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
Blog
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
Probate & Your Executor
One of the things that you have to keep in mind when you are drawing up your will is the fact that after your wishes have been recorded they have to be carried out by someone. This "someone" is called the executor, and it is important to understand the totality of what the executor is going to be charged with doing on behalf of the estate. The first thing to consider is the fact that your estate is going to have to pass through the process of probate. This is when the probate or … [Read more...] about Probate & Your Executor
Estate Planning and Final Arrangements
When you are planning your estate it could be said that the overarching purpose is to make preparations that will benefit your loved ones at the time of your passing. Of course the first thing that comes to mind in this regard is the proper situation of your assets, and this is as it should be. In addition, the matter of your funeral is something to consider as well, and many people choose to make funeral preparations while they're still alive for a couple of different … [Read more...] about Estate Planning and Final Arrangements
Estate Planning When You Divorce
Having a solid estate plan is important, no matter what your age or situation, but when someone divorces, it is extremely important. Divorce is an ordeal, even under the best of circumstances, but it is important to remember that not only will a divorce cause problems within your family; it can also make a mess out of your estate. When you divorce there are a number of details that you must pay attention to. The first is dividing all of your assets according the agreement of your … [Read more...] about Estate Planning When You Divorce
