When you are thinking about how you will be arranging for the distribution of your resources to your heirs after you pass away you may automatically assume that a last will is your only option. In fact, there are other possibilities and you should not let a lack of information intimidate you. Expert advice is out there, and there is no reason to make assumptions that limit you. If you discuss your unique situation with a licensed and experienced Indianapolis estate planning lawyer he or … [Read more...] about Don't Let Trusts Intimidate You
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Dick Clark, New Year's Eve & Your Estate
Dick Clark is synonymous with New Year's, and it is interesting to consider what would have happened to his estate if he had passed away next year rather than this year. It is estimated that Dick Clark's estate will wind up being worth hundreds of millions of dollars so the federal estate tax would certainly be applicable. This year the estate tax exclusion is $5.12 million, and the maximum rate of the tax is 35%. A tax of 35% on hundreds of millions of dollars is considerable to … [Read more...] about Dick Clark, New Year's Eve & Your Estate
Final Arrangements: Assert Your Wishes
After someone that you love passes away funeral arrangements are going to have to be made. Now it is possible for an individual to state his or her own funeral preferences within the estate plan that is left behind and this is recommended. However, as we all know people sometimes overlook this detail. This is a somewhat delicate subject that a lot of people are going to try to avoid, but it must be brought into the light of day. Imagine yourself sitting in a funeral home being … [Read more...] about Final Arrangements: Assert Your Wishes
Asset Protection Must Be Part Of The Plan
Every move that you make has a ripple effect, and this is something to keep in mind when you are considering the topic of estate planning. If you are a serious minded individual who has every intention of maximizing your resources you would do well to develop a comprehensive, cohesive long-term financial plan that culminates in the distribution of your resources after you pass away. What would be the alternative? The answer is to be one of those who goes through life with blinders on … [Read more...] about Asset Protection Must Be Part Of The Plan
Inheritance Tax and Estate Tax: What's The Difference?
There are people who don't understand the importance of legal advice when they are considering the subject of estate planning. They reason that arranging for the transfer of assets to their loved ones after they pass away should be a simple matter that anyone can handle on his or her own. Perhaps this line of thinking makes some sense on the surface, but the powers that be present obstacles that can be confusing and costly to the uninitiated. With this in mind you would do well to … [Read more...] about Inheritance Tax and Estate Tax: What's The Difference?
Taking Anticipated Lifespan Into Consideration
Exactly how much money you are going to need to finance your retirement years is going to have something to do with how long you live. While it is clearly impossible to circle the date on your calendar, it is quite possible to examine life expectancy statistics and use them as a general barometer. If you were born today your average life expectancy would be 78.1 years. However, as you get older your life expectancy increases. For example, a man who celebrated his 62nd … [Read more...] about Taking Anticipated Lifespan Into Consideration
Leaving A Legacy Behind
As you are inventorying your assets and asking yourself how you are going to spread them around after you pass away you may start to consider the totality of your legacy. People who are in a position to do so often times look for ways to make an impact even after they are gone, and this practice is known as legacy planning. Your reach can extend into the community as a whole after your family has been well provided for, and this can actually go on for generations. Some people … [Read more...] about Leaving A Legacy Behind
Charles Foundation, Children Battle Over Copyrights
When financial resources will continue to come in after you pass away you have some decisions to make. Some people who are in this situation have the desire to give something back to worthy causes, and creating a charitable foundation is an option. This is what the legendary singer and composer Ray Charles did with his legacy. The Ray Charles Foundation is devoted to assisting youth programs and contributing to efforts to educate those with hearing impairments. One of the … [Read more...] about Charles Foundation, Children Battle Over Copyrights
Advanced Age Can Hinder Decision Making Capabilities
It can be difficult to plan ahead for the eventualities of aging partially because of the fact that it's hard to envision a time when you may not have the same level of mental capacity that you have right now. But at the same time, you have to look at the statistics and plan for the possibilities so that a challenging situation does not become all the worse due to a lack of preparation. Along these lines you would do well to understand how widespread incapacity is among elder … [Read more...] about Advanced Age Can Hinder Decision Making Capabilities
Inheritance Planning: The Receiving End
Estate planning attorneys are going to routinely assist people who are endeavoring to prepare their assets for eventual transfer to their loved ones after they pass away. However, professional advice can also be extraordinarily useful when you receive an inheritance, especially if it takes you by surprise. When people pass away unexpectedly at a relatively young age their heirs may find themselves in possession of significant financial resources all of a sudden. If you had no … [Read more...] about Inheritance Planning: The Receiving End
