations, and we are all aware of famous ones such as the Rockefeller Foundation and the Ford Foundation. Very large and well-funded private family foundations are going to be staffed, and there will be … [Read more...] about The Rewards of Giving
Trust Administration Examined
When you execute estate planning documents such as a living trust you are taking care of one of the core responsibilities of adulthood. However, you must consider all the details if you want to make things simple and efficient for your family members after you pass away. Stating how you want your resources distributed is one thing, but you also must consider the human element, and this is where trust administration comes in. Certain actions must be taken in your behalf after your … [Read more...] about Trust Administration Examined
Discuss Living Assistance With Aging Parents
People are living longer lives these days, and the numbers of the "oldest old" are growing. This is the term that is used in the geriatric community to describe individuals who are at least 85 years of age. When you reach an advanced age it is likely that you are going to require living assistance. Some people reside in nursing homes or assisted living communities full-time, and others receive some level of in-home care. And of course, there are those who are incapacitated to … [Read more...] about Discuss Living Assistance With Aging Parents
The Estate Tax & Your Net Worth
The new year is upon us, and you may want to view this renewal as a signal to consult with your estate planning attorney. There are a number of different reasons why your existing estate plan may be in need of certain revisions. Sudden exposure to the estate tax is one of them. Things do not stand still and this is something to keep in mind as it applies to your estate plan. Your original estate plan is going to be based on a snapshot of your life at the time of its creation. … [Read more...] about The Estate Tax & Your Net Worth
Estate Planning: Let the New Year Inspire You
Many people do some soul-searching when a new year begins. As you reflect on your life and your responsibilities you would do well to consider the stages of life that lie in the future. Everyone should have an estate plan in place, and this applies to adults of all ages. When there are people relying on you it is important to make sure that you take steps to provide for them should the unthinkable take place. No one knows what lies ahead, and tragedies do strike as we all … [Read more...] about Estate Planning: Let the New Year Inspire You
