In the field of estate planning probate avoidance strategies are often implemented. Why would you want to avoid probate? There are two primary reasons that most people would point out first. The process involves the probate court that is local to the deceased supervising the administration of the estate. Depending on the complexity of the individual case in question it can take months or even years for the process of probate to run its course. This is a pretty big deal to … [Read more...] about One More Reason to Avoid Probate
Blog
Legacy Planning: Share Your Wisdom on a Blog
Legacy planning involves leaving behind things that will last long after you are gone. Aside from financial resources perhaps the best thing that you can offer your loved ones is your wisdom gained through personal experiences. Now that we live in the age of the Internet a unique opportunity to do this exists. By tapping into resources that are provided by sites like WordPress.org you can create your own blog for free. Many people are not aware of just how easy it is to have … [Read more...] about Legacy Planning: Share Your Wisdom on a Blog
Some Clarity Regarding Wills
Some individuals who are of relatively ordinary means automatically think that they should be using a last Will to arrange for the transfer of assets to their loved ones after they pass away. However, while it is true that you can certainly go this route it is not your only choice, and there are some good reasons to consider other options. A popular alternative to a last Will as a vehicle of asset transfer is a revocable living trust. These instruments are thought of by many to be a … [Read more...] about Some Clarity Regarding Wills
Proper Planning to Provide Long-Term Financial Underpinning
For some people receiving an inheritance is the only life event that is likely to take place that will provide a significant influx of financial resources. But at the same time, this is going to mean that a parent or grandparent that was always there in a pinch will no longer be around to assist if financial difficulties were to arise. As you are engaged in your estate planning efforts you may take the above to heart. What if a loved one was to burn through his or her inheritance … [Read more...] about Proper Planning to Provide Long-Term Financial Underpinning
Greater Resources, Greater Risks
Estate planning for high net worth families involves responding to some specific challenges. The first thing to brace yourself for is the federal estate tax. This tax could consume a significant percentage of your legacy if you don't take the appropriate steps. And in reality over a number of generations the federal death levy could conceivably consume the vast majority of the assets that you leave behind over time. If the resources are significant enough and succeeding … [Read more...] about Greater Resources, Greater Risks
Estate Planning & Virtual Real Estate
There was a time when the only type of real estate that you had to concern yourself with when you were planning your estate was tangible property. Everyone in the family would know where your holdings were located, and you simply let your executor or trustee know where the deeds and the keys could be found and your heirs would ultimately have the access that they needed. These days however we have another level of property ownership to consider when we are engaged in the process of … [Read more...] about Estate Planning & Virtual Real Estate
Study: Caregiver Screening Process Lacking
Elder law experts will tell you to be very careful about who you let into your home as a senior citizen. However, unbeknownst to them many seniors may be allowing people to have close access without anything really being known about these individuals. If you have done any research into the subject you are well aware of the fact that long-term care is astronomically expensive. Every year it has been going up, but last year a 12-month stay in an assisted living community averaged … [Read more...] about Study: Caregiver Screening Process Lacking
The Truth About Joint Accounts
The only way to be sure that you are doing things properly when you are making preparations for the latter stages of your life and your eventual death is to sit down and discuss everything with an inheritance planning expert. If you just follow the advice of a friend or take certain actions on your own you may be making mistakes that come back to haunt you (or your family) later on. Along these lines there are those who decide to use joint accounts as a way to provide access to their … [Read more...] about The Truth About Joint Accounts
Consumer Reports Probes Legal Document Websites
Consumer Reports has always done a good job of making sure that people have relevant information to draw from when they are considering making purchases. They do exhaustive research and let everyone know their findings in their magazine and on their website. As a totally independent and objective entity the recommendations that are given by Consumer Reports are taken very seriously by people who are discerning about how they spend their money. With this in mind we would like to … [Read more...] about Consumer Reports Probes Legal Document Websites
Look Northward for Tax Savings, Asset Protection
Once you have accumulated a significant store of assets you can feel a sense of accomplishment and perhaps a little bit of relief. However, when you are standing on this plateau you have a new set of challenges that you must address. One of them is the necessity to protect these resources. If you were to become the target of a lawsuit and your assets were not positioned properly they could potentially be attached and this is certainly not acceptable. Anxious creditors could … [Read more...] about Look Northward for Tax Savings, Asset Protection
