An annuity is a contract that gives a person (called an annuitant) the right to receive fixed, periodic payments, either for life or for a set period of time. Many people choose to include an annuity as part of their retirement plan, to make sure that they’ll have a stable source of income once they stop working. You can pay for an annuity either in one lump sum, or by making a series of payments, and the annuity can be set up to give you payments either monthly, quarterly, biannually, or … [Read more...] about Financial Q&A: What Is An Annuity?
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How To Choose An Estate Planning Attorney
Choosing an estate planning attorney isn’t a decision you should take lightly. After all, you’re entrusting this person to help you protect your wealth, your assets and the ones you love. How’s that for a tall order? So, given the importance of the task at hand, it only makes sense that you’d do a little legwork to find an attorney that’s right for you. Here’s a few tips to help you choose the right one: Meet with a number of lawyers before choosing which one you’ll work with. It’s important … [Read more...] about How To Choose An Estate Planning Attorney
How Much Does Probate Cost?
The cost of probate can vary widely, and really depends on how large the estate is and how smoothly the probate process goes. While there’s no real way to quote an exact cost, there are some standard fees you can expect to encounter during probate process: 1) Court costs: These are charged for every probate filing. 2) Attorney’s Fees: Attorney’s fees can vary depending on the complexity of administering the estate or completing the probate process. If a will contest is filed or if the need … [Read more...] about How Much Does Probate Cost?
Medicaid Myths
The rules concerning Medicaid qualification and coverage can be complicated, and there are plenty of myths and misconceptions to confuse people even further. These are a few of the more common myths, along with the facts about Medicaid. 1) Myth: I don’t need to worry about Medicaid, because Medicare will cover my nursing home costs. Fact: Medicare only covers a very small portion of nursing home bills. The rest will need to be covered either by private long-term care insurance, out of … [Read more...] about Medicaid Myths
How Much Life Insurance Do You Need?
Buying life insurance is a chore that many people put off because it just seems too complicated; however, one of the biggest gifts you can give to your family is the peace of mind of not having to worry about financial troubles if you should pass away. So, how do you know how much you need? Consider these things: What expenses will your family face? Life insurance can be used for just about anything. Your family will likely need to pay immediate expenses like funeral costs, final medical … [Read more...] about How Much Life Insurance Do You Need?
Divorcing? Protect Your Assets
Divorce is one of the most painful, disruptive life experiences you can have. Given the emotional stress and turmoil that goes along with many divorces, dealing with financial details may be the last thing you want to tackle. Paying attention to the details, however, can mean the difference between making a new start and having your past haunt you far into your future. Besides finding a good divorce attorney, you’ll also want to enlist the help of a financial advisor and estate planning … [Read more...] about Divorcing? Protect Your Assets
Estate Planning Q&A: What is the Generation Skipping Tax?
The Generation Skipping Tax is a cleverly-devised tax to prevent the loss in tax revenue because of a loophole that existed in the law. And it works like this: When you die, you leave your estate to your children. When they die, they leave the estate to their children, aka, your grandchildren. And the estate is taxed on both transfers. To avoid this double-taxing, families began transferring estates directly from grandparent to grandchild. So, in 1986, Congress established the … [Read more...] about Estate Planning Q&A: What is the Generation Skipping Tax?
How To Avoid Probate
When someone dies, there are often many loose ends to tie up. Creditors need to be paid, existing real estate must be dealt with, and the estate needs to be organized. Probate is the legal process of sorting out a person’s estate upon death under court supervision. And while probate will certainly get the job done, there are usually better ways to do it. Why Avoid Probate? One of the main reasons many people want to steer clear of probate court is because it can be a long and drawn-out … [Read more...] about How To Avoid Probate
How To Save On Taxes With A Family Limited Partnership
One of the benefits of having a family limited partnership is that it allows you to keep your assets within the family. But did you know a properly executed family limited partnership can also earn you tax savings every year? A good attorney can also help you understand how the processes of 'fractionalizing' and 'discounting' can maximize your death tax-saving benefits. What is a family limited partnership? A written agreement giving details of responsibilities, rights and duties of … [Read more...] about How To Save On Taxes With A Family Limited Partnership
The Importance of A Living Will
Good estate planning isn’t just about distributing your assets after you’re gone – it’s also about creating a plan to protect you and your loved ones if you should become disabled or incapacitated. And while a living trust will take care of those assets in the event of a disability, you need a living will to protect your health and well-being. Also known as a health care directive, a living will is a legal document that dictates how you want to be treated medically if you are no longer … [Read more...] about The Importance of A Living Will
