Financial success is the goal, and for the most part, it is very rewarding when you reach you accomplish your financial objectives. At the same time, there are some challenges that go along with wealth building. When you are planning your estate as a high net worth individual, you have to be aware of the potential imposition of the federal estate tax. This tax carries a 40 percent maximum rate, so your family can lose a significant amount of wealth if the estate tax is a factor for … [Read more...] about Can You Give Large Tax-Free Gifts?
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Wills and Trusts 101
Wills and Trusts 101 from Paul Kraft You may think that you don't need a will if you have a trust. In fact, if you have a living trust, you should also have a pour-over will. This document would allow the trust to absorb assets that were never conveyed into the trust. Learn more about wills and trusts 101 in this presentation. … [Read more...] about Wills and Trusts 101
Can Medicaid Recover Assets From a Special Needs Trust?
You are probably aware of the fact that Medicaid is a government program that provides health insurance for people with very limited financial capabilities. Many people paint with a broad brush and say that the program is for "needy" people, but in fact, there is a bigger picture. People who may not come to mind when you think of the financially needy often rely on Medicaid. This would include people with special needs. Without question, people with special needs are going to require … [Read more...] about Can Medicaid Recover Assets From a Special Needs Trust?
Revocable Living Trust Checklist
One of the most important things to understand about estate planning is the fact that you have options. Even if you are not extremely wealthy, a last will may not be the best choice for you. There are different types of trusts that can provide various respective benefits. A trust that can be ideal for a wide range of people is the revocable living trust. You can take a look at this checklist to find out some of the steps that you would take if you decide to utilize a living trust. 1.) … [Read more...] about Revocable Living Trust Checklist
Do You Need a Power of Attorney If You Have a Living Trust?
A living trust is a versatile estate planning device that many people decide to utilize when they understand the hassles and limitations that go along with the creation of a last will. What are these drawbacks? For one, a will must be admitted to probate. This is a legal process, and the heirs to the estate do not receive their inheritances while the estate is being probated by the court. Depending on the circumstances, this can be a long wait. Some cases take longer, but a best case … [Read more...] about Do You Need a Power of Attorney If You Have a Living Trust?
Probate and the Executor Selection Process
The process of probate is a factor that you should take into consideration when you are putting your estate plan together. This process takes place under the supervision of a court, and it will come into play if you pass away while you are in direct personal possession of property. Your estate would pass through probate if you have a last will, and it would also be relevant if you had no estate planning documents at all at the time of your passing. Probate and the Estate … [Read more...] about Probate and the Executor Selection Process
Report: Indianapolis Nursing Home Costs Will Rise
Heisenberg discovered the fact that you cannot measure location and velocity at the same time. This is called the uncertainty principle, and it can seem like a purely scientific thought experiment. At the same time, in a way, it applies to your everyday life when it comes to financial budgeting. You are in a certain place financially right now, and the things that you need cost you a certain amount. However, what about the future? You don't know exactly what your financial position will be, … [Read more...] about Report: Indianapolis Nursing Home Costs Will Rise
What Does an Elder Law Attorney Do?
Attorneys tend to specialize in particular areas of the law that they feel passionate about. As the name would suggest, elder law attorneys work with people who are concerned about the challenges that they may face when they become senior citizens. This is a quickly growing area of the law. During our current era, there is a demographic anomaly underway that is unprecedented in American history. After World War II, a great many service people returned home, and there were a lot of babies … [Read more...] about What Does an Elder Law Attorney Do?
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
Trust Attorneys Can Reduce Family Stress
As estate planning attorneys, a new client will sometimes come to us looking for solutions. In these cases, a loved one passed away, and a very difficult situation was left behind. The surviving family members are wondering if anything can be done to control the damage. In some cases, there are certain things that can be done, but it will depend upon the circumstances. Of course, with anything, if you take the right steps in advance you can prevent future problems. Trust attorneys help … [Read more...] about Trust Attorneys Can Reduce Family Stress
