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
Blog
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?
Proactive Approach To Health Care Costs
In a perfect world everyone would be able to set aside adequate resources to handle any and all expenses that may come their way throughout their lives while they make estate plans with a separate block of untouchable assets. In fact, you hear a lot of people speak about estate planning as if the above scenario is the rule rather than the exception, but in reality this is not the case, even for people who have been quite successful throughout their lives. There is a very wide range of … [Read more...] about Proactive Approach To Health Care Costs
Medical Gifts Provide Mutual Benefits
It is often said that generosity is its own reward, and most people would agree that this is certainly the case. But when it comes to estate planning, there are a number of different ways that you can give generously while receiving something back at the same time, and tax-free gift giving is one of them. It would make a lot of sense to simply give gifts to people that you love while you are still alive so that 35% of your hard-earned assets are not swallowed up by the estate tax. … [Read more...] about Medical Gifts Provide Mutual Benefits
Grantor Retained Annuity Trusts Enable Potential Tax-Free Giving
It is likely that you're going to have multiple objectives when you're putting together a comprehensive estate planning strategy, and achieving them can seem like a daunting task. The good news in this regard is that there are a number of estate planning vehicles that enable you to reach multiple objectives through the execution of a single document. Those who would like to reduce the taxable value of their estates, receive a steady stream of income, and quite possibly provide a … [Read more...] about Grantor Retained Annuity Trusts Enable Potential Tax-Free Giving
Is Probate Always A Bad Thing?
When you search for information about estate planning on the Internet you will invariably hear mention of probate avoidance. If you don't know much about estate planning, a two-part question is likely to formulate in your mind: what is probate and why would I try to avoid it? Let us endeavor to shed some light on the subject. Briefly put, probate could be defined as the legal process of estate administration. The probate or surrogate court is charged with the responsibility … [Read more...] about Is Probate Always A Bad Thing?
