Most people who are planning for their retirement years are going to be building around Social Security as a centerpiece. But even if your resources would allow you to enjoy retirement to the fullest if you did not receive Social Security, since you did make contributions into the program it is only natural that you would expect something in return. One could simply invest his or her Social Security benefits and add the earnings to the estate that family members will draw from in the … [Read more...] about Getting The Most Out Of Social Security
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Pour-Over Wills & Your Estate
When the layperson hears the term "estate planning" the thing that usually comes to mind is the last will, and this is of course one way to pass along your assets to your loved ones after you die. However, many people prefer to use a trust such as a revocable living trust once they pay a visit to an estate planning attorney and hear about all the options that are available to them. For the majority of individuals the primary reason why a trust may be preferable to a last will is because the … [Read more...] about Pour-Over Wills & Your Estate
Writing Your Memoirs Can Enhance Your Legacy
If you think about the storyline behind the movie It's A Wonderful Life, there's a lot there to mull over, but one thing that stands out is the way that the life of a single individual has so much impact on the world within which he or she lives. Each person has walked a specific path and touched others along the way, and all of these "movies" would have a lot of worthwhile insight to offer if you could tap into the life story of each individual. This is something to consider when … [Read more...] about Writing Your Memoirs Can Enhance Your Legacy
For Unmarried Couples Estate Planning Is Especially Important
One of the questions that people often have about estate planning involves what would happen to their assets if they passed away without having executed their last will or some other vehicle of asset transfer. There is a common misconception that has made the rounds suggesting that the state will absorb your assets if you were to die intestate or without a will. As estate planning attorneys we certainly want people to take the time to formulate a well-thought-out, comprehensive estate … [Read more...] about For Unmarried Couples Estate Planning Is Especially Important
Asset Protection Should Be Considered
As you reach the latter stages of your life the practical implications of your estate plan become all the more apparent to you. Earlier on you may have perceived of your estate plan as being a precaution to have in place to protect your family should the unthinkable take place. But as you get into your twilight years you generally come to peace with your own mortality and recognize just how important it is to transfer your assets to your loved ones in the appropriate manner so that they … [Read more...] about Asset Protection Should Be Considered
Gifts & Medicaid Eligibility
The costs associated with long-term care are extremely high and rising, and this is something you really have to take into consideration when you are planning for the future. In 2010, it cost nearly $40,000 to spend a year in an assisted-living facility on average in the United States, and the charge for a single room in a nursing home averaged over $83,500. The average stay for someone who resides in a nursing home is about 2-1/2 years. These numbers are clearly … [Read more...] about Gifts & Medicaid Eligibility
Social Security, Medicare Face Strain
If you have followed the news over the last several months it's no secret that there are a lot of concerns about the federal budget deficit. Since the political climate in Washington shifted after the midterm elections there is more serious resolve about slashing federal spending. And when you look for the most significant outlays of money you can't help but notice that a large portion of the federal budget is consumed by entitlement programs for senior citizens. According to the … [Read more...] about Social Security, Medicare Face Strain
Reaction To New Gift Tax Rules
Most people who have an interest in estate planning are aware of the fact that the parameters of the estate tax changed as a result of the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. We now have a 35% maximum rate of taxation and a $5 million exclusion. What was lesser publicized is the fact that the gift tax is also carrying a $5 million exemption and 35% top rate to mirror the estate tax with which it is unified. The … [Read more...] about Reaction To New Gift Tax Rules
Estate Planning Is An Ongoing Process
There are some responsibilities that you have to take care of that require your attention just once, and you may think that drawing up a will or otherwise planning your estate is one of these things. However, the reality is that nothing could be further from the truth. Estate planning is an ongoing process, and if you want to make sure that you are protecting yourself and your family at every juncture it is important to recognize the fact that the changes that take place in your life … [Read more...] about Estate Planning Is An Ongoing Process
Keeping It Simple: Pay On Death Accounts
There are many different financial instruments that can be used to optimize your resources, protect your assets, and prevent asset erosion during transfer to your loved ones after you pass away. Some of these are considerably complex because they have to be to respond to the realities of the tax code while satisfying any number of personal objectives. However, there is something to be said for keeping it as simple as possible in every field of endeavor, and this is true for estate … [Read more...] about Keeping It Simple: Pay On Death Accounts
