The world of entertainment suffered a significant blow recently when the legendary singer Whitney Houston passed away at the young age of 48. There have been precious few entertainers who have enjoyed the type of success that Houston was able to generate with her immense vocal talents. She holds the industry record with seven consecutive number one singles and this is a mark that may be hard to beat. Whitney Houston won no less than six Grammy awards, and she took home a pair of … [Read more...] about Houston Estate Details Yet To Emerge
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Future Intentions Impact Present Actions
You can look at estate planning in one of two different ways. There are some people who go through life doing whatever they please without any particular objectives with regard to passing along a legacy. They just execute a last will that splits up whatever they happen to have left over among their loved ones and let the chips fall as they may. There is no absolute right or wrong regarding how you approach your estate and you can conduct your life in any way that you choose to of … [Read more...] about Future Intentions Impact Present Actions
Bad Choices Can Be Costly
Everyone is aware of the fact that bad lifestyle choices can catch up with you from a health perspective. Fortunately a lot of people recognize this early on and do everything possible to take care of themselves. Others are motivated to turn their lifestyles around once they start to see some symptoms develop. And of course there are those who persist in their bad habits, and they generally pay the price. While we're on the subject of prices, the cost of medical care is … [Read more...] about Bad Choices Can Be Costly
The Appeal Of Probate Avoidance
Probate can be simply and briefly defined as the legal process of estate administration. When you use a last will to direct the transfer of your assets to your heirs your estate must be probated before anyone receives their inheritances. This process serves a purpose, but at the same time it can prevent a smooth, timely, cost-effective, and efficient distribution of resources to your loved ones. Exactly how long probate will take depends on the jurisdiction in question and the … [Read more...] about The Appeal Of Probate Avoidance
Internet Age Presents New Estate Planning Dimension
More and more people are conducting business online these days, and this is something to keep firmly in mind when you are planning your estate. If you have bank accounts that you manage online and Internet-based brokerage accounts you are going to have to let your estate administrator know about them and provide the necessary access where appropriate. There is also the matter of your creditors. These days a lot of creditors encourage their customers to sign up for paperless … [Read more...] about Internet Age Presents New Estate Planning Dimension
Should A Tax Be Levied Upon An Individual's Death?
They say that the two inevitable eventualities are death and taxes and this is certainly true. But... should the event of your death be a taxable one? A lot of people would say no, but there is in fact a federal estate tax in place that many people refer to as the "death tax." Let's break it down. Suppose you save as much as you can every month from the time you have a paper route as a kid until you become a senior citizen and you end up accumulating quite a nice nest … [Read more...] about Should A Tax Be Levied Upon An Individual's Death?
Elders, Watch Your Money
There are some issues that are not especially comfortable to address and they often get swept under the carpet as it were. But in reality the more that is said about them the better because things that take place in the shadows can go on indefinitely. This is true of elder financial abuse. This is a very delicate subject and there are multiple different facets to it. On the one hand there are people who target senior citizens who do not know the elders that they are … [Read more...] about Elders, Watch Your Money
Debt Can Put A Damper On Retirement
Indianapolis retirement planning attorneys are going to emphasize how important it is to accumulate sufficient financial resources as you prepare for retirement. Social Security is a basic safety net but it alone is probably not going to be enough to provide you with a solid financial underpinning. With the above having been emphasized, having some savings and a decent stream of income is going to be bittersweet if you have large debts to pay down every month after you retire. So, … [Read more...] about Debt Can Put A Damper On Retirement
Tax Efficient Giving With A GRAT
You have to be aware of the federal gift tax if you give gifts beyond the exclusion amount. This is a matter that is a bit complicated because of the unification of the gift and the estate taxes. There is a $5.12 million exclusion so you can give gifts up to this amount free of taxation. But, since the gift tax is unified with the estate tax if you used up your entire exemption giving gifts while you are alive all of your estate would be subject to the estate tax. There are … [Read more...] about Tax Efficient Giving With A GRAT
Individual Retirement Accounts
It is important to understand the limitations of Social Security when you are planning for your retirement years. Exactly how much you will receive hinges on how much you contributed over the years. The maximum Social Security benefit is close to $39,000 annually, but you would have had to have made the maximum taxable amount throughout your entire career to receive the maximum benefit. The average Social Security payout is less than $1,100 per month. Clearly, this is not … [Read more...] about Individual Retirement Accounts
