Estate planning lawyers will tell you that even young adults should have a basic estate plan in place. Executing a vehicle of asset transfer along with the appropriate advance health care directives is a must for all responsible people. However, the estate plan that is appropriate for you when you land your first career position is not going to be sufficient as things in your life begins to change. The suggestion here is to be proactive about always keeping your estate plan … [Read more...] about Keep Your Plan Up-To-Date
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Medicare Is Not Without Costs
It is never a good idea to assume anything as we have all been told, and there can indeed be consequences that go along with making false assumptions. This is something that can enter into the realm of retirement planning. Everyone who works pays into the Social Security and Medicare programs. As a result there are those who assume that these programs will provide them with a comfortable retirement. In truth, Social Security payouts are quite limited and Medicare does not … [Read more...] about Medicare Is Not Without Costs
Protect Your Resources For Succeeding Generations
You may have found yourself daydreaming from time to time about what you would do if you were ever to come into a large sum of money. The truth is that a visit to a good local Indianapolis estate planning lawyer should be near the top of your list. If you were to pass away without taking any steps to gain estate tax efficiency your loved ones could lose massive amounts of money when the federal estate tax is imposed. Of course some people accumulate significant financial resources … [Read more...] about Protect Your Resources For Succeeding Generations
Estate Tax Rate Raises Many Eyebrows
If you are unsure about your estate tax exposure you may not be all that concerned about the matter. If worse comes to worse your family members will have to pay a small percentage to the powers that be and it is really no big deal, right? The answer to this question depends upon your definition of a "small percentage." At the time of this writing the top rate of the federal estate tax is 35%. A lot of people would say that this is anything but a small percentage. … [Read more...] about Estate Tax Rate Raises Many Eyebrows
Succession Planning: What Lies Over The Horizon?
Most employees of companies do not have to concern themselves with the future of the company after they retire or pass away. Of course loyal individuals certainly care about the company that they invested so much energy into over the years. But the truth is that when the time comes to step away the company will simply self-navigate into the future. Conversely, succession planning is a very prominent concern for business owners who are planning for retirement and their eventual … [Read more...] about Succession Planning: What Lies Over The Horizon?
Estate Planning Advice: Go To The Source
If you are looking for expert advice about something you do not go to a generalist. You do not go to a general practitioner when you have an orthopedic problem that requires a particular brand of expertise. Your health is of tantamount importance and you want to make sure that you are getting the best possible care given the specific nature of the situation. This same mentality applies to estate planning. It involves arranging for the distribution of significant stores of … [Read more...] about Estate Planning Advice: Go To The Source
Inheritance Planning With Sentiment In Mind
Inheritance planning is on the one hand a legal matter as you work with a good estate planning lawyer to optimally position your assets. One thing to concern yourself with is going to be the federal estate tax, and you also have to consider the dynamic of your family and the proclivities of the recipients. Depending on the precise circumstances any number of approaches can be appropriate. There is however another side of things to consider. Distributing liquid assets is one thing, … [Read more...] about Inheritance Planning With Sentiment In Mind
Social Security: Where Do You Stand?
While it is best to view Social Security as a form of supplemental income rather than a foundation if it is at all possible, this is the ideal rather than the overarching reality. In fact, the Social Security Administration tells us that Social Security is the primary source of income for most people who reach the age of eligibility. Regardless of your anticipated level of reliance on Social Security you are going to want to know how much you can expect to receive when you qualify for … [Read more...] about Social Security: Where Do You Stand?
Informed Planning For Service Veterans
Having a comprehensive understanding of the resources that you have to draw from is key when you are formulating a plan for the future. It is not fair to expect the typical layperson to be apprised of intricate rules governing certain benefit programs, and this is of course where expert advice comes in. Without tapping into professional expertise you may actually overlook some of the benefits that you are eligible to receive, especially if you are a veteran. One of these is the … [Read more...] about Informed Planning For Service Veterans
Limited Gift Giving Window Exists
There is a Federal gift tax in place that is designed to prevent people from giving away their resources while they are still alive in an effort to circumvent the estate tax. It carries the same rate as the estate tax which is 35% as of this writing. These two levies are said to be "unified," so the exclusion that exists encompasses both your estate and any gifts that you give that are not exempt for one reason or another. Under current laws the unified exclusion is $5.12 million, … [Read more...] about Limited Gift Giving Window Exists
