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
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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?
Fall Prevention For Elders
Indianapolis elder law attorneys are charged with the responsibility of helping to guide their clients through the different stages of life that they will be facing as the years pass. This has a lot to do with financial preparation, but there are health care considerations as well. In fact, the two are intimately intertwined because the financial position that you will be in as an elder has everything to do with the amount of money that you will have to part with to pay for medical and … [Read more...] about Fall Prevention For Elders
Facebook Moguls Employed GRAT Strategy
Indianapolis estate planning lawyers are always going to emphasize the fact that every case is different and it takes experience and expertise to craft a plan that is ideal in light of your unique circumstances. Tax considerations are always going to be of tantamount importance because the federal estate tax and the gift tax with which it is unified carry quite a wallop. At the present time the rate of the gift/estate tax is 35%, and this is no small nibble. But at the end of this … [Read more...] about Facebook Moguls Employed GRAT Strategy
Understanding Tax Laws Is Key
It is said that ignorance of a law does not excuse you of a crime if you violate it. Similarly, not being aware of a tax does not excuse you from having to pay it. This is something to keep in mind when you are giving gifts of significant value to your loved ones. You may think that there should be no charge imposed by the government simply because you decided to transfer assets to your loved ones. Because of this you may not be aware of the existence of the gift tax, but it … [Read more...] about Understanding Tax Laws Is Key
