When you are engaged in inheritance planning you have to consider the impact that a large windfall will have on the recipients. Perhaps you have some heirs on your inheritance list that are established in their own right, having demonstrated the ability to handle their own affairs effectively. You may have no hesitation about leaving a lump sum to someone like this, but there could be other people who will be receiving inheritances that could use some guidance. You have options … [Read more...] about Inheritance Planning: You Have The Control
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Valuable Retirement Planning Information
Now that we are living in the information age there is a lot of data right there at your fingertips, and this ready access to information makes it a lot easier to plan for the future. With this in mind we would like to highlight a very good resource that is offered by the Social Security Administration in the form of the Social Security Retirement Planner. A lot of people have questions about Social Security, and though it is not a good idea to rely too heavily on Social Security to … [Read more...] about Valuable Retirement Planning Information
There Is More That One Type Of Will
Just about everyone is aware of what a simple last will is utilized for, and the execution of this document can be the right choice for some people who have a very uncomplicated estate. However, there are some other types of wills that are routinely used in estate planning as well and we would like to take a look at some of them here. Living Wills A living will does not have anything to do with the transfer of personal property. This document is an advance health care directive, and … [Read more...] about There Is More That One Type Of Will
Lessons To Be Learned Through MLK Estate
When famous people pass away you often hear about the way that they planned their estates, and some of the stories are quite positive. For example, we lost the mercurial British songstress Amy Winehouse over the summer, and according to reports she had an ironclad estate plan in place. Her parents and her brother were provided for while her former husband, who could have been in line for an inheritance had she failed to plan ahead, was excluded. Other people of note were not as … [Read more...] about Lessons To Be Learned Through MLK Estate
What Is A Buy-Sell Agreement?
Buy-sell agreements are often used by partners in small businesses who are engaged in succession planning, and they can provide a solution to a rather challenging situation. If you are a partner in a small business you may find that your share is your most significant financial asset. But you probably don't want to give this asset in its entirety to just one of your heirs. So how do you make it liquid so that you can spread it to multiple family members without forcing them to sell … [Read more...] about What Is A Buy-Sell Agreement?
How Will You Be Remembered?
When someone passes away there are two different ways to perceive of the event. You could look at it as something that is totally sad and feel as though the only appropriate response is to mourn. On the other hand, you could choose to celebrate the life of the deceased individual. This would include remembering all of the qualities that made this person special and unique. When you are planning your estate you may want to ask yourself how you will be remembered and take steps to … [Read more...] about How Will You Be Remembered?
Proper Incapacity Planning Can Prevent Guardianships
If you were to become incapable of handling your own affairs due to mental or physical incapacity, interested parties could petition the court to appoint a guardian to act in your behalf. You may have no say about who this guardian is going to be, and if the petition is granted you could become a ward of the state. This is a prospect that is not appealing to many people, but the good news is that you can avoid guardianship proceedings if you engage in intelligent incapacity … [Read more...] about Proper Incapacity Planning Can Prevent Guardianships
ILIT Can Deliver Tax Efficiency
There is a veritable alphabet soup of acronyms to contend with when you are trying to find out information about estate planning. One of these is the ILIT or irrevocable life insurance trust. These vehicles can provide people with tax savings and we would like to offer a brief explanation of ILITs here. It is important to understand the fact that the federal estate tax can be imposed on life insurance proceeds if the policy is owned by the deceased. In an effort to avoid this, you … [Read more...] about ILIT Can Deliver Tax Efficiency
How Working Impacts Social Security Recipients
When you're planning for retirement understanding all the details regarding Social Security is important. While it is not a good idea to be overly reliant on Social Security during your retirement years, unless you are of extraordinary means your Social Security benefit is going to be at least marginally relevant. There are unprecedented numbers of people applying for Social Security right around now as the baby boomers reach retirement age, so there are a lot of questions … [Read more...] about How Working Impacts Social Security Recipients
2012 Could Be A Good Year For Gift Giving
It is important to understand the fact that estate planning is not a "one and done" kind of thing. There are events take place in your own life that call for estate plan updates and as we all know the only certainty is change. But in addition to the twists and turns that are specific to you and your family, there are also things that take place that can impact your existing estate plan that are outside of your control such as changes to the tax laws. With this in mind let's examine … [Read more...] about 2012 Could Be A Good Year For Gift Giving
