Many people are remiss when it comes to estate planning because they do not have enough information. When you do not know exactly how to proceed, procrastination can set in, and this is understandable. At the same time, you are taking a risk when you go through life without an estate plan, and the risk is compounded as you get older. Knowledge Is Power We do everything possible to provide a steady stream of information on this website. Our blog is updated with fresh information, and we also … [Read more...] about Attend an Estate Planning Seminar in June
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Can an IRA Be Used for Estate Planning Purposes?
Many people contribute into individual retirement accounts while they are working. There are essentially two different types of IRAs that are typically utilized: traditional IRAs, and Roth individual retirement accounts. With a traditional individual retirement account, the contributions are made before you pay taxes on the income. This tax deferral is one of the advantages, because you pay taxes each year on a lesser amount of income. Because of this arrangement, you do have to pay taxes when … [Read more...] about Can an IRA Be Used for Estate Planning Purposes?
Does a Power of Attorney End at Death?
When you execute a power of attorney, you name an agent or attorney-in-fact. This person would be able to act as your representative. Your agent could handle your affairs, and if you grant a general power of attorney, the agent could do just about anything that you could do for yourself. A power of attorney would automatically end or terminate at the time of your death. Incapacity Planning We practice in the estate planning and elder law realm. In our area of the law, durable powers of … [Read more...] about Does a Power of Attorney End at Death?
What Is Estate Administration?
You should educate yourself about estate administration when you are devising your estate plan. When you create your estate planning documents, you leave behind instructions regarding how you want your assets to be transferred. However, a representative must handle the business of your estate after you pass away. When you use a last will as your vehicle of asset transfer, you name an executor. This is the person who will handle the estate administration tasks after you are gone. The executor … [Read more...] about What Is Estate Administration?
Is Incapacity Planning Really Important?
People often go through life without planning ahead for the eventualities of aging. When you are younger, it can be hard to imagine a time when you will not be capable of doing everything that you can do right now. Plus, there are some possibilities that are simply not very pleasant to consider, so people may avoid these subjects. At the same time, difficult situations can be that much worse if you are completely unprepared. With this in mind, let's look at the value of incapacity … [Read more...] about Is Incapacity Planning Really Important?
Who Is Competent to Create a Last Will?
When you think about the legal document called a last will, you may assume that it is a very simple document. You jot down your final wishes regarding the desired distribution of your property, you set aside the document for safe keeping, and that's the end of it. It can seem as though anyone can create a valid last will, and in fact, someone who is not an attorney could indeed create a last will that is valid in the eyes of the law. To create a valid will, you must be a legal adult, and you … [Read more...] about Who Is Competent to Create a Last Will?
What Is the Difference Between a Living Trust and a Living Will?
There are various different legal devices that are used in the field of estate planning. Sometimes people are confused because the terms sound similar. With this in mind, we will look at the differences between living trusts and living wills is in this post. Revocable Living Trusts A revocable living trust is a very useful estate planning tool. With this type of trust, you retain control of the assets throughout your life. It is possible to dissolve the trust entirely, and the person who … [Read more...] about What Is the Difference Between a Living Trust and a Living Will?
How Will My Property Be Distributed If There is No Last Will?
Some people take a wait-and-see approach. They procrastinate because they think that they can act later on. And they reason that things will probably take care of themselves if they never take action. This enters the realm of estate planning, and as a result, some people fail to create a last will. In reality, the outcome probably would not be consistent with your wishes if you pass away without a last will. There are laws in place for distribution of your estate, but the way that "things take … [Read more...] about How Will My Property Be Distributed If There is No Last Will?
Can I Give Gifts to Avoid the Estate Tax?
The federal estate tax has always been controversial. There are those who look at the death tax as an instance of double taxation. After all, the assets that are being taxed are the resources that you were able to retain after paying taxes all of your life. While some question the fairness of the tax, it is a reality that you have to react to if you are exposed. The tax carries a 40 percent maximum rate that can significantly erode the wealth that you have been able to accumulate throughout … [Read more...] about Can I Give Gifts to Avoid the Estate Tax?
What Are Advance Directives for Health Care?
A comprehensive estate plan will cover all of your bases. You certainly want to make sure that you leave inheritances to your loved ones in the appropriate manner. At the same time, you should also address the medical contingencies that you may face toward the end of your life. This is done through the creation of legally binding documents called advance directives for health care. Living Will One advance directive for health care that everyone should have is a living will. We have all … [Read more...] about What Are Advance Directives for Health Care?
