A large percentage of Americans are unprepared from an estate planning perspective and this is something that is really concerning. Estate planning is one of the core responsibilities of adulthood, and when you fail to plan ahead, your loved ones suffer the consequences should the unexpected take place. Estate planning is mostly for the benefit of the ones that you love and this is something to keep in mind if you are procrastinating. Forbes reported the results of a 2009 Harris interactive … [Read more...] about Estate Planning: Younger Americans Woefully Unprepared
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3 Types of Special Needs Trusts
A special needs trust is a specific kind of trust that can be created to benefit children and adults with disabilities. Whether you're caring for a special needs child or have a family member who has developed a medical problem and needs a trust to ensure their financial safety, there are several kinds of several needs trusts available to you. However, special needs trusts differ by state, and each state has different rules that apply. Type 1: Family Trust. A family trust is usually created by … [Read more...] about 3 Types of Special Needs Trusts
Generation Skipping Trusts Can Keep More Money In The Family
Being taxed is not something anyone particularly relishes. But when you are taxed more than once on the same money it can be especially disconcerting. This is what we are looking at with the federal gift tax and the estate tax. The possessions you have were accumulated with resources that you had left over after you paid income tax, self-employment or payroll tax, sales tax, property tax and any number of additional taxes. The same can be said of gifts. So a lot of people view the estate tax … [Read more...] about Generation Skipping Trusts Can Keep More Money In The Family
Incentive Trusts: A Nudge May Be Needed
Many people are concerned about what will happened to a loved one when they are no longer able to provide guidance to the loved one. However, you can build some positive structure into the lives of an heir or heirs through the creation of an incentive trust. With these trusts, you appoint a trustee, which is often going to be a bank or a trust company, and of course you have a beneficiary who will receive distributions from the trust. You also provide guidelines that must be met for these … [Read more...] about Incentive Trusts: A Nudge May Be Needed
Estate Tax: Should It Be Repealed?
The subject of the estate tax is hotly debated in some circles and there are those who feel as though this federal levy should be repealed. In fact, there have been several bills introduced into the House of Representatives recently that call for a repeal of the estate tax. This tax is often called the "death tax" and when you look into it you can see why. The resources that are going to comprise your estate were accumulated after you paid taxes. If you take some of your after-tax earnings and … [Read more...] about Estate Tax: Should It Be Repealed?
Avoiding A Guardianship
When you are making preparations for the eventualities of aging it is important to plan for possible incapacity. If you were to become unable to make your own medical or financial decisions due to mental and/or physical incapacity, interested parties could petition the court to appoint a guardian or conservator to act on your behalf. You may have no say over who this guardian is, and if the guardianship or conservatorship is granted by the court, you could become a ward of the state. The good … [Read more...] about Avoiding A Guardianship
A Look At Buy-Sell Agreements
Partners in small businesses face some specific challenges when they are making plans for the future. If you were to simply leave your share of the business to your family after you pass away questions may arise. No one in the family may have the skills or the inclination to serve your role in the business. And if there were, how do you spread the value of the business out among all of your family members? In addition, what if your partner or partners does not feel comfortable working with the … [Read more...] about A Look At Buy-Sell Agreements
Is An Estate Planning Attorney Really Necessary?
These days you can find information on any subject by simply popping a term into a search engine. This is fantastic on the one hand because this rapid access to information has transformed how we do business, how we learn, and how we conduct our lives. However, they say that a little bit of information can be a dangerous thing, and this is something to keep in mind as you go forward in the information age. There are some things that you can take on for yourself when you find out enough … [Read more...] about Is An Estate Planning Attorney Really Necessary?
Celebrity Estate Planning Cases Can Shed Light
The media provides us with a window into the lives of celebrities and other high profile individuals. If you ask those who are followed around constantly by the paparazzi, you will probably hear them say that this is not an especially good thing. On the other hand, we do have the opportunity to learn from the successes and failures of others. This is true when it comes to estate planning. For example, the legendary soul singer James Brown passed away in 2006, and his multimillion dollar estate … [Read more...] about Celebrity Estate Planning Cases Can Shed Light
The Benefits Of Educational Gift Giving
Estate planning for people who have been able to achieve substantial financial success during their lifetimes will include efforts to mitigate estate tax exposure. The estate tax exclusion stands at $5 million right now, but it is scheduled to be reduced to just $1 million at the end of 2012. So if you are pretty sure that you will be alive and kicking once 2013 rolls around and your assets exceed $1 million in total value, you do have to concern yourself with this formidable federal levy. One … [Read more...] about The Benefits Of Educational Gift Giving
