There is a federal estate tax that can come into play if you intend to transfer a significant amount of wealth to your loved ones. This tax carries a 40 percent maximum rate, so it can take a toll on the financial legacy that you are passing along to the next generation. Fortunately, everyone is not exposed to the estate tax, because there is a relatively large credit or exclusion. The exclusion is the amount that you can pass on before the estate tax would be applicable. We should point … [Read more...] about Estate Tax Efficiency for High Net Worth Families
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What Happens During Probate?
You may have certain basic impressions about estate planning. The most common assumption is that a last will is the simplest, most economical, and most efficient estate planning tool when it comes to asset transfers. In fact, this is quite arguable. When you maintain direct personal possession of your assets through to the time of your death and arrange for its distributions through the terms of your will, probate will enter the picture. Probate is a legal process. When you create your … [Read more...] about What Happens During Probate?
Why You Need a Revocable Living Trust
Some people are under the impression that all trusts are more or less the same. In reality, there are various different types of trusts, and they serve different purposes. A basic distinction between the types of trusts would be revocable trusts versus irrevocable trusts. On the surface, the difference between them is self-explanatory: You can revoke or dissolve a revocable living trust, and you cannot dissolve a trust that is irrevocable. Though the broad definition is self-evident, what … [Read more...] about Why You Need a Revocable Living Trust
Free Report: What Are Advance Directives For Health Care
Advance directives for health care will be part of the plan. A living will should include to state your life support preferences, and you can name a health care decision-maker through the execution of a durable power of attorney for health care or health care proxy. Estate planning is one of the basic responsibilities of adulthood, and incapacity planning is a key component. If you are currently unprepared, action is required. Estate planning attorneys will typically offer no obligation … [Read more...] about Free Report: What Are Advance Directives For Health Care
Wills and Trusts You Have Never Heard About
If you ask someone what a will is in an estate planning context, they are going to tell you that a last will is a document that you can use to state your final wishes. In the will, you name inheritors, and you arrange for your estate to be distributed among these inheritors in accordance with your wishes after you pass away. When it comes to trusts, you may have heard of the revocable living trust. This is the most commonly utilized type of trust, and it can be a good choice for a wide range … [Read more...] about Wills and Trusts You Have Never Heard About
Medicaid Planning Can Keep Your Legacy Intact
When you are evaluating your financial situation as you approach retirement, you may gain some comfort from the fact that you should be able to leave behind a suitable legacy for your family after you are gone. You have done the math, and you have ample resources to draw from during your active retirement years, and you know that Medicare will pay for most of your health care expenses. Though you understand the fact that there are out-of-pocket costs, you recognize the fact that they will be … [Read more...] about Medicaid Planning Can Keep Your Legacy Intact
Indianapolis Alzheimer’s Association Chapter Is Looking For Volunteers
As elder law attorneys, we help people here in the greater Indianapolis area who are looking ahead toward the eventualities that they may face near the end of their lives. To be quite frank, some of these contingencies are not very pleasant to contemplate, but you have to face the facts if you want to be properly prepared. Incapacity and Alzheimer's Disease A very significant percentage of elders become unable to handle all of their own affairs at some point in time. Incapacity can … [Read more...] about Indianapolis Alzheimer’s Association Chapter Is Looking For Volunteers
Have You Considered the Estate Administration Process
Have You Considered the Estate Administration Process from Paul Kraft The executor will assume a lot of responsibility, and the estate administration process can be time intensive in some cases. Your executor should be a business savvy individual who is ready, willing, and able to take on these tasks. Anticipated longevity and geographical location will be factors to consider, and impartiality would also be a consideration. Learn more about have you considered the estate … [Read more...] about Have You Considered the Estate Administration Process
Estate Planning in the Digital Age
You have to give a lot of thought to the estate administration process when you are engaged in your planning efforts. People often think of estate planning as an exercise in the creation of wills and trusts, but there is also a human element that enters the picture. Someone has to take action to bring your wishes to fruition. If you use a last will to state your final wishes, the estate administrator would be the executor or personal representative. When you create the document, you can … [Read more...] about Estate Planning in the Digital Age
Inheritance Law: Understanding the Importance
If you hear the term "inheritance law," the document called a last will may come to your mind. This is the most commonly used estate planning document, but the importance of inheritance law extends far beyond the ability to create a valid will. There are various different ways that you can facilitate asset transfers when you are planning your estate. You should certainly explore your options, because a last will is not going to be the ideal choice in many if not most cases. When a will is … [Read more...] about Inheritance Law: Understanding the Importance
