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
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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
FLP Can Deliver Tax Efficiency
Taxation can take its toll when you are attempting to transfer assets to your loved ones both during your life and after your passing. While it makes sense that you could choose to simply give gifts to your family members while you are still alive, you do have to contend with the gift tax if you choose to go this route. The gift tax carries the same 35% rate as the estate tax right now, but the maximum rate of both of these taxes is scheduled to rise to 55% in 2013. Though there … [Read more...] about FLP Can Deliver Tax Efficiency
Estate Planning: Don't Overlook The Practicalities
In estate planning there are some legal complexities that must be addressed, and this is the area that most people focus on when they get serious about making preparations for the future. This is going to require identifying an estate planning attorney that you feel comfortable working with. Along these lines it is important to understand that you are probably going to have to make adjustments along the way so you would do well to schedule estate plan reviews as they become … [Read more...] about Estate Planning: Don't Overlook The Practicalities
Finding The Right Charities
A lot of people have criticisms with regard to the state of the world around them, and there are those who merely complain about it and there are others who take action in an effort to make a difference. This is something to keep in mind when you are shaping your legacy. It is not uncommon for individuals to have philanthropic urges as they sit back and contemplate their life's work, and as a result charitable giving is a part of many legacy plans. To give intelligently you are going to … [Read more...] about Finding The Right Charities
The Rewards For Service
When you serve in the military you make a lot of sacrifices for your country. In return, there are some significant rewards that are offered to individuals who have been in the armed forces. For one, those who have served for at least 20 years are eligible to receive a retirement pension. As we all know most people who enlist in the service do so when they are young adults. So it is possible to put in those 20 years and then embark on a career as a civilian while you are … [Read more...] about The Rewards For Service
Estate Planning: Legal Assistance Required
You would never attempt to draw up a legally binding contract without the assistance of a licensed attorney. Yet, there are those who are under the impression that they don't need to retain the services of an estate planning attorney when they are executing estate planning documents and this is a big mistake. Back in the old West, you might be able to scribble down a last will directing the distribution of your horse, saddle, six-shooter and saddle bag and leave it with the saloon … [Read more...] about Estate Planning: Legal Assistance Required
Inheritance Planning Can Include Facilitating Educational Opportunities
One of the things that can be very difficult to digest when you are planning for the inevitable is the fact that you will no longer be around to provide guidance for your loved ones. While it is true that proper estate planning can make things easier for your heirs financially, there are some things that money can't buy and the wisdom of our elders is one of them. And on top of this that very money can sometimes do more harm than good depending on the individual involved and this is … [Read more...] about Inheritance Planning Can Include Facilitating Educational Opportunities
Estate Tax: A Punishment For Success?
There are a number of reasons why many individuals feel as though the estate tax is patently unfair. One of them is the fact that the estate tax is an instance of double taxation. The assets that comprise your estate were accumulated with funds that you were able to hang onto after paying all sorts of taxes including income tax, payroll or self-employment tax, sales tax, property tax, etc. These resources are not taxable while you are alive, but your death is somehow viewed as a … [Read more...] about Estate Tax: A Punishment For Success?
