There is an old expression about using the right tool for the right job, and this dynamic can be applied to the process of estate planning. In the field, there are different types of trusts that can be utilized. The appropriate choice will depend upon the circumstances, so you should act in a fully informed manner. Revocable Living Trusts First, let's look at the revocable living trust, because this type of trust can be very effective for a wide range of people. You do not have to be … [Read more...] about The Right Trust for the Right Job
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Three Reasons Why You Need an Estate Plan
As you are going through life handling your day-to-day responsibilities, estate planning may never cross your mind. Indeed, few people are sitting around contemplating their own mortality. At the same time, you probably don't spend much time thinking about damage to your home or car, but you carry insurance. The point is, you never know what lies in store around the next twist in the road. Everyone passes away at some point in time, and there are those who die before their time. You should … [Read more...] about Three Reasons Why You Need an Estate Plan
Slight Estate Tax Exclusion Adjustment Added for 2016
The federal estate tax can be a factor for you if you will be transferring a significant amount of wealth to your loved ones. This tax is only a factor for high net worth individuals because there is a credit or exclusion that is relatively high. The exclusion is the amount that you can transfer tax-free. Any portion of your estate that exceeds the amount of this exclusion can be subject to taxation. Before we proceed, we should point out the fact that there is an unlimited marital deduction. … [Read more...] about Slight Estate Tax Exclusion Adjustment Added for 2016
Inheritance Planning: Protect Your Children After Remarriage
When you are divorced as a parent, and you decide to get remarried, a lot of things are probably going to go through your mind from an estate planning perspective. You certainly have to revise your existing inheritance plan, and you may have questions about the ideal way to provide for everyone that you love. If you are ever in this position, you will indeed have a lot on your plate. Without question, you want to protect your children come what may, but you should also consider your own … [Read more...] about Inheritance Planning: Protect Your Children After Remarriage
What Is Nursing Home Asset Protection?
When you think about the term "asset protection," lawsuits will probably come to mind. While it is true that people who are concerned about legal actions can take steps to protect assets, there is another type of asset protection that can enter the picture when you attain senior citizen status. Let's look at the facts. Living Assistance Seven out of every 10 senior citizens will need living assistance eventually according to the United States Department of Health and Human Services. … [Read more...] about What Is Nursing Home Asset Protection?
What Is a Stretch IRA?
When you are looking ahead toward your senior years, you may contribute into an individual retirement account. An IRA can definitely help you accumulate a nest egg that you can draw from during retirement. However, an individual retirement account can also be part of your estate plan under certain circumstances. There is a concept called the stretch IRA that can be of value when you are planning your estate. Before we look at the stretch IRA, we will provide some general information about … [Read more...] about What Is a Stretch IRA?
An Estate Tax Strategy for Appreciable Assets
They say that you should use the right tool for the right job, and this old saying applies to the field of estate planning. There are numerous different asset transfer vehicles in the estate planning toolkit, and you can optimize your position if you make the right choices. Estate tax efficiency is something that is very important for high net worth families. The federal death tax comes with a 40 percent rate that can take a huge bite out of your legacy. If you are married to an American … [Read more...] about An Estate Tax Strategy for Appreciable Assets
Legacy Planning: The Bigger Picture
As you go through life, you want to make a positive impression and make a difference in a number of different ways. You may have specific career goals, you want to be a good member of the community, and you certainly want to raise your children well. This mentality can be applied to your estate planning efforts. There is a more comprehensive form of estate planning that is called legacy planning. When you look at the bigger picture, you can do everything possible to have a lasting influence, … [Read more...] about Legacy Planning: The Bigger Picture
Free Report: Should I Use a Revocable or Irrevocable Trust in Indiana?
The right of revocation is not the only way that you control this type of trust. If you create a revocable living trust, you are called the grantor of the trust in legal parlance. The trustee is the person or entity who administers the trust, and the beneficiary is the person who receives monetary distributions from the trust. As the grantor of a living trust, you can act as the trustee and the beneficiary while you are living, and most people do choose to assume these roles. Since you are the … [Read more...] about Free Report: Should I Use a Revocable or Irrevocable Trust in Indiana?
There Will Be No Social Security COLA for 2016
It can be easy to go through life with the assumption that government benefit programs for senior citizens will provide you with a suitable retirement when you attain senior citizen status. In reality, the cold hard facts tell a different story, and you should understand them thoroughly if you want to be able to enjoy your golden years with comfort, opportunity and security. Social Security Limitations When it comes income, you may be under the impression that your Social Security benefit … [Read more...] about There Will Be No Social Security COLA for 2016
