When you ask the typical person on the street about estate planning he or she may well tell you that the exercise is all about drawing up a last will to direct distribution of your assets after you pass away. Everyone is aware of the last will, and it is indeed the most commonly utilized vehicle of asset transfer in the field of estate planning. But there are other ways to transfer assets to your loved ones, and the last will is not always the best choice. And beyond this, there … [Read more...] about Living Wills Are Important Too
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Marital Agreements Can Provide Legacy Planning Solution
Regardless of the specifics of your family situation estate planning is something to take seriously and be proactive about. However, when you are a parent who is divorced and you intend to remarry you are probably going to want to engage in some rather advanced estate planning that requires additional expertise. We live during an era when divorce is quite common. Statistics on the subject vary, but somewhere in the vicinity of 40% to 50% of marriages are ending in divorce these … [Read more...] about Marital Agreements Can Provide Legacy Planning Solution
Incapacity Planning Is Key
Aging is a natural part of life, and to be frank there are some eventualities that go along with it that are not entirely pleasant. To mitigate the negative impact of the potential challenges that exist you need to plan carefully in advance. Doing this involves educating yourself and gaining an understanding of what may lie in wait so that you can take appropriate action to make sure that you are prepared. Incapacity strikes many people who reach an advanced age. Sometimes … [Read more...] about Incapacity Planning Is Key
Elder Financial Abuse In The Digital Age
You are probably aware of the fact that many people who reach an advanced age become somewhat isolated. It is also not uncommon for elders to experience reduced mental capacity. These two factors help to make seniors targets of those who would seek to take advantage of them for financial gain. A lot of elders need assistance of one type or another with their day-to-day living needs, so family members, friends, or neighbors often pitch in. This is usually fine, but there are … [Read more...] about Elder Financial Abuse In The Digital Age
Inheritance Planning In Action
Let's say that you have reached the point where you are sitting in your favorite chair looking out the window contemplating your legacy. You may have a general idea of what you have to give and who you are going to give it to without having worked out all the details. When you arrange for a consultation with an estate planning attorney to hash out these details, he or she is going to let you know whether or not your estate is exposed to the federal estate tax. If it is, you're … [Read more...] about Inheritance Planning In Action
Estate Planning: Probate Can Complicate Things
The overarching goal of estate planning is to arrange for the smooth and efficient distribution of your assets to your selected heirs after your death. A lot of people automatically assume that the best way to do this is to execute a last will. Obviously you can go this route if you want to, but if you do your estate is going to have to pass through probate, and there can be some complications that go along with this process. If you're like most people you would prefer that your … [Read more...] about Estate Planning: Probate Can Complicate Things
Long-Term Care Benefit For Veterans
Planning for retirement involves more than simply financing the active period that will immediately follow your working career. Many people are surprised when they hear that the segment of the population that is at least 85 years of age is growing faster than any other. And of course advances in medical science take place virtually every day, plus people are learning more about how lifestyle choices impact their longevity. It's great to live a long life, but you must be prepared … [Read more...] about Long-Term Care Benefit For Veterans
Was Estate Tax Really Repealed In 2010?
When you hear estate planning attorneys saying that it is important for the typical layperson to have legal representation you can take a cynical approach. You may assume that they are overstating the importance of legal counsel. But the fact of the matter is that the more you know about the estate tax you can see why you really need to retain an attorney and keep in touch on an ongoing basis to protect the interests of your family. Not everyone has to pay the estate tax. … [Read more...] about Was Estate Tax Really Repealed In 2010?
Are Medicare Cuts On The Way?
It is said that all things are connected, even things that take place at a distance, and there is that "butterfly effect" that is said to prove this assertion. But when it comes to estate planning and otherwise preparing for the latter portion of your life, there is a very direct connection between your own future and some of the decisions that are made by the politicians in Washington. With this in mind we would like to highlight the role of the "super-committee" that has been … [Read more...] about Are Medicare Cuts On The Way?
Too Many Americans Have No Estate Plan
Though we are all aware of the fact that there are people who procrastinate and put some of their responsibilities on the back burner, you may think that most people are responsible enough to have an estate plan in place. But in fact, one of the reasons why we frequently emphasize how important it is to take action is because of the fact a surprisingly high percentage of people have not executed even the most basic of estate planning documents. There was a Harris poll conducted not too … [Read more...] about Too Many Americans Have No Estate Plan
