There are people who are not aware of the fact that your last will is not something that is only going to be shared in private among your family members. When you use a last will as your primary vehicle of asset transfer, your estate must be probated. During this time the probate court will examine the will and attest to its validity. If anybody wanted to step forward and contest your wishes they would present their arguments in front of this court. At the same time, … [Read more...] about The Probate Process, Your Estate, & Your Executor
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Succession Planning Strategy For Small Business Partners
The correct approach to estate planning is something that is going to vary on a case by case basis depending on your unique situation, and with this in mind, let's take a look at succession planning for small business partners. If you are a partner in a small business your financial share in the business may represent the largest asset that you have. When you pass away your partners are probably still going to want to remain in business, and it is likely that you feel the same way … [Read more...] about Succession Planning Strategy For Small Business Partners
Your Probate Attorney & Your Estate
Estate planning requires a good bit of decision-making and the execution of certain documents that are used to legally record your wishes. This is well and good, but ultimately someone is going to have to carry out these wishes in a hands-on manner. If you use a will as your primary vehicle of asset transfer your estate is going to have to pass through probate. During this interim the probate or surrogate court in the jurisdiction that is local to you will supervise the … [Read more...] about Your Probate Attorney & Your Estate
Poll Finds Public Opposes Social Security Cuts
One of the topics that has dominated the political dialogue over the last several months is the federal budget deficit. There has been talk of cuts to programs that retirees count on to one degree or another such as Social Security, Medicare, and Medicaid. Since the average monthly Social Security benefit in 2010 was $1,072 according to the Social Security Administration, you are clearly going to have to feather your own nest if you want to enjoy a comfortable retirement. Yet, when … [Read more...] about Poll Finds Public Opposes Social Security Cuts
Are You Too Young For An Estate Plan?
Estate planning is often looked at as something that only "old people" need to be concerned about, but is this perception accurate? The reality is that it is not because people of all ages die every day. Yes, it is true that the average lifespan in the United States right now is 78 years, but that is indeed an average and it is not some type of guarantee. If you were to pass away without an estate plan you clearly will not be around to suffer the consequences. When you … [Read more...] about Are You Too Young For An Estate Plan?
Medicaid: What Can Healthy Spouse Retain?
A lot of people are not aware of just how much a stay in a nursing home costs and they don't especially care, and this is often for one of two reasons. There are always going to be individuals who feel as though they will avoid all challenging circumstance, reasoning that these types of things only happen to "other people." And there are those who mistakenly assume that Medicare will cover everything once they reach the age of 65. The reality is that Medicare does not cover … [Read more...] about Medicaid: What Can Healthy Spouse Retain?
Tax-Free Tuition Gifts & Your Estate Plan
People who are in a position to give life-changing amounts of money to their loved ones after they pass away face a couple of different challenges. For one, there is the matter of the estate tax. At the present time the estate tax exclusion is $5 million and the rate of the tax is 35%, so any portion of your estate that exceeds $5 million will be shaved down by over a third if you don't take action to prevent it. If this wasn't bad enough, the tax relief act that was passed at … [Read more...] about Tax-Free Tuition Gifts & Your Estate Plan
A CRUT May Fit Into Your Estate Plan
People who are getting serious about preparing their assets for eventual distribution to their loved ones upon their passing often times sit back and contemplate their overall legacies. You can go through a period of very profound soul-searching during the latter stages of your life, and you may find that you would like to punctuate your legacy with some charitable giving. There are a number of estate planning vehicles that enable people to satisfy their philanthropic urges, and many times … [Read more...] about A CRUT May Fit Into Your Estate Plan
Medicare, Medicaid, & Your Retirement
Are you retiring sometime within the next 20 years? If you can answer this question yes, you are certainly among the many. These are very interesting times in elder law circles because of the fact that so many people are reaching retirement age at the same time. It is hard to wrap your head around this statistic but there are 10,000 people applying for Social Security every day right now and this is expected to continue for the next two decades. With so many people … [Read more...] about Medicare, Medicaid, & Your Retirement
The Basic Estate Plan
Depending on the size and scope of your assets and the specific nature of your wishes it may be necessary to implement a combination of estate planning instruments to enable the optimal transfer of assets. However, when you engage the services of an experienced estate planning attorney, he or she can greatly simplify the matter and explain your options to you in an understandable manner. This having been stated a lot of people are only going to need a very basic estate plan. … [Read more...] about The Basic Estate Plan
