Right now the top rate of the estate tax is sitting at 35%; this is more than a third of the taxable portion of all the assets that you have been able to accumulate throughout the entirety of your life, all taken from your family in an instant. If that wasn't bad enough, if the laws stay as they are at the present time the maximum rate of the estate tax will go up to 55% in 2013. No, that is not a typo. The top-rate of the tax was 55% in 2001 and that is where it will return to … [Read more...] about Unified Gift/Estate Tax Can Be Misunderstood
Blog
Estate Planning: The Complete Picture
People are living longer than they ever have before, and considering the ongoing advances in medical science it would be logical to expect lifespans to continually grow. So planning for the distribution of your assets to your loved ones after you pass away is one thing, and making financial plans for your active retirement years is another. But there may well be a stretch of time in between when you are not capable of taking care of all of your own affairs, and this is something that … [Read more...] about Estate Planning: The Complete Picture
What If Your Retirement Plan Falls Short?
It is easy to give advice about making sure that you start your retirement planning efforts early so that you are fully prepared when the time comes, and clearly this is the best course of action. But there is an ideal reality, and there is the real world where many people find themselves residing. Not everyone is positioned perfectly when their retirement years come into focus, and while it is true that this is sometimes due to a lack of planning there are also forces at work that are out … [Read more...] about What If Your Retirement Plan Falls Short?
A Look At Qualified Personal Residence Trusts
You have to keep potential estate tax liability in mind when you are planning your estate. Right now the estate tax exclusion is $5 million, which means that the portion of your estate that exceeds this amount is subject to the estate tax. At the present time the maximum rate of the tax is 35%, which is quite a bite. However, you cannot rest easy if your estate is worth at least $1 million but less than $5 million. When the Tax Relief, Unemployment Insurance Reauthorization, … [Read more...] about A Look At Qualified Personal Residence Trusts
Do-It-Yourself Estate Planning
In the information age it is possible for us to obtain knowledge about virtually any subject immediately with a simple click of a mouse, and this has been a positive development in so many different ways. However, there is such a thing as a little bit of information being a dangerous thing, and this is certainly true when it comes to legal matters in general and the specialty of estate planning in particular. If you browse the Internet looking for information on estate planning you will … [Read more...] about Do-It-Yourself Estate Planning
Provide Long-Term With Spendthrift Trusts
When you are planning your estate it is important to consider not just what it is that you have to give, but who exactly it is that you are giving it to. All of your family members are unique individuals, and they invariably all have their own strengths and weaknesses. Some of your loved ones are probably well-established, having already demonstrated sound financial judgment as they have gone through life and managed their own affairs effectively. You may feel no trepidation … [Read more...] about Provide Long-Term With Spendthrift Trusts
Donor Advised Funds: Efficient Giving
It is important to consult with an estate planning attorney when you get serious about preparing your assets for distribution to your loved ones after you pass away for a number of reasons. Perhaps the best one is the fact that there are many different ways to transfer assets and the best strategy is going to vary depending on the anatomy of your estate and the specific nature of your wishes. A good estate planning attorney is going to examine your assets, gain an understanding of exactly … [Read more...] about Donor Advised Funds: Efficient Giving
Last Wills, Living Wills, & Living Trusts
Estate planning attorneys typically utilize multiple variations of the same types of legal instruments. This can sometimes lead to confusion among people who are trying to understand what estate planning is all about. Some of these terms are rather wordy and complex, but even some of the simpler ones can be a bit misleading because of the way that they overlap. With this in mind we would like to clear up some popular misconceptions about three very commonly used estate planning … [Read more...] about Last Wills, Living Wills, & Living Trusts
Probate: Why Do Some People Avoid It?
As you look into the topic of estate planning you will invariably see mention of probate avoidance strategies. Many newcomers to the subject don't even know what probate is, much less why they should try to avoid it, so we will provide a basic definition and take a look at the three most common reasons why people do indeed choose to avoid probate. Probate is the legal process of estate administration, and during this interim the probate or surrogate court attests to the validity of the … [Read more...] about Probate: Why Do Some People Avoid It?
Have You Considered Long-Term Care Costs?
Elder law attorneys must pay close attention to all of the issues of the day that impact senior citizens, and one of the most challenging among them is the matter of long-term care and the expenses involved. The United States Department of Health and Human Services estimates that approximately 7 out of every 10 people who reach the age of 65 will need some form of long-term care at some point in their lives, and this includes in-home care. So those who want to say "this will never … [Read more...] about Have You Considered Long-Term Care Costs?
