When you consider the institution of marriage as it stands in the United States in the 21st century, it is in a very real sense something different from what it once was. Of course you can't paint with a broad brush because each person has a unique perspective, but the statistics would indicate that marriage is no longer something that is permanent in the minds many people. Statistics on the subject vary, but somewhere in the neighborhood of between 40% to 50% of marriages end in … [Read more...] about Remarrying? Pre-Nup, QTIP May Be The Answer
Blog
Long Term Care Costs: Planning Required
Estate planning is usually seen as something that involves the distribution of your assets after your death, and rightly so. But the totality of the matter blends into the period of your life that precedes your passing. Why is this? To put it bluntly, if you don't have anything left when you die any planning that you may have done regarding inheritances is not going to have a whole lot of value. Obviously there are those who have sufficient assets to easily handle any and … [Read more...] about Long Term Care Costs: Planning Required
Five Wishes & Estate Planning
We never know when our time on earth will come to an end due to illness or accident, and being prepared for such an event is obviously a good idea. For those who want to be prepared in an effort to take the burden off family members in stressful emotional times, or for those who are either aging or seriously ill, the Five Wishes advance directive is an excellent option. The Five Wishes document is a living will that allows you to communicate with your family and friends about the type … [Read more...] about Five Wishes & Estate Planning
Avoid Asset Erosion With Generation Skipping Trusts
In estate planning circles you hear a lot of talk about "avoiding the estate tax" and "gaining estate tax efficiency." There are those patriotic Americans who may question this mentality, feeling as though they are more than willing to assume their fair share of the tax burden. This is an admirable stance, but the operable term here is "fair share." Let's explain by way of a very simple example. Let's say you start to put away a portion of your paycheck when you are in your … [Read more...] about Avoid Asset Erosion With Generation Skipping Trusts
Incentive Trusts: Subtle Guidance
When you are planning your estate, part of the process involves positioning your assets optimally for protection and tax efficiency. This is the hard financial side of the endeavor, but there is a human side as well. You may be in a position to bequeath large sums of money to the people that you love the most, and on the surface this can seem like the easiest thing in the world. Nobody wants to pass away, but when your time has come it is nice to know that you are in a … [Read more...] about Incentive Trusts: Subtle Guidance
3 Revocable Living Trust Benefits
A Revocable Living Trust is a commonly used estate planning tool. It works in conjunction with ancillary documents such as a Pour-Over-Will, Financial Powers of Attorney, Medical Powers of Attorney, the Living Will, HIPAA Releases, and Organ Donation forms. “Revocable” means that the Trust can be revoked or amended at any time. “Living” means that you create the Trust while you are alive. And, a “Trust” is a type of contract. Here is a summary of Revocable Living Trust … [Read more...] about 3 Revocable Living Trust Benefits
When to Update your Will
When creating a Will, it is not a once and done activity. Estate planning, which includes creating a Will, is a process. It is wise to consult with your estate planning attorney every three to five years to update your plan to reflect changes in your life, goals, and assets; changes in the law; and changes in your estate planning attorney’s experience. When creating a Will keep in mind that you should contact your estate planning attorney immediately (don’t wait for the three … [Read more...] about When to Update your Will
Yes, You Can Protect Your Child’s Inheritance from Divorce
Asset Protection Planning Asset protection planning is an important part of your estate plan. If you’re like most people, you have worked hard your entire life to earn and save your assets. And, you would like to give a gift to your children during your lifetime or after your death. Either way, ask your estate planning attorney how to incorporate asset protection planning into your estate planning so that your gift is not taken in a divorce. More than half of us get … [Read more...] about Yes, You Can Protect Your Child’s Inheritance from Divorce
Probate Avoidance Toolkit
You hear a lot about avoiding probate, and since it is such a common topic in estate planning circles we sometimes overlook the fact that the layman may not know what probate is or why you would want to avoid. To put it very succinctly, probate is the legal process that your estate must pass through before it can be distributed to your heirs. The probate or surrogate court examines the will, determines its validity, and supervises its administration. The reasons why people try to avoid it is … [Read more...] about Probate Avoidance Toolkit
Buy Sell Agreements For Small Business Succession
When you are planning your estate after having worked for a company all of your life, you have particular challenges. However, small business owners who are involved in partnerships have many of the same circumstances to address and then some. When you are working for someone else or retired, your assets are your own to situate as you see fit. But when you are the co-owner of a business, your share may represent a large portion of your overall net worth. So when you are planning your estate … [Read more...] about Buy Sell Agreements For Small Business Succession
