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
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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
Unified Gift/Estate Tax Can Be Misunderstood
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
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
