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 The estate tax was repealed for the 2010 calendar year, but under existing laws it was scheduled to return in 2011.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
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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?
Is Inheritance Planning as Simple as Writing a Will?
The future always seems uncertain, and that will never change for any of us, even as many young children begin taking the first steps, it’s not too early to make long-term plans to ensure their financial security. Inheritance planning when children are too young to act for themselves can ensure their financial security for many years to come. There are many different directions that a person’s belongings or estate could head after the person has passed; after probate laws and surrogate courts … [Read more...] about Is Inheritance Planning as Simple as Writing a Will?
Why Pet Planning Matters
As a responsible pet owner, you’ve probably considered who you would prefer to look after your pet in the event of your death, but are you sure you’ve covered all your bases when it comes to thorough pet planning? Let’s say that you have a dog and a cat, each of whom you’ve asked to be cared for by a separate individual. You’ve set aside funds for the general care of your pets, but have not clarified how much is to go to the care of each pet specifically. The situation could easily become … [Read more...] about Why Pet Planning Matters
5 Shortcomings of Retirement Planning Software
Retirement planning software can help by generating quick overviews of where we’re headed financially, but unless you know the major shortcomings of these programs, you’re likely to miss some important information that could make or break your retirement plan. First, many retirement planning programs use return rates that are unrealistic, whether through user setting or a program default. A 2009 study of popular retirement planning software condenses the 5 primary shortcomings of these … [Read more...] about 5 Shortcomings of Retirement Planning Software
What is Guardianship and When is it Necessary?
Guardianship is a legal proceeding by which a person petitions the Court to allow the petitioner to assume control over the physical person or property of another person. Guardianship can occur in several circumstances: Injury or illness of an adult that leaves the adult unable to care for themselves or their propertyMinor Children who do not have a parent to care for themMentally disabled persons who are at risk of being taken advantage by designing personsOlder adults suffering from … [Read more...] about What is Guardianship and When is it Necessary?
