We live during a very interesting period of our history with regard to age demographics. The baby boomer generation is getting older, and because there were so many people born between 1946 and 1964, there is an unprecedented aging of the population underway at the present time. There are approximately 10,000 people applying for Social Security each and every day, and the Social Security Administration expects this volume to persist into the foreseeable future. If you are a baby boomer who … [Read more...] about Discuss Your Future With an Elder Law Attorney
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What Do You Know About the Probate Process?
The legal process of probate is something that you should explore when you are trying to understand how you should plan your estate. This process is a factor if you are in direct personal possession of property at the time of your passing, and this would be true even if you have a last will. Legal Protections Legal protections do not vanish when someone passes away. For example, let's say that you lent a person $100,000, and you had a contract with this individual that required him to pay you … [Read more...] about What Do You Know About the Probate Process?
So You Think You Don’t Need an Estate Planning Attorney?
You may get a bright idea when you decide that it is time to put an estate plan in place so you can be sure that your family is protected and your final wishes will be carried out. There are websites you can go to that will sell you boilerplate documents so you may assume that you can whip up a quick last will and your wishes will be carried out after you are gone. This "microwave" approach can sound appealing in this instant gratification society, but there are some reasons why you may want … [Read more...] about So You Think You Don’t Need an Estate Planning Attorney?
Medicaid Planning Can Preserve Your Legacy
Your legacy is something that you should carefully craft when you are devising a plan for aging. You probably have certain things that you would like to be able to do for the people that you love. If you take the right steps, you can enjoy a comfortable retirement as you preserve resources to pass along to your family members. Medicaid planning will often be part of the equation. Nursing Home Costs You may naturally wonder why you should be concerned about Medicaid at all. If you know you're … [Read more...] about Medicaid Planning Can Preserve Your Legacy
Can a Surviving Spouse Use Two Estate Tax Exclusions?
The estate tax exclusion or exemption is the amount of property that can be transferred before the federal estate tax would become applicable. Most people are not in possession of property that exceeds the amount of the exclusion so the majority of American families will not be exposed to the federal estate tax as the laws currently stand. However, if you are exposed to this death tax, your legacy can take a heavy hit if you do not take steps in advance to position your assets in a tax … [Read more...] about Can a Surviving Spouse Use Two Estate Tax Exclusions?
Legacy Planning: Get Motivated in 2016
Most relatively young adults do not have any type of legacy planning documents in place, and while this is understandable to some extent, every responsible person should have an estate plan. When you engage in the process of legacy planning, you make sure that everyone that you love will be provided for come what may. You invariably carry insurance of various different kinds to protect yourself from potential events that may never happen. Everyone is going to pass away, but a very significant … [Read more...] about Legacy Planning: Get Motivated in 2016
Special Needs Planning: Preserving Income
There is no cookie-cutter, one-size-fits-all estate plan. Each situation is different, and the people that you love are all going to be in different life situations. You should take the right steps to make sure that each individual on your inheritance list is provided for in the optimal manner. With this in mind, let's look at special needs planning and the preservation of income. Government Benefit Eligibility Many people with special needs are enrolled in government benefit programs that … [Read more...] about Special Needs Planning: Preserving Income
Medicare Coverage: Understand the Gaps
You have to envision the way that one thing leads to another when you are putting your long-term financial plan together. Developing a nest egg to finance your active retirement years is part of the equation, but you should consider the next period of life as well, and your legacy goals should also be addressed. Health care expenses are something that you should anticipate when you are looking ahead toward the future. Most people will qualify for Medicare coverage when they reach the age of … [Read more...] about Medicare Coverage: Understand the Gaps
How Long Does a Living Trust Remain in Effect?
There are choices to make when you are devising your estate plan. There are a number of different asset transfer vehicles you can use, and you should understand them fully so that you can provide for each of your loved ones in the optimal manner. A trust can be a good choice for a wide range of families. There are those who assume that trusts are only useful for the extremely wealthy, but this is really not true. There are multiple different types of trusts that are used in the field of estate … [Read more...] about How Long Does a Living Trust Remain in Effect?
Estate Tax Strategy for Appreciating Assets
When you have accumulated a significant store of wealth, you can breathe a sigh of relief and enjoy your success. At the same time, you can also gain a sense of satisfaction with regard to your legacy. Your wealth can be passed along to the next generation, and things will be easier for your family going forward. Unfortunately, things can get a little bit complicated by the federal estate tax. This tax can do considerable damage because it carries a hefty 40 percent maximum rate. You cannot … [Read more...] about Estate Tax Strategy for Appreciating Assets
