When you strike off on your own as a small business owner or the owner of a professional practice, to a certain extent you are living the dream. You have the power to make decisions on your own, and the possibilities are endless. However, you do have to be concerned about those who may want to take what you have earned. Asset protection is important for business owners, and there are various structures that can be used to keep your resources out of harm’s way. One of them is a limited … [Read more...] about Consider These Asset Protection Structures
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North Carolina Medicaid vs. Medicare
When you are planning ahead for retirement, you need to learn about government programs that are relevant to senior citizens. Medicare is certainly one of these programs. However, North Carolina Medicaid is also something that you should understand if you are looking ahead toward your golden years and the twilight years that will follow. In this post, we will explain the differences between these two programs. The Medicare Program Medicare is the government health insurance program that you … [Read more...] about North Carolina Medicaid vs. Medicare
The Kentucky Inheritance Tax Can Impact Local Residents
People are sometimes confused about death taxes. They look at the terms “estate” and “inheritance” as interchangeable. As a result, they assume that an estate tax is the same thing as an inheritance tax. This is not the case. There is a federal estate tax, but there is no federal inheritance tax. However, there are six states that levy state level inheritance taxes. We have offices in Kentucky, and Kentucky is one of these six states. You can learn about the ramifications in person if you … [Read more...] about The Kentucky Inheritance Tax Can Impact Local Residents
Five Things You Need to Know About Estate Administration
Estate administration is a subject that you may not have considered, but it is a very important piece of the estate planning puzzle. If you create a last will or a trust, you are stating your wishes in writing, and this is clearly necessary. At the same time, there are things that must be done after you pass away to bring these wishes to fruition. Let's look at five things that everyone should know about estate administration. 1.) Executor or Personal Representative If you use a last will to … [Read more...] about Five Things You Need to Know About Estate Administration
Does a Living Trust Reduce Estate Taxes?
A revocable living trust can be a good choice for a wide range of people, but this type of trust does not satisfy every objective that someone may have. Since a revocable living trust can be amended or revoked, you have the ability to dissolve the trust at any time, and you can walk away in direct possession of the property once again. For this reason, you are retaining incidents of ownership. As a result, it will not accomplish objectives that require you to give up ownership. Estate tax … [Read more...] about Does a Living Trust Reduce Estate Taxes?
Incapacity Planning for Guardianship Prevention
If you want to be truly prepared for the eventualities that you may face during the latter portion of your life, you should understand some facts about Alzheimer's disease, dementia, guardianship, and long-term care costs. In this post we will provide some clarity so that you can go forward in an informed manner. Ubiquity of Alzheimer's Disease The widespread nature of Alzheimer's disease is alarming. The Alzheimer's Association website is a good source of information about this disease. … [Read more...] about Incapacity Planning for Guardianship Prevention
Dissecting the Anatomy of a Revocable Trust
A revocable trust is an estate planning tool that you should explore if you have always thought that you should use a last will to state your final wishes. In spite of the above, people often brush the prospect of trust creation aside because they harbor misconceptions. In this post, we will provide some sound information so you can make a fully informed decision. Efficient Structure The structure of a revocable living trust is quite efficient. A living trust is administered by a trustee. If … [Read more...] about Dissecting the Anatomy of a Revocable Trust
Do Estate Taxes Apply on Transfers to My Spouse?
When you are in possession of a considerable store of wealth, you are in a position to make things easier for your loved ones after your passing. However, there is a major challenge that looms for high net worth individuals. There is a federal estate tax in the United States that can come into play when large asset transfers are taking place. If the amount of your estate exceeds the amount of the federal estate tax exclusion, the estate tax looms large for you and your family. During the 2016 … [Read more...] about Do Estate Taxes Apply on Transfers to My Spouse?
Trust Administration: The Turnkey Approach
Revocable living trusts are very useful for a broad spectrum of individuals. You do not have to be rich to benefit from the creation of a living trust as a vehicle of asset transfer. Many people assume that a last will is the only way to go because they feel as though a will is the simplest estate planning document. In reality, things can get rather complicated when you utilize a will to state your final wishes. The executor of the estate is the person who would handle the estate … [Read more...] about Trust Administration: The Turnkey Approach
Probate-Free Asset Transfers: A Primer
You should understand some basic facts about the probate process when you are planning your estate. Many people go forward without enough information, and as a result, they make errors that yield unintended consequences. If you have property in your direct and sole personal possession at the time of your death, it may become probate property. It would not be distributed to your heirs until the probate process is completed. This is a rather unappealing prospect because probate can be … [Read more...] about Probate-Free Asset Transfers: A Primer
