There are a number of reasons why it is not a good idea to depend on online downloads or worksheets to create a do-it-yourself estate plan. One of them is the possibility of providing an opening for a successful challenge to your last will. There are essentially four different grounds for invalidating a last will. One of them is improper execution. Each state has certain laws regarding how a last will should be executed. When you use a so-called "one-size-fits-all" document you have no way of … [Read more...] about How Can Will Challenges Be Successful?
Blog – Latest Articles and Updates
A Look at the “Stretch IRA” Transfer Technique
If you plan ahead intelligently with the assistance of a good estate planning lawyer you will be aware of your options for transferring your assets to your loved ones. One of the options available in appropriate circumstances is the "stretch IRA" transfer technique. Individual retirement accounts come with tax deferral advantages built-in. This is intended to assist individuals who are planning ahead for their senior years. However, it is possible to take steps to allow a beneficiary to take … [Read more...] about A Look at the “Stretch IRA” Transfer Technique
Recognize Modest Nature of Social Security Payouts
It is very important to be clear-eyed and practical about the future. Adopting a false sense of security because of the fact that you will be receiving Social Security benefits can be a big mistake. Social Security benefits are actually relatively modest so be careful not to overestimate the value of this program. The average monthly benefit in 2013 for a single person is $1261 according to a recent Forbes article. The average benefit for married couples is $2048. Clearly, the average payout … [Read more...] about Recognize Modest Nature of Social Security Payouts
Understand Costs Associated With Reverse Mortgages
You may hear about the possibility of taking out a reverse mortgage called a home equity conversion mortgage. These loans are potentially available to you once you turn 62 if you have significant equity in your home or own it outright. With a reverse mortgage you receive payments from the lender rather than paying the lender as you do with a conventional mortgage. But the lender acquires equity (or ownership) in your home in return for the payments. The loan must be paid back when you … [Read more...] about Understand Costs Associated With Reverse Mortgages
Those Who Served May Qualify for Special Pension
The Veterans Aid and Attendance special pension is potentially available to United States military veterans or their spouses who need assistance with their day-to-day needs. Many people are not aware of the existence of this benefit, but it can certainly be a great boost to veterans who need living assistance. Most people have heard of the military retirement pension. People who serve in the Armed Forces are entitled to a retirement pension for life after serving for a minimum of 20 years. … [Read more...] about Those Who Served May Qualify for Special Pension
Answers to Three Common Questions About Social Security
We have massive numbers of people applying for Social Security every day because of the maturing of the baby boomer generation. There are around 10,000 seniors applying daily, and this volume is expected to continue for perhaps 20 years. Because so many people are approaching retirement age these days, there are some basic questions circulating, and we would like to address three of the most common ones here. What Is the Application Process? Applying for Social Security is a lot easier and … [Read more...] about Answers to Three Common Questions About Social Security
As Parents Age Assistance May Be Needed
It is up to you to keep an eye on your aging parents to see if they need living assistance. Though some parents are forthcoming in telling their children that they need help, some are too proud to do so. And people who are suffering from dementia may not even recognize that they need help making decisions. This can be a sensitive topic to discuss, but it is a subject that must be addressed all the same. The majority of senior citizens will need assistance at some juncture, and that assistance … [Read more...] about As Parents Age Assistance May Be Needed
Something Couples Should Know About Portability
Because laws are always changing, you should develop an ongoing relationship with your estate planning attorney and be proactive about having your plan reviewed on an annual basis. Without periodic reviews, sometimes these changes in the law can render your existing estate plan obsolete. We had some notable changes at the beginning of 2013 after the passage of the American Taxpayer Relief Act of 2012. One of them was an increase in the maximum rate of the federal estate tax from the 35% rate … [Read more...] about Something Couples Should Know About Portability
Higher Tax-Free Transfers Possible This Year
The federal gift tax is unified with the estate tax. There is a $5.25 million unified exclusion in place in 2013 that encompasses all of the taxable gifts that you give along with the value of your estate. In other words, if you gave $5.25 million in gifts that were taxable throughout your life, you would use up this exclusion; and all of your estate would be subject to the estate tax. So giving gifts using the lifetime exclusion is not really in any way preserving your available estate tax … [Read more...] about Higher Tax-Free Transfers Possible This Year
IRS Implements Adjusted Exclusion Figure
Though there were many different possible outcomes, as it turns out, the fiscal cliff negotiations left us without a lot of changes to the estate tax rules. We passed along some of the details in a previous post, but we now know the exact amount of the estate tax exclusion for 2013 after the IRS has adjusted it for inflation. The new legislation calls for the retention of the base of $5 million that was put into place for the 2011 calendar year. In 2012 an adjustment for inflation brought this … [Read more...] about IRS Implements Adjusted Exclusion Figure
