When you first start to look into estate planning you may hear a lot of unfamiliar terms tossed about and feel yourself getting lost in a sea of complexity. For this reason, simple solutions may seem welcome, and with this in mind we would like to take a brief glance at payable on death accounts. You may be able to start one of these accounts at your bank or your brokerage. The way that it works is you add a beneficiary or in some cases multiple beneficiaries when you open the account. Though … [Read more...] about Don’t Overvalue Payable On Death Option
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Providing A Safety Net
As a young adult you suddenly start to take on responsibilities that can be kind of difficult to wrap your head around. Simply having to pay your own bills as you begin your career as a self-supporting working person can be a rude awakening. Then when you get married your level of responsibility increases enormously. And of course when you become a parent everything changes yet again. Even though just about everyone proclaims an indescribable love for their children, a very high percentage of … [Read more...] about Providing A Safety Net
Tackling Elder Law Issues As A Family
Humility can be difficult. However, recognizing your limitations as you start to look forward to the future is important, and you have to be humble enough to accept that no one is immune to aging. Because of this, it is a good idea to address these eventualities with your family before a problem occurs. For example, let's take a look at long-term care: The majority of people who reach their middle 60s will someday need long-term care, so this is something that everyone should take … [Read more...] about Tackling Elder Law Issues As A Family
Tax Efficient College Savings Plan
Many individuals have the desire to pave the way for their younger family members educationally. Setting aside resources for college can be done in various ways, and the best choice will vary on a case-by-case basis. The intelligent way to proceed is to sit down and discuss your unique situation with a northern Kentucky estate planning attorney who is apprised of all of the options that are available to you. When you do you will probably hear about 529 plans. These are savings plans that have … [Read more...] about Tax Efficient College Savings Plan
Gain An Understanding Of Programs For Seniors
Certain unique challenges go along with entering different stages of life. Fortunately, there are resources available to help us address these matters. If you have worked throughout your life and contributed into the programs, you will be eligible for Social Security and Medicare. The age of eligibility for your full Social Security benefit is between 66 and 67 if you are not already receiving your benefit. The exact date of your eligibility will depend on the year of your birth. Medicare is a … [Read more...] about Gain An Understanding Of Programs For Seniors
When Dementia Strikes, Who Makes The Decisions?
Being aware of the challenges that often confront senior citizens is important when you are planning for the eventualities of aging. Along these lines, you should know that the segment of the population that is 85 years of age and older is growing faster than any other. And given the capabilities of medical science, we expect lifespans to continue to expand. When you reach an advanced age, you become more vulnerable to Alzheimer's disease. As you probably know, Alzheimer's causes dementia; and … [Read more...] about When Dementia Strikes, Who Makes The Decisions?
Be Proactive About Protecting Your Assets
Acting with the future in mind can be the key to financial success, which is why it is important to develop an ongoing working relationship with a northern Kentucky estate planning lawyer early on during your working career. By taking action in advance you can circumvent potential difficulties before they happen, and with this in mind, you may want to be proactive about protecting your assets. When you have sufficient wealth, you may want to position it so it cannot be attached by creditors or … [Read more...] about Be Proactive About Protecting Your Assets
Value Of Dick Clark Estate May Be Eroded Considerably
If you are not aware of the extent of the federal estate tax, the details may come as something of a shock to you. The powers that be are potentially poised to consume an enormous portion of your resources after you pass away, and as a case in point, look no further than the estate of the entertainment impresario Dick Clark. Clark passed away a very wealthy individual, with an estate that is estimated at well into the hundreds of millions of dollars. The estate tax exemption is currently $5.12 … [Read more...] about Value Of Dick Clark Estate May Be Eroded Considerably
Comprehensive Planning For Service Members
People who serve in the military make significant sacrifices to keep us safe, and we're all very grateful to them for doing so. They often spend significant time away from their families and are forced to live under harsh conditions. And of course they can oftentimes be placed in harm's way, and it takes a lot of bravery to face the possibility of physical harm each and every day. Given the circumstances, it is very important for military members to have an estate plan in place. Estate … [Read more...] about Comprehensive Planning For Service Members
Being Prepared For Probate
The typical layperson probably does not know much about the estate planning process. He or she may know what a last Will is meant to accomplish but not know how a last will is handled. If you do set out your final wishes by executing a last Will, it is not going to be a private family matter. Because you may have outstanding debts or financial claims against you at your death, individuals or entities have an opportunity to recover from the estate; and if someone wants to contest the Will, he … [Read more...] about Being Prepared For Probate
