A lot has been said about the meteoric rise of Facebook; and the founders of the company, Mark Zuckerberg and Dustin Moskovitz, have become very wealthy as a result of their big idea. But extraordinary success comes with a price tag. When you have more money than you're going to be able to spend throughout your lifetime you have to consider asset transfers, and the IRS sits poised to pounce if you give gifts while you are alive or arrange for bequests to be made after you pass away. The rate of … [Read more...] about Forbes: Facebook Moguls Used Zeroed Out GRATs
Estate Tax: Selectively Imposed Instance Of Double Taxation?
When you are planning your estate, you should be aware of the potential for asset erosion, and the biggest potential culprit is the federal estate tax. As of this writing the maximum rate of the federal estate tax is set to go to 55% next year, and the exclusion amount is $5.12 million. This means that the portion of your estate that exceeds $5,120,000 would be subject to a 55% federal levy. A lot of people shake their heads with dismay when they consider the federal estate tax. They feel as … [Read more...] about Estate Tax: Selectively Imposed Instance Of Double Taxation?
Payable On Death Accounts Have Drawbacks
You may have heard about using payable on death accounts to get assets into the hands of your loved ones after you pass away. These accounts are set up to allow the primary account holder to name a beneficiary or in some cases multiple beneficiaries. Upon the death of the primary account holder, the beneficiary becomes owner of the funds that are remaining in the account. This asset transfer takes place quickly because it is not subject to the time-consuming process of probate. This short … [Read more...] about Payable On Death Accounts Have Drawbacks
Accepting Personal Responsibility Can Save You Money
Some people consider their health to be their doctor's responsibility. This is one way to look at things, but some old sayings are still repeated because they contain a lot of truth. One such saying is that an apple a day keeps the doctor away. What we are suggesting is that positive lifestyle choices have everything to do with your health. If you do the right things throughout your life, you are much more likely to remain healthy once you reach middle age and on into your golden years. On … [Read more...] about Accepting Personal Responsibility Can Save You Money
Do You Conduct Business & Socialize Online?
We live in the information age and this is something to consider when you are making preparations for after you're gone. If you are like most people, you have online accounts and you are going to have to pass along information about them to your executor or the trustee who will be administering your estate. This includes financial services since many people do their banking and stock trading online these days. Paperless billing has also become a widespread practice. You may receive your credit … [Read more...] about Do You Conduct Business & Socialize Online?
It Is Better To Be Safe…
A lot of people go through life living in the moment and they get into a routine. They keep themselves busy dealing with day-to-day matters and they move through the weeks and months with blinders on. But every once in a while an event can get your attention. The untimely death of the singer Whitney Houston is one of these news pieces that can motivate you to take action. Houston was a top-selling recording artist when she was at the pinnacle of her career and she actually set an industry … [Read more...] about It Is Better To Be Safe…
Charitable Remainder Unitrusts: Giving & Receiving
Some estate planning instruments provide the ability to satisfy multiple objectives, and one of these is the charitable remainder unitrust. With this trust, you provide something for charity but at the same time set up an annuity that provides you with ongoing income. And, there can be some tax advantages as well. After you fund the trust, you name a beneficiary who will receive annual annuity payments; and if you want to receive payments yourself, you will act as this non-charitable … [Read more...] about Charitable Remainder Unitrusts: Giving & Receiving
Estate Planning: Clarifying The Basics
There are some rudimentary estate planning documents that can be a bit confusing if you haven't seen them before and we would like to take a look at them here to clarify them. The last will is a document that everyone understands as used to transfer assets. However, there are other wills used in the field of estate planning and one of these is the living will. Living wills are highly recommended to anyone who wants to have a comprehensive plan for aging in place, but they have nothing to do … [Read more...] about Estate Planning: Clarifying The Basics
There Is No “One-Size-Fits-All” Estate Plan
One of the primary reasons why it is a good idea to work with an estate planning lawyer when you are interested in creating a holistic plan for the future is because of the personalized service that they provide. Every family is unique, and every individual has his or her own particular vision. Exactly what you want to accomplish may be different from the next person, and this is why there is no "one-size-fits-all" estate plan. Another reason why personal attention is key is because of the … [Read more...] about There Is No “One-Size-Fits-All” Estate Plan
Teach A Man To Fish…
They say that if you give a man a fish he eats for a day, but if you teach a man to fish he eats for a lifetime. This is something that you may want to keep in mind when you are crafting your legacy. You can provide financial resources to your loved ones, but there are cases when doing so can do more harm than good. If you were to provide a life-changing sum of money to a family member who has not yet completed his or her education this individual may have no incentive to do so. As a result, he … [Read more...] about Teach A Man To Fish…
