When you are planning your estate, the primary reason why it requires "planning" aside from simply deciding who will be the direct recipients of your assets after you pass away, is to make sure that your resources remain intact during the process of transfer. Ideally you would also like your heirs to receive their inheritances in a timely manner with minimal administrative hassles. This is why many people choose to create revocable living trusts as their primary instrument of … [Read more...] about The Appeal Of Revocable Living Trusts
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Protect Yourself With Appropriate Powers Of Attorney
Elder law involves all of the legal issues that impact our nation's senior citizens, and it is a rapidly expanding field due to the fact that the population in the United States is aging considerably. Senior citizens are the fastest-growing age group in the country, and the oldest old, people who are at least 85, are the demographic subset that is growing fastest of all. People are living longer than ever and this is creating the need for some very specific forms of end-of-life planning, … [Read more...] about Protect Yourself With Appropriate Powers Of Attorney
Estate Planning & Pets
It is not uncommon for people to procrastinate when it comes to planning for the future. Though it is always best to take the bull by the horns and get started as soon as possible, there is so much to consider it can be overwhelming. Once you start planning your retirement and the ultimate distribution of your wealth after you pass away, one thing leads to another and you then find yourself making preparations for other eventualities of aging, such as possible incapacity. … [Read more...] about Estate Planning & Pets
New Round Of Estate Tax Wrangling On Tap
Toward the end of last year the topic that was on everybody's mind within the financial planning community was that of the possible sunset of the tax cuts that were part of the Economic Growth and Tax Relief Reconciliation Act of 2001. If they were to expire, the estate tax would be carrying a $1 million exclusion and 55% maximum rate, which were the numbers that were in place back around the time that the Bush tax cuts were initially passed and signed into law. As a result of the … [Read more...] about New Round Of Estate Tax Wrangling On Tap
Social Security Eligibility
The sooner you get started planning for your retirement the better. When you speak with people who seem to have "all their ducks in a row" they will usually tell you that they have it easy as retirees because they had the foresight to plan ahead early in their lives. If you want to get started but are uncertain about where to begin you may want to arrange for a consultation with an elder law attorney who will help you to structure a personalized plan that leads to the fruition of … [Read more...] about Social Security Eligibility
Avoiding Probate: Is It The Best Choice?
When you pass away, utilizing a will as your primary vehicle of asset transfer your estate must pass through the legal process of probate. Probate provides certain protections because it ensures the court supervised administration of your estate, but there are pitfalls involved with probate as well. What are these pitfalls? Interestingly enough, one of the protections that probate provides for those who survive you can be seen as a negative by some. During the probate … [Read more...] about Avoiding Probate: Is It The Best Choice?
Incapacity Planning: Must-Have Documents
When you are interested in planning your estate, you can't help but think about the period of time that will precede the trigger event, and of course this is as it should be if you want to make comprehensive plans. You may have very specific goals that you want to accomplish with your legacy, and how well you plan for the latter stages of your life will have a significant impact on what it is that you have to leave behind to your loved ones. When you have the larger picture in mind … [Read more...] about Incapacity Planning: Must-Have Documents
Charitable Remainder Unitrusts At A Glance
During the summer of 2010 there was an interesting story circulating throughout the financial community about a challenge that was issued by two of the most notable billionaires in the world. Bill Gates and Warren Buffett reached out to the richest people in the United States asking them to pledge to give away at least half of their wealth throughout their lifetimes. Buffett himself has given billions to the Bill and Melinda Gates Foundation, so he is indeed "walking the … [Read more...] about Charitable Remainder Unitrusts At A Glance
Rolling The Dice Without An Estate Plan
There are matters that are pigeonholed as being relevant only to "the elderly," and perhaps we should reassess these evaluations because we live in a PC society where sweeping statements are inappropriate and usually inaccurate. Estate planning is very interesting in this regard because it could seem as though it is indeed the realm of those who are of an advanced age. However, the reality is that people of all ages die each and every day. There are no guarantees, and if you're … [Read more...] about Rolling The Dice Without An Estate Plan
Should Estate Tax Be Repealed?
We recently saw a reduction in the rate of the estate tax and an increase in the exclusion amount with the passage of the new tax relief bill in the middle of December. At first glance this may seem like a positive development, but let's take a closer look at the matter from a purely objective perspective. The estate tax was repealed during the 2010 calendar year, but in 2009 the rate of the tax was 45% and the exclusion was $3.5 million. If the Tax Relief, Unemployment Insurance … [Read more...] about Should Estate Tax Be Repealed?
