These days you can find information on any subject by simply popping a term into a search engine. This is fantastic on the one hand because this rapid access to information has transformed how we do business, how we learn, and how we conduct our lives. However, they say that a little bit of information can be a dangerous thing, and this is something to keep in mind as you go forward in the information age. There are some things that you can take on for yourself when you find out enough … [Read more...] about Is An Estate Planning Attorney Really Necessary?
Celebrity Estate Planning Cases Can Shed Light
The media provides us with a window into the lives of celebrities and other high profile individuals. If you ask those who are followed around constantly by the paparazzi, you will probably hear them say that this is not an especially good thing. On the other hand, we do have the opportunity to learn from the successes and failures of others. This is true when it comes to estate planning. For example, the legendary soul singer James Brown passed away in 2006, and his multimillion dollar estate … [Read more...] about Celebrity Estate Planning Cases Can Shed Light
The Benefits Of Educational Gift Giving
Estate planning for people who have been able to achieve substantial financial success during their lifetimes will include efforts to mitigate estate tax exposure. The estate tax exclusion stands at $5 million right now, but it is scheduled to be reduced to just $1 million at the end of 2012. So if you are pretty sure that you will be alive and kicking once 2013 rolls around and your assets exceed $1 million in total value, you do have to concern yourself with this formidable federal levy. One … [Read more...] about The Benefits Of Educational Gift Giving
Spendthrift Trusts Can Provide A Solution
When you are making plans for the future distribution of your assets to your loved ones you should consider how well each of the people on your inheritance list can handle financial resources. Your estate represents the final act of giving that you will be capable of and of course some family members may be in need of financial assistance when you are no longer around. For this reason you may not want to give a lump sum inheritance to someone who is a poor money manager because of the … [Read more...] about Spendthrift Trusts Can Provide A Solution
Estate Planning After You Move
If you've already created an estate plan, take a moment to give yourself a well-deserved pat on the back. Now, if you've created an estate plan and have moved to another state, you should take an additional minute to assess your plan. In general, your estate plan is valid in your new state, but you should take the time to go over the details with an attorney in case you need to make some small changes. There are several options you have when you've created an estate plan in one state and later … [Read more...] about Estate Planning After You Move
Qualified Personal Residence Trusts & The Estate Tax
Many people are truly amazed when they hear about the details of the federal estate tax. For one thing, this is a tax that is only imposed on some people and who they are varies in a rather random manner. This is due to the fact that there is an estate tax exclusion, the amount of which changes regularly. At the present time it stands at $5 million, but under current laws when 2013 rolls around the estate tax exclusion will go down to just $1 million. Right now the rate of the tax is 35%, but … [Read more...] about Qualified Personal Residence Trusts & The Estate Tax
Federal Cost Cutting Can Impact Your Plan For Aging
One of the things that you should keep in mind when you are planning for the future is that everything is connected. Estate planning is by its very nature connected to retirement planning because your legacy is going to be impacted by your expenses and the overall financial decisions that you make after you retire. With this in mind, you have to get a handle on the expenses that you anticipate, evaluate your projected income, and create an intelligent, holistic plan for the future. To this end … [Read more...] about Federal Cost Cutting Can Impact Your Plan For Aging
Estate Tax Parameters Set To Change In 2013
Time marches on, and as it does changes invariably take place and a lot of them are going to impact your estate plan. Some of these twists and turns are specific to you and your own life. Divorce and remarriage are prime examples, and these are very common occurrences during our current era. But there are other events outside of your personal control can be relevant to your ongoing estate planning efforts. One of those is changes to the estate tax. As of this writing the maximum rate of the … [Read more...] about Estate Tax Parameters Set To Change In 2013
Estate Planning: A Core Responsibility Of Adulthood
When you are a dependent child it is up to your parents to provide for you and make important decisions on your behalf. But when you become an adult and go out on your own, you have certain core responsibilities that go along with this stage of life. This is true when you are a self-supporting single adult, but your responsibilities grow when you become a parent in your own right and your own children are relying on you. There are people out there who have the impression that estate planning … [Read more...] about Estate Planning: A Core Responsibility Of Adulthood
Estate Tax Future Uncertain
As with many things, legislators in Washington, DC, often punt issues affecting estate planning and seniors down the road a bit. One of those issues will be pending over the next couple of years, and it is something to be aware of if you are making preparations for the future. You may remember that at the end of last year there was a debate about extending the Bush-era tax cuts. As the laws stood until the middle of December, the estate tax was going to return at the beginning of 2011 after a … [Read more...] about Estate Tax Future Uncertain
