These days a lot of people have taken to doing things for themselves rather than bringing in experts, and under certain circumstances there is nothing wrong with this. It can be fun and rewarding to undertake DIY projects, and many individuals make a hobby of it and build on the skills that they learn over time. They purchase needed equipment and find ways to put it to good use. One of the reasons why the DIY craze has taken hold in America is because information has been become readily … [Read more...] about Beware Of DIY Estate Planning Schemes
Anna Nicole Smith Vs. Marshall Estate Challenge Finally Resolved
When you finally take the plunge and put an initial estate plan in place you may feel as though you've completely finished your planning and don't have to worry about it any longer. Depending on how your life goes after you create the estate plan, this may not be the case. A lot of different life events can create the need for estate plan updates. It is no secret that a high percentage of marriages end in divorce these days, and if this has happened to you, you likely want to adjust your … [Read more...] about Anna Nicole Smith Vs. Marshall Estate Challenge Finally Resolved
The Importance of Discussing Guardian Selection before Creating Your Will
When creating your will, you’re forced to make important decisions. This includes deciding on a guardian for your minor children in the event something happens to you. If you have minor children, you'll want to take extra care to make sure that they’re always loved and protected. You need to make sure that you guardian selection is not only the best fit possible, but that the individual is able to handle all of the responsibilities associated with the job. Consider the following … [Read more...] about The Importance of Discussing Guardian Selection before Creating Your Will
Estate Planning And Educational, Medical Gifts
If your estate is subject to the federal estate tax the first thing that crosses your mind might be to simply give gifts to your heirs while you're still alive. This makes a lot of sense on the surface, but the powers-that-be know that this would be a logical way to avoid the estate tax. So there is a gift tax in place as well, and it carries the same rate as the estate tax. (That rate is 35% right now.) You may have heard that there is a lifetime gift tax exemption of $5 million, and this is … [Read more...] about Estate Planning And Educational, Medical Gifts
What Is A GST?
One of the things you should be aware of when planning how to transfer your assets to your heirs is possible exposure to the federal estate tax. Whether or not you are going to be subject to the tax depends upon the overall value of your estate compared to the estate tax exclusion at the time of your death. Determining this is more difficult than it sounds because the estate tax exclusion moves around so much. Currently, the estate tax exclusion is $5 million so the portion of your estate that … [Read more...] about What Is A GST?
A QPRT Can Provide Tax Savings
One of the key factors in planning your financial legacy is potential exposure to the federal estate tax. This tax can have a huge effect on your loved ones. Currently, the estate tax rate is 35%, and the exclusion amount stands at $5 million. For those who are very wealthy, this tax seems punitive; but even individuals with more modest estates should beware because change is coming in 2013. Under the current law, the estate tax relief enacted in December 2010 sunsets at the end of next year. … [Read more...] about A QPRT Can Provide Tax Savings
Don’t Forget Pet Planning
One of the challenges that senior citizens face is loneliness. At some point in time your children are gone and your grandchildren are busy with their own lives and you may lose your husband or wife. You may then find yourself spending a lot of time on your own and want a dog, cat, or other pet to provide you some company. In addition to serving as loving companions, pets provide countless hours of entertainment. Some can be very good protectors, even if they just bark when they hear unusual … [Read more...] about Don’t Forget Pet Planning
Winehouse Planned Estate Intelligently
When you are a young adult you may fall into the trap of feeling as though estate planning, incapacity planning, and retirement planning are not relevant to you. People at this age may recognize that someday these matters will become important, but after all, they have their entire lives ahead of them so what's the hurry? As understandable as this mentality may be, it is flawed all the same because you really don't know when your day is going to come and lack of preparation can bring some … [Read more...] about Winehouse Planned Estate Intelligently
Provide Direction With An Incentive Trust
There is a somewhat sterile financial component to estate planning, and this is necessary so that you get the most out of your resources and provide for a smooth and efficient transfer of assets to your loved ones after your death. But when you seriously and comprehensively contemplate the impact of your legacy you will invariably find yourself considering the way that your loved ones may handle a large influx of money. It is likely that most of the people on your inheritance list would be … [Read more...] about Provide Direction With An Incentive Trust
Estate Tax Parameters Not Permanent
They say that all good things must come to an end, and this is certainly disheartening when it comes to estate tax relief. Unfortunately, the relief that we were provided by the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 may indeed come to an end when New Year's Day of 2013 rolls around. Throughout 2010 the estate tax was repealed due to provisions contained within the Economic Growth and Tax Relief Reconciliation Act of 2001, commonly … [Read more...] about Estate Tax Parameters Not Permanent
