The advent of a new year brings along a sense of renewal. You can resolve to make certain changes that will be beneficial to you, and you may also decide to take care of some unfinished business. If you have been going through life without an estate plan, you may want to resolve to take care of the matter in 2016. Every adult should have an estate plan in place, and it is important for adults of all ages. There is more to estate planning than the creation of a last will. People sometimes … [Read more...] about Add Estate Planning to Your New Year's Resolution List
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What Is a CLAT?
Giving to charitable causes and institutions can be quite rewarding when you are devising your legacy plan. If you are in a position to do so, you could engage in philanthropic acts that benefit worthy nonprofit organizations. There are various different ways that you can support charities, and one possibility is the creation of a private charitable foundation. When you think about private foundations, you may immediately flash upon the foundations that have been established by some of the … [Read more...] about What Is a CLAT?
What Is Long-Term Care Insurance?
Long-term care insurance is a type of coverage that you can purchase to help with expenses that you may incur if you ever need help with your activities of daily living. When you first hear about it, you may feel as though you don't need long-term care insurance, because you will qualify for Medicare as a senior citizen. Let's look at the facts. Coverage Gap You obtain Medicare eligibility through the accumulation of retirement credits. These credits are earned while you are working and … [Read more...] about What Is Long-Term Care Insurance?
Elder Care: Are You Prepared?
Your senior years can seem like they are a world away when you are going through life on a day-to-day basis. However, as your children get older, you may start to recognize the fact that you are getting older as well. When you are looking at a young adult who was once a child, your own position can start to come into focus. There can be good times ahead if you create a retirement plan that will allow you to put your working years behind you while you are still active enough to enjoy them. … [Read more...] about Elder Care: Are You Prepared?
Does My Spouse Get Everything If I Die Without an Estate Plan?
As estate planning attorneys, we often speak to people who are trying to control damages that are caused by inaction or improper planning. In many instances, people make assumptions based on inaccurate information, and negative consequences come about later on. Far too many people assume that there is a system in place that will take care of everything after you pass away if you do not have an estate plan in place. They go forward without any estate planning documents at all, because they … [Read more...] about Does My Spouse Get Everything If I Die Without an Estate Plan?
Estate Tax Can Loom Large for Farmers and Ranchers
An inventory of your assets will be called for when you get serious about your estate planning efforts. Clearly, you want to identify what you have to pass along to your loved ones when you are devising your plan, but there is another relevant factor. The federal estate tax can be applicable when assets are being transferred after someone dies. This tax carries a maximum rate of 40 percent, so we are talking about a very significant level of asset erosion. Everyone does not pay the estate … [Read more...] about Estate Tax Can Loom Large for Farmers and Ranchers
Annual Gift Tax Exclusion Will Stay the Same in 2016
When you give someone a cash gift, you are passing along money that you have left after you paid your taxes. It would be logical to assume that you can give gifts without any further tax consequences, but in reality, there is a gift tax in place. Fortunately, the tax is not a factor for most people, because there are exclusions that can be used to give a certain amount in a tax-free manner. One of these is the annual gift tax exclusion. This exclusion allows you to give a certain amount to … [Read more...] about Annual Gift Tax Exclusion Will Stay the Same in 2016
A Medicaid Trust Can Protect Your Legacy
When you are looking ahead toward your retirement years, you probably have some vision in mind with regard to what you will have left to leave behind to your loved ones. If you take the right steps, you can have sufficient resources to support your golden years as you simultaneously preserve a suitable legacy. Potential long-term care costs are something that you should take very seriously when you are evaluating your future financial position. Most people who are fortunate enough to attain … [Read more...] about A Medicaid Trust Can Protect Your Legacy
Can My Surviving Spouse Use My Estate Tax Exclusion?
The estate tax exclusion or exemption is the amount that can be transferred before the estate tax would be applied. There is no tax on asset transfers between citizen spouses, but you would have to use a portion of your estate tax exclusion to leave tax-free inheritances to others. In 2016, the estate tax exclusion will be $5.45 million after the Internal Revenue Service applies an inflation adjustment. This represents a $20,000 increase over the 2015 exclusion. Portability A … [Read more...] about Can My Surviving Spouse Use My Estate Tax Exclusion?
Income for People With Special Needs
There are some advanced estate planning concerns that can enter the picture when certain extenuating circumstances exist. For example, there are some very specific steps that you may want to take if you want to make a loved one with special needs more comfortable. Let's look at the facts. Source of Income Many people with special needs cannot earn income on their own. There are essentially two different government programs that provide income for people with disabilities: Social … [Read more...] about Income for People With Special Needs
