Transferring monetary assets to your family members is clearly going to be a large part of your estate planning. But at the same time, you will have a lot of personal possessions as well and you have to ask yourself what you want to do with them. This is one reason estate planning attorneys suggest that all responsible adults plan ahead comprehensively. Even if you have a basic estate plan in place, depending on the dynamic of your family your personal possessions could simply be rounded up and … [Read more...] about The Embodied Memories You Leave Behind
Navigating Tax Code, Government Regulations No Easy Task
If you were to intentionally try to create the most complex rules and regulations possible, you would probably want to start with the tax code and the rules governing various government programs. This is precisely the realm of elder law, financial planning, retirement planning, and estate planning. Navigating these waters is not simple. If you surf the Internet you will invariably stumble upon websites that sell generic legal documents. They want you to believe that executing legally binding … [Read more...] about Navigating Tax Code, Government Regulations No Easy Task
A Look At Estate Administration
It can be difficult to get people to recognize how important it is to commit their final wishes to writing in one form or another. But if you are ready to finally put the procrastination behind you, gaining an understanding of estate administration details is part of the process. Assuming you are using a Last Will to direct the transfer of assets to your heirs, the estate will be subject to the probate process. During this time the probate court supervises the administration of the estate. The … [Read more...] about A Look At Estate Administration
Election Coincides With Tax Relief Expiration
An interesting set of circumstances is simmering as the election season heats up, and it will affect people who are planning ahead for the future. Currently the estate tax exclusion is $5.12 million and the maximum rate is 35%. We have these figures in place because of provisions in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This tax relief act is going to expire at the end of this year. As we all know, there's going to be an election toward the end of … [Read more...] about Election Coincides With Tax Relief Expiration
Special Needs Call For Specialized Planning
A lot of people are taken aback when they hear about the current cost of long-term care. Each year the MetLife Mature Market Institute publishes a survey that is chock-full of information, and it is certainly an interesting read for anyone with an interest in elder law issues. Last year the cost for a day residing in a private room in a nursing home in the United States averaged $239. In 2010 the average daily cost was $229, so we are talking about a 4.4% increase from one year to the next. If … [Read more...] about Special Needs Call For Specialized Planning
Safely Positioning Your Home
Asset protection is one of the things to take into consideration when you are positioning your assets and making plans for the future. When you are inventorying your assets, you will likely find that your home is the most valuable thing that you own. So protecting your home from creditors and claimants will be one of your primary objectives. If you are like most people, you intend to leave your home to your children someday. If you are concerned about estate taxes, you can protect your home and … [Read more...] about Safely Positioning Your Home
Use Of Life Insurance Trust Can Be Wise
Most people want to do as much as possible for their loved ones throughout their lives and at the time of their passing. So, you may think that accumulating resources for the well-being of your loved ones is a good deed that should go unpunished. While it is enriching to leave behind a robust legacy, when your assets reach a certain level you do have to concern yourself with the federal estate tax. This death levy carries a 35% rate at the present time, and if that was not enough it is going up … [Read more...] about Use Of Life Insurance Trust Can Be Wise
Reminder: Estate Tax Exclusion Portability Is Temporary
To be optimally positioned at all times you must assume that your estate plan will need adjustments over the years. Some things take place that are out of your control and can interfere with your existing estate plan, and such an event is taking place at the end of this year. The estate tax rules that are in place right now are a result of provisions contained within the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This act is going to expire at the end of … [Read more...] about Reminder: Estate Tax Exclusion Portability Is Temporary
Don’t Overvalue Payable On Death Option
When you first start to look into estate planning you may hear a lot of unfamiliar terms tossed about and feel yourself getting lost in a sea of complexity. For this reason, simple solutions may seem welcome, and with this in mind we would like to take a brief glance at payable on death accounts. You may be able to start one of these accounts at your bank or your brokerage. The way that it works is you add a beneficiary or in some cases multiple beneficiaries when you open the account. Though … [Read more...] about Don’t Overvalue Payable On Death Option
Providing A Safety Net
As a young adult you suddenly start to take on responsibilities that can be kind of difficult to wrap your head around. Simply having to pay your own bills as you begin your career as a self-supporting working person can be a rude awakening. Then when you get married your level of responsibility increases enormously. And of course when you become a parent everything changes yet again. Even though just about everyone proclaims an indescribable love for their children, a very high percentage of … [Read more...] about Providing A Safety Net
