When you are making plans for the future distribution of your assets to your loved ones you should consider how well each of the people on your inheritance list can handle financial resources. Your estate represents the final act of giving that you will be capable of and of course some family members may be in need of financial assistance when you are no longer around. For this reason you may not want to give a lump sum inheritance to someone who is a poor money manager because of the … [Read more...] about Spendthrift Trusts Can Provide A Solution
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Long-Term Care Insurance
You have to work with a comprehensive overview when you are planning for the future. People who go forward with their heads in the sand hoping for the best often receive a rude awakening when certain contingencies present themselves. With this in mind you would be well-advised to apprise yourself of the costs associated with long-term care. These rising expenses are a major concern, particularly within the elder law community. Some 70% of senior citizens are going to need long-term care at some … [Read more...] about Long-Term Care Insurance
Estate Planning After You Move
If you've already created an estate plan, take a moment to give yourself a well-deserved pat on the back. Now, if you've created an estate plan and have moved to another state, you should take an additional minute to assess your plan. In general, your estate plan is valid in your new state, but you should take the time to go over the details with an attorney in case you need to make some small changes. There are several options you have when you've created an estate plan in one state and later … [Read more...] about Estate Planning After You Move
Qualified Personal Residence Trusts & The Estate Tax
Many people are truly amazed when they hear about the details of the federal estate tax. For one thing, this is a tax that is only imposed on some people and who they are varies in a rather random manner. This is due to the fact that there is an estate tax exclusion, the amount of which changes regularly. At the present time it stands at $5 million, but under current laws when 2013 rolls around the estate tax exclusion will go down to just $1 million. Right now the rate of the tax is 35%, but … [Read more...] about Qualified Personal Residence Trusts & The Estate Tax
Federal Cost Cutting Can Impact Your Plan For Aging
One of the things that you should keep in mind when you are planning for the future is that everything is connected. Estate planning is by its very nature connected to retirement planning because your legacy is going to be impacted by your expenses and the overall financial decisions that you make after you retire. With this in mind, you have to get a handle on the expenses that you anticipate, evaluate your projected income, and create an intelligent, holistic plan for the future. To this end … [Read more...] about Federal Cost Cutting Can Impact Your Plan For Aging
Estate Tax Parameters Set To Change In 2013
Time marches on, and as it does changes invariably take place and a lot of them are going to impact your estate plan. Some of these twists and turns are specific to you and your own life. Divorce and remarriage are prime examples, and these are very common occurrences during our current era. But there are other events outside of your personal control can be relevant to your ongoing estate planning efforts. One of those is changes to the estate tax. As of this writing the maximum rate of the … [Read more...] about Estate Tax Parameters Set To Change In 2013
A Look At Advance Directives
Many people think of estate planning as a purely financial endeavor. Of course, readying your assets for transfer to your loved ones after your death is a large part of the exercise. But most people are not in perfect health during the days, months, and often years before their deaths. Oftentimes individuals go through a period of incapacity during which they're unable to make decisions for themselves. Of course, this is common among people who reach an advanced age, but sometimes younger … [Read more...] about A Look At Advance Directives
Estate Planning: A Core Responsibility Of Adulthood
When you are a dependent child it is up to your parents to provide for you and make important decisions on your behalf. But when you become an adult and go out on your own, you have certain core responsibilities that go along with this stage of life. This is true when you are a self-supporting single adult, but your responsibilities grow when you become a parent in your own right and your own children are relying on you. There are people out there who have the impression that estate planning … [Read more...] about Estate Planning: A Core Responsibility Of Adulthood
Estate Tax Future Uncertain
As with many things, legislators in Washington, DC, often punt issues affecting estate planning and seniors down the road a bit. One of those issues will be pending over the next couple of years, and it is something to be aware of if you are making preparations for the future. You may remember that at the end of last year there was a debate about extending the Bush-era tax cuts. As the laws stood until the middle of December, the estate tax was going to return at the beginning of 2011 after a … [Read more...] about Estate Tax Future Uncertain
Probate Avoidance: Consider A Revocable Living Trust
If you choose a last will to direct the distribution of your assets to your loved ones after you pass away, your estate will have to be probated. There could be outstanding debts, and creditors are guaranteed a substantial period of time to seek satisfaction during the probate process. In addition, anyone who takes exception to the will could present challenges before the probate court. Once the court determines that the will is indeed valid, it supervises the administration of the estate. As … [Read more...] about Probate Avoidance: Consider A Revocable Living Trust
