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
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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
The Appeal Of Revocable Living Trusts
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
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
