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
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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
Adding A Dimension To Your Estate Plan
Everyone has heard of the last will, which is the most common vehicle of asset transfer used in the field of estate planning. It is interesting to note that in the past this document was comprised of two different components and generally termed the "last will and testament." When it was broken down in this manner, the will was used to transfer real property and the testament was the portion of the document that was devoted to the transfer of personal property. During … [Read more...] about Adding A Dimension To Your Estate Plan
Estate Tax Savings, Asset Protection With GSTs
When people try to make the case that the estate tax should be permanently repealed one major prong of their argument is the fact that it is an exercise in taxing monies that have already been taxed. When you look at it objectively, any assets that you have been able to accumulate were acquired with the money that you had left over after paying income and payroll tax. And in addition to this you paid all kinds of additional taxes at every turn throughout your life, from property tax … [Read more...] about Estate Tax Savings, Asset Protection With GSTs
Estate Tax: Not Just Applicable To The Wealthy
There is a common misconception out there that can get you into some vulnerable territory when you are planning your estate. Some people think that the estate tax is only levied against "the wealthy," but of course that is going to depend on your definition of wealthy. Due to the enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the estate tax exclusion is $5 million at the present time. This means that only the portion of your … [Read more...] about Estate Tax: Not Just Applicable To The Wealthy
Veterans Benefit Can Defray Long-Term Care Costs
When you are standing in the present attempting to prepare yourself for a time that is well off into the future you have to make projections. This makes retirement planning and budgeting for the twilight years that will precede your passing very challenging because no one has a crystal ball and there are always going to be a lot of unknowns. But there are two things that are necessary along the way if you want to do everything possible to be prepared. For one, you need to keep … [Read more...] about Veterans Benefit Can Defray Long-Term Care Costs
As Life Changes Your Estate Plan Must Be Revised
Too many people feel as though estate planning is something that they can put off until later, but the fact is that estate planning is relevant to adults of all ages. Even if you are still in the early stages of your career and have not yet acquired a significant store of assets, you should have a rudimentary estate plan in place that includes life insurance, your final wishes, and advance health care directives. But when you get married and you have someone depending on your income, … [Read more...] about As Life Changes Your Estate Plan Must Be Revised
Keeping Up With Estate Tax Changes
The thing about planning your estate that is important to remember is the fact that it is an ongoing process because things do not stand still. Some of the changes that take place that result in the need to alter your estate plan are specific to your own life. You may have a significant change in your financial standing and/or the nature of your assets, and this can impact the strategy that is ideal for you. In addition, personal matters within the family can be a factor, such … [Read more...] about Keeping Up With Estate Tax Changes
Fundamental Probate Avoidance Strategies
In a previous post we explained some the reasons why people choose to avoid probate, but to recap there are three basic pitfalls that go along with the process. For one, probate can be costly because there are a number of expenses involved, including court costs and the fees charged by the various probate professionals whose expertise is required. In addition, probate can be time-consuming and the heirs to the estate will not receive their inheritances until the estate has been probated … [Read more...] about Fundamental Probate Avoidance Strategies
