A lot of people feel as though it is not the government's job to cure all of society's ills, and this issue has been the primary political football for decades. Many would say that when the government tries to do so, it trips over itself in a tangle of red tape and inefficiency. Others would contend that it is simply not the role of the federal government under the Constitution to tax the people in order to redistribute resources. Yet all people agree that needs do exist, and those who would … [Read more...] about Helping Others Through Donor Advised Funds
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Estate Planning & Your Responsibilities To Others
It is natural to take future events more seriously as they start to loom closer. For this reason many people don't think about estate planning until they reach middle age and beyond, and this is understandable, but misguided all the same. It is true that as you build assets and see your retirement over the horizon planning for the future becomes more immediately relevant. But making sure that you have a rudimentary estate plan in place could be viewed as one of the core responsibilities of … [Read more...] about Estate Planning & Your Responsibilities To Others
Advanced Health Care Directives: A Brief Overview
When you decide to do some research into estate planning you will invariably see a number of legal instruments referred to that you may not be entirely familiar with. Advance health care directives can fall into this category for many people, so we would like to provide a brief overview to give you an idea of what these vehicles are intended to achieve and why they are important. The most commonly used advance health care directives are the living will and the durable medical power of … [Read more...] about Advanced Health Care Directives: A Brief Overview
Intelligent Estate Planning, Gifts & Tax Efficiency
When you are interested in reducing the value of your estate in an effort to gain estate tax efficiency, you may want to consider the practice of tax-free gift giving. Of course, the tax man is well aware of the fact that people could choose to give their assets away to their heirs before they pass away in an effort to sidestep the estate tax. So there is a gift tax in place to close this potential loophole, and the rate of taxation mirrors that of the estate tax. There is a lifetime gift tax … [Read more...] about Intelligent Estate Planning, Gifts & Tax Efficiency
Estate Tax Relief On Way
There was a great deal of uncertainty throughout the 2010 calendar year regarding the estate tax, and needless to say this made the job of estate planning attorneys rather challenging. The estate tax was repealed for the 2010 calendar year, but under existing laws it was scheduled to return in 2011. Its return was not especially welcome, but the details surrounding the tax were an additional source of concern. In 2009 when the tax was last in effect, the exclusion amount stood at $3.5 million … [Read more...] about Estate Tax Relief On Way
Long Term Care Insurance Can Be The Solution
One of the top stories in the elder law community of late has been the rising cost of long term care. This is a very complex matter because the playing field is changing as the costs are rising, and there are no easy answers. Let's start by recapping the costs associated with long term care, which we have touched on previously in this space. According to a MetLife market survey, in 2010 the national average charge for a day in a private room in a nursing home was $229; this factors out to … [Read more...] about Long Term Care Insurance Can Be The Solution
Choice Of Executor And The Probate Process
When you get interested in planning your estate and start to do some research into estate planning, you will invariably see the topic of probate mentioned quite frequently. You will often come upon strategies for avoiding probate, and there are some good reasons for doing so, but probate can serve useful purposes as well. Whether or not the probate process should be avoided would depend on the details of your estate and the specificity of your wishes. But if your estate is going to go through … [Read more...] about Choice Of Executor And The Probate Process
Ways in Which a Probate Court Works
Avoiding the eventuality of probate court can be as simple as anything else in life, but first, one must take the steps necessary in making sense of the whole situation. That would start with research in the appropriate fields, using either the internet or library sources that can easily eliminate most of the hassles maintaining the ignorant opinion, and hopefully dispel a few of those myths that could creep in to make practical wisdom seem useless. Firstly, what is a probate court, but a … [Read more...] about Ways in Which a Probate Court Works
Wondering About a Pay-On-Death Bank Account
Payable on death may have some scary characteristics that only this brief summary and others like it would be able to dispel, as it isn’t just a simple stating of whom gets what as it might have been, but courts and creditors make it very difficult to leave money to those left after death. A payable on death bank account is a regular bank account, except that the account names a specific person as the beneficiary in the case of the account holder’s demise, and is one of the easiest and safest … [Read more...] about Wondering About a Pay-On-Death Bank Account
How Can I Protect My Loved One in Nursing Home?
Leaving a loved one in the care of others is not an easy decision to make. The best-case scenario would be for a relative or close friend care for them. As this is not always possible due to schedules and the complicated medical care needed, you may have to trust nursing home staff to oversee care of your family member. This can be a nerve-wrecking and frightening decision, but there are some things you can do to ease your mind and ensure that your loved one is receiving optimal care. Make … [Read more...] about How Can I Protect My Loved One in Nursing Home?
