Because a lot of people tend to put the matter of estate planning on the back burner, they oftentimes fail to do the appropriate research. As a result, assumptions are made, and they can yield less than ideal consequences. Most people have heard of the existence of trusts, and everyone has heard of the estate planning device called a last will. There is a popular misconception about these estate planning tools. Many people assume that last wills facilitate fast and efficient asset transfers. … [Read more...] about Why Would I Want to Avoid Probate?
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Are Estate Tax Laws Subject to Change?
Estate planning should be viewed as an ongoing process. When you create your first estate plan, you are dealing with a certain set of circumstances. There are the conditions of your own life, and there are also societal circumstances that impact everyone. Over the years, things change. You may have additions and subtractions to the family, and your financial position could change. Changes in marital status can also enter the picture. These evolving circumstances could call for estate plan … [Read more...] about Are Estate Tax Laws Subject to Change?
Why Do I Need a Power of Attorney?
In the legal field, powers of attorney are used for various purposes. With a power of attorney, you name someone to act on your behalf in a legally binding manner. The anatomy of a power of attorney involves the grantor or principal, who is the person granting the power. In the power of attorney the grantor names an agent or attorney-in-fact. This is the person who can act on behalf of the grantor. There are different types of powers of attorney. General powers of attorney are used to give the … [Read more...] about Why Do I Need a Power of Attorney?
Should I Use a Corporate Trustee?
Trusts can be very useful for a wide variety of people. Some trusts are used by high net worth individuals who are exposed to the federal estate tax. These would be irrevocable trusts. This type of trust could also be used by people who want to protect assets, and an irrevocable trust could help if you are spending down assets to qualify for Medicaid. Many senior citizens seek eligibility for Medicaid because Medicare does not pay for long-term care. Revocable Living Trusts Revocable living … [Read more...] about Should I Use a Corporate Trustee?
Is Estate Planning Strictly for Senior Citizens?
People often procrastinate when it comes to estate planning. Studies show that most Americans are not fully prepared, and as you may imagine, younger people are particularly remiss. If you are a younger adult, you may feel as though you will always have time to plan your estate at a later date. This is understandable to some extent, but estate planning is essential for adults of all ages. You never know what the future holds, and you should be prepared every step of the way. Childless adults … [Read more...] about Is Estate Planning Strictly for Senior Citizens?
Will Medicare Pay for All of My Medical Expenses?
When you are planning ahead for retirement, you should be aware of what you can expect from the Medicare program. Sometimes people overestimate the capabilities of the program, and this can lead to difficulties late in your life. To qualify for Medicare, you must accumulate at least 40 retirement credits. You earn retirement credits while you are earning income and paying taxes. Part of what you pay goes toward future Medicare coverage. During 2014, you earn one retirement credit for every … [Read more...] about Will Medicare Pay for All of My Medical Expenses?
What Is the Capital Gains Tax?
People have questions about how taxation affects estate planning, and rightfully so. There are multiple different taxes that can come into play, including the capital gains tax. In this post we will look at these taxes and provide some explanations. Federal Estate Tax When you think about taxes on assets that you are transferring to your loved ones, the estate tax will invariably come to mind. Fortunately, most people are not exposed to the estate tax, because there is a relatively high credit … [Read more...] about What Is the Capital Gains Tax?
Can an Executor Distribute Property Immediately?
The last will or last will and testament is the most commonly used vehicle of asset transfer in the field of estate planning. Years ago, the testament portion was used to distribute personal property, and the will was utilized to distribute real property. However, at the present time, a will is typically used to transfer both types of property. If you use a last will to state your wishes regarding the distribution of your assets, you name an executor or personal representative. This is the … [Read more...] about Can an Executor Distribute Property Immediately?
Is There More Than One Type of Will?
When you think about estate planning, the document called a last will or last will and testament might come to mind. You can use a last will to state your final wishes regarding the transfer of your monetary assets. If you are the parent of a minor child, you can also nominate a guardian in your last will. A last will can be a suitable choice for some people, but you do have other options with regard to asset transfer vehicles. If you use a last will, the will must be admitted to probate after … [Read more...] about Is There More Than One Type of Will?
What Is Pet Planning?
Pet planning is a form of estate planning for pet owners. While most people will outlive their pets, older pet owners may have concerns. Pet ownership can be very rewarding for senior citizens who feel a void in their lives. When you have a dog or a cat you have a lifelong companion that is relying on you. You may feel a renewed sense of purpose, and experts tell us that pet ownership is actually good for your health on a number of different levels. Providing For Your Pet There are a … [Read more...] about What Is Pet Planning?
