We are in a familiar if not altogether comfortable situation in 2012 with regard to the estate tax parameters. Uncertainty reigns, but we may begin to see some clarity as the election season heats up this year. Back in 2010 we had a midterm election, and the question of possibly extending the Bush era tax cuts was part of the debate. You may remember that a tax relief measure was in fact passed at the end of that year that is now called the Tax Relief, Unemployment Insurance … [Read more...] about Estate Tax: Clarity May Emerge During Election Season
Blog
It Can Take Time To Accumulate Retirement Resources
It is understandable that in many cases young adults are focused on the present. They are more in touch with the experiences of high school and college than they are with the realities of middle age and beyond. However, people who find themselves financially prepared for every stage of life are generally those who have the maturity to plan ahead in advance when others did not. Retirement does not just fall into your lap. Yes, we do pay into Social Security and Medicare but … [Read more...] about It Can Take Time To Accumulate Retirement Resources
Don't Jeopardize Special Needs Benefits
You have to see the big picture and think everything through when you are arranging for the transfer of assets to those that you love after you pass away. Each situation is different and you should carefully evaluate the recipients' needs and proclivities before taking any action. This is something that is very important when it comes to making provisions for someone in the family who may have special needs. People with disabilities often take advantage of programs such as Medicaid … [Read more...] about Don't Jeopardize Special Needs Benefits
Too Much Debt Can Delay Retirement
If you are wise you will save early and often so that you have sufficient resources available to you as the typical age of retirement approaches. A lot of people find themselves unprepared because they take no steps to augment their Social Security benefits, and we are seeing more and more people say that they will never be able to retire because of financial need. While it is clearly important to build a retirement nest egg, you must also keep a close eye on the debt that you are … [Read more...] about Too Much Debt Can Delay Retirement
Beware Of Financial Abusers
As you get older you face certain potential challenges, and though some of them are rather unsavory, it is important to keep your head up out of the sand and keep yourself informed. With this in mind you would do well to recognize the widespread plague of elder financial abuse. This problem was brought out into the open not too long ago via the case of legendary actor Mickey Rooney. He has stated that he has been victimized by his stepchildren, and the abuse is alleged to have … [Read more...] about Beware Of Financial Abusers
Taking Action To Protect Land-Based Businesses
Some people are going to have different concerns than others when it comes to estate planning. One of the first things to prioritize when you are evaluating your situation is going to be whether or not your estate is exposed to the federal estate tax. There is a particular quantity of resources that can be passed along before the tax kicks in. Right now this exclusion stands at $5.12 million, but it is going down to just $1 million at the end of this year. The rate of the tax is … [Read more...] about Taking Action To Protect Land-Based Businesses
Does Your Estate Tax Exclusion Die With You?
A certain amount of financial resources can be passed on to your heirs before the federal estate tax becomes applicable. This exclusion amount is not consistent from year to year however, and as a result you have to be ready to make adjustments. The best way to be prepared at all times as things change is to develop a solid long-term working relationship with a good Indianapolis estate planning attorney. Your lawyer will gain an understanding of your unique situation and let you … [Read more...] about Does Your Estate Tax Exclusion Die With You?
Don't Rely On Overly Simplistic Solutions
Estate planning is something that a lot of people don't see as an immediate concern because death seems like a long way off. Because of this many individuals go through life without any estate planning documents at all. Others latch onto overly simplistic solutions feeling as though anything is better than nothing. One of the things that some people will do instead of devising a proper estate plan is to add a beneficiary or beneficiaries to a payable on death or transfer on death … [Read more...] about Don't Rely On Overly Simplistic Solutions
Residential Asset Protection
Your home may be your most valuable personal asset, and as a result you may be very interested in protecting it from any legal actions that may be lodged against you in the future. People who are in certain lines of work are naturally vulnerable to lawsuits, and for these individuals (and others) a qualified personal residence trust may be a good option. Once you place the property into the trust it is protected because it is technically no longer your personal property and it is not … [Read more...] about Residential Asset Protection
Life Insurance Proceeds Should Be Properly Positioned
Throughout our lives the goal is to accumulate financial resources. This is not just a self-serving endeavor; if you have a firm financial underpinning you will be in a position to provide opportunities to your family members and perhaps even engage in philanthropic activities that benefit the community as a whole. While it could seem as though financial success is nothing but positive, the fact is that you must be careful as you are planning your estate if you have been fortunate … [Read more...] about Life Insurance Proceeds Should Be Properly Positioned
