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
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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
Winehouse Estate: Early Reports Contradicted
Late last summer reports were circulating in the news about the estate of the late singer Amy Winehouse. It is no secret that Winehouse lived in the moment and it would be logical to assume that she might be an individual who did not have an estate plan in place. However, we were told that she did in fact have a last will and that she was quite proactive about revising her financial plan after her divorce from her husband Blake Fielder-Civil. Now Forbes is telling us that these early … [Read more...] about Winehouse Estate: Early Reports Contradicted
Social Security: Some Things To Know
Most people are going to be relying on Social Security to one extent or another when they achieve senior citizen status so you need to know what to expect. It should be noted that although 60% of people who receive Social Security say that it is their primary source of income you should do everything possible to avoid being overly dependent on the program because the income that it provides is relatively modest. You become eligible to receive your full Social Security benefit when you … [Read more...] about Social Security: Some Things To Know
Have You Prepared For Health Care Contingencies?
Comprehensive estate planning is going to involve attending to multiple details. Obviously you have to direct future transfers of financial assets, and you may also want to take care of funeral arrangements in advance. However, you should consider the before as well as the after. In many cases people do not pass away suddenly without experiencing any type of significant decline beforehand. This is true of elders of course, but even younger people can sometimes become … [Read more...] about Have You Prepared For Health Care Contingencies?
Loss Of Employment & Your 401(k)
At the present time it appears as though economic indicators are looking up, but it is no secret that unemployment has been high over the last several years. If you were to lose your job after contributing into a 401(k) while you are employed you may be wondering what becomes of your account, and we would like to take a brief look at this type of scenario here. One course of action that you could take would be to do a direct rollover into an individual retirement account. Or, if … [Read more...] about Loss Of Employment & Your 401(k)
Celebrity Pets
Our pets provide us with many intangible joys, and they certainly deserve some rewards in return. A lot of people take this to heart and pamper their pets, but when it comes to certain celebrities they take things to another level. Estate planning attorneys will always remind their clients that you have to remember your pets when you are planning your estate. While it is true that you may live longer than your dog or cat, there are no guarantees and it is better to be safe than sorry … [Read more...] about Celebrity Pets
Unknowns Stoke The Embers Of Procrastination
When you look at the statistics on the subject you find that most people who are under the age of 50 do not have an estate plan in place. And beyond that, the fact is that a significant percentage of people who are over the age of 50 have not comprehensively planned for the future either. While there may be a few who have never given the subject any consideration at all, most people know that they should execute the appropriate estate planning documents. These individuals … [Read more...] about Unknowns Stoke The Embers Of Procrastination
What Is Your Definition Of Wealth?
There are those who say "tax the rich" and this is a populist battle cry that make sense to some people. But when it comes to the Federal estate tax and the gift tax with which it is unified you have to be careful that you are informed and that you are not advocating against your own interests. There are individuals who float the notion that these federal levies are something that ordinary people do not have to worry about because they are only imposed on the wealthiest … [Read more...] about What Is Your Definition Of Wealth?
