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
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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Should Estate Tax Be Repealed?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 The estate tax was repealed during the 2010 calendar year, but in 2009 the rate of the tax was 45% and the exclusion was $3.5 million.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 about Should Estate Tax Be Repealed?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?
An Ethical Will: Heartfelt Last Words
When you think about leaving your legacy to your loved ones the first thing that crosses your mind is probably going to involve the financial aspect of the exercise. Because of the sources of asset erosion that exist such as the estate tax and the costs associated with probate, you do have to take a long hard look at the the extent and form of your assets and make sure that they are situated properly. But once you get to thinking about how you're going to prepare your assets for … [Read more...] about An Ethical Will: Heartfelt Last Words
Portable Exclusion Part of Tax Relief Legislation
When the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law by Pres. Obama on December 17th, the Bush era tax cuts were extended, and that was the headline news. But there were a number of additional provisions included in the measure, and one of them that is positively impacting many people is the one-year reduction of the Social Security payroll tax. There were also some provisions included in this new measure that profoundly impacted … [Read more...] about Portable Exclusion Part of Tax Relief Legislation
Estate Planning & The Realities Of Alzheimer's Disease
On the surface estate planning may seen like a pretty cut and dried matter. You make an appointment and spend some time with an estate planning lawyer, draw up a will or a trust, and that's it, end of story. This can can be the way you go about it, but if you want to be sure that you are truly prepared for all of the eventualities of aging, you would do well to take a more comprehensive approach. Ii is human nature to assume that the state of consciousness that you are in at any given … [Read more...] about Estate Planning & The Realities Of Alzheimer's Disease
