Making provisions for the care of your pet after you pass away is something to consider when you are planning your estate. Obviously, if you are a young adult it is very likely that you will outlive your pet. However, precautionary planning can make sure that you have some type of contingency plan in place. Of course, senior citizens who own pets are in an entirely different position. Pet ownership can be wonderfully beneficial, but you do have to make sure that your pet will have a home should … [Read more...] about White’s Dog Pontiac Could Afford A Rolls
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Have You Considered Becoming An Organ Donor?
There was a time when you could be provided with a certain diagnosis by your doctor that was equivalent to a death sentence, but these days medical science is capable of some amazing things. Certain failed organs can be transplanted, and thousands of lives are saved every year through successful transplant surgeries. One of the primary challenges lies in the fact that there are always more people in need of transplants than there are available donors. With this in mind, when you are … [Read more...] about Have You Considered Becoming An Organ Donor?
Your Estate Plan Should Be Custom Crafted
There is a difference between purchasing custom-crafted merchandise and buying something that is mass-produced. People who understand quality want the best and they don't want to settle for less. This makes sense because quality products generally last longer, typically work better, and are more enjoyable to utilize. This quality paradigm is ratcheted up to another level of importance when you consider your estate planning efforts. While it is possible to download a generic last will form off … [Read more...] about Your Estate Plan Should Be Custom Crafted
There’s More To Generosity Than Meets The Eye
Taxes are controversial, and though most people accept that tax revenue is necessary to support our societal infrastructure, you probably don't want to be taxed at every turn, and you probably don't want to be taxed twice on the same income. With this in mind let's take a look at the federal gift tax. You may not realize that some gifts that you give to your loved ones are taxable. The reason why you don't get a bunch of IRS bills in your mailbox around the holiday season is because there is a … [Read more...] about There’s More To Generosity Than Meets The Eye
Seniors, Watch Your Step
As you reach an advanced age, certain potential health challenges loom. Unfortunately, some things are out of your control, but in other cases you can take precautions to keep yourself out of harm's way. With this in mind, you should be aware of the danger connected with falling down when you are a senior citizen. Because people of advanced age are often more frail than they once were, the consequences of a fall can be devastating. According to statistics provided by the National Council On … [Read more...] about Seniors, Watch Your Step
Forbes: Facebook Moguls Used Zeroed Out GRATs
A lot has been said about the meteoric rise of Facebook; and the founders of the company, Mark Zuckerberg and Dustin Moskovitz, have become very wealthy as a result of their big idea. But extraordinary success comes with a price tag. When you have more money than you're going to be able to spend throughout your lifetime you have to consider asset transfers, and the IRS sits poised to pounce if you give gifts while you are alive or arrange for bequests to be made after you pass away. The rate of … [Read more...] about Forbes: Facebook Moguls Used Zeroed Out GRATs
Estate Tax: Selectively Imposed Instance Of Double Taxation?
When you are planning your estate, you should be aware of the potential for asset erosion, and the biggest potential culprit is the federal estate tax. As of this writing the maximum rate of the federal estate tax is set to go to 55% next year, and the exclusion amount is $5.12 million. This means that the portion of your estate that exceeds $5,120,000 would be subject to a 55% federal levy. A lot of people shake their heads with dismay when they consider the federal estate tax. They feel as … [Read more...] about Estate Tax: Selectively Imposed Instance Of Double Taxation?
Planning Ahead With Clear Vision
It is important to plan ahead with clear vision when you are making preparations for the future. Otherwise, you may find yourself in a difficult situation as your senior years start to come into focus. A very high percentage of Americans fail to plan ahead for retirement, and one of the reasons why they don't prioritize it is because they expect Social Security to be sufficient. If you are under this impression, you should understand the limitations of Social Security. The average benefit will … [Read more...] about Planning Ahead With Clear Vision
How Will You Pay For Long-Term Care?
Pragmatism is key if you want to be truly prepared for the eventualities of aging. Some contingencies are not especially pleasant, but they are realities all the same and you have to take appropriate action. It may be difficult to envision a time when you cannot take care of all of your day-to-day needs on your own, and this can lead you to think that you need not concern yourself with the possibility of long-term care expenses. In fact, the United States Department of Health and Human … [Read more...] about How Will You Pay For Long-Term Care?
Payable On Death Accounts Have Drawbacks
You may have heard about using payable on death accounts to get assets into the hands of your loved ones after you pass away. These accounts are set up to allow the primary account holder to name a beneficiary or in some cases multiple beneficiaries. Upon the death of the primary account holder, the beneficiary becomes owner of the funds that are remaining in the account. This asset transfer takes place quickly because it is not subject to the time-consuming process of probate. This short … [Read more...] about Payable On Death Accounts Have Drawbacks
