When do you use a Q-Tip? We are not talking about the cotton swab but a Trust that can be used to accomplish your estate planning goals. You might want to consider establishing a Q-Tip, or Qualified Terminable Interest Trust, if you are: Concerned about your spouse remarrying and your money benefiting the new spouseWorried your spouse will not pass on your money to your childrenAfraid that creditors will attach your surviving spouse's propertyConcerned your spouse is unsophisticated about … [Read more...] about When to use a Q-Tip
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Should Young People Buy Long Term Care Insurance?
A well known financial personality often talks about long term care insurance on his radio program. When people call in and ask when should they start buying LTC insurance, he says at about age 60. That may make perfect sense, because at age 60, you might be pretty healthy and can still qualify for long term care insurance, and your annual premium (for now at least) would be fairly affordable. But there are 1 in 2 odds that someday you will need long term care insurance, and you are not … [Read more...] about Should Young People Buy Long Term Care Insurance?
Will Estate Tax Get Life Support?
George Steinbrenner, owner of the New York Yankees, really hit a ball out of the park. He died on July13, allowing his beneficiaries to win the estate tax lottery. That is because the estate tax expired in 2009, so no tax has been imposed on estates in 2010, including the more than $1.15 billion he left. But the tax will come back in some form in 2011, and at what percentage and exemption level is of extreme importance to estate planning lawyers and their clients. The House of … [Read more...] about Will Estate Tax Get Life Support?
Pet Trusts Ensure Your Animals' Well Being
If you worry about what will happen to your pets should you die , you are not alone. Leona Helmsley, New York real estate magnate, dubbed “The Queen of Mean” because of how she treated her employees, died in 2007 and left roughly $12 million to her dog, Trouble. A judge later reduced that amount to $2 million. Most of our pets, even the spoiled ones, could get by on a lot less. Thanks to a change in the 1990 Uniform Probate Code, most states now allow you to provide for pets in estate … [Read more...] about Pet Trusts Ensure Your Animals' Well Being
Disability Insurance Protects Your Income
You have your life insurance in place, your 401(k), and you are starting to save for your kids' college or your dream retirement home. Think you have it all covered? What if you have a serious accident or contract a life threatening illness? Your health insurance would pay for the medical bills, and long term care insurance might kick in at some point if it were serious enough. But these would not pay your bills or provide income. You could run through all of your money and lose … [Read more...] about Disability Insurance Protects Your Income
Developing A Retirement Plan
Although everyone should be saving for retirement, few actually are. According to statistics published by the Employee Benefit Research Institute, approximately 60% of adults in the workforce are actively saving for retirement and only 65% of those that are saving have more than $50,000 saved. The worst statistic, however, is only about half the savers actually crunch the required numbers to know how much they need to save. Before you can make a plan, you need to know a few things: 1) What … [Read more...] about Developing A Retirement Plan
Bequeathing the Family Vacation Home
It’s hosted countless get-togethers with family and friends. Your grandchildren loved spending summers there; diving into the lake, roasting marshmallows and discovering just how fascinating nature can really be. You remember the first time your grandson caught a fish and the first time he caught poison ivy. In fact, many of your most treasured memories happened there. The family vacation home holds a wealth of memories and traditions - traditions your family members will likely want to … [Read more...] about Bequeathing the Family Vacation Home
Did Your Loved One Have Life Insurance?
When a loved one passes away, we’re often left with the task of sorting through mail and files to locate the important papers. But what happens if you can’t find everything you’re looking for? If you suspect that your loved one had a life insurance policy or an annuity but can’t find the documentation, you may have a difficult task ahead of you. Finding an outstanding life insurance policy isn’t simple because unlike a pension, there is no place where these policies are registered so that … [Read more...] about Did Your Loved One Have Life Insurance?
Estate Planning Guide for the Newly Divorced
A divorce, whether acrimonious or amicable, is an emotionally and, oftentimes, financially devastating life event. A Separation Agreement or final Decree of Divorce stipulates division of assets, child custody, visitation and support and alimony payments. However, there are other things you need to do to prevent your ex-spouse creating further financial difficulties or receiving assets if you die. If you have minor children, a Last Will and Testament or a Living Trust is essential. These … [Read more...] about Estate Planning Guide for the Newly Divorced
Passing On A Legacy – Preserve Your Family Heirlooms
Family heirlooms may be your only connection to past generations. You might possibly have possessions that once belonged to your great-grandparents or, even, great-great-grandparents. It is a privilege to hold jewelry your great-grandmother wore, a journal your great-great-uncle wrote or early photographs taken by your grandfather. These family heirlooms deserve the honor of preservation so future generations have the same opportunity to enjoy their heritage. Treasures that have been … [Read more...] about Passing On A Legacy – Preserve Your Family Heirlooms
