One of the things that you may want to consider when you are planning your estate is how to avoid probate. Probate is the judicial process of estate administration. The executor or personal representative of the estate pays debts, inventories assets, and prepares them for distribution to the beneficiaries of the estate. The probate court supervises this administration after determining the validity of the will. The probate court also hears any arguments presented by interested parties who want … [Read more...] about Probate Avoidance Strategies
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Estate Planning Is An Ongoing Process
It is no secret that a lot of people procrastinate about any number of things, and this tendency certainly shows itself when it comes to estate planning. For most people, thinking about death is something that is low on their list of priorities. So even if you recognize that you should have estate planning documents in place, you may decide you have plenty of time to take care of it at a later date. Because of this, many people who do finally take action and create an estate plan often tuck it … [Read more...] about Estate Planning Is An Ongoing Process
GRAT Strategy Can Yield Tax Savings
On the surface it seems like there should be no obstacles standing between you and people that you would like to give gifts to. Unfortunately, the tax code says otherwise. There is a federal gift tax with a rate of 35% that is connected with the estate tax. While there is currently a lifetime $5 million gift tax exclusion, your available estate tax exclusion will also be reduced by the amount of any gifts that you give under this exclusion. (These are gifts over and beyond the $13,000 per … [Read more...] about GRAT Strategy Can Yield Tax Savings
Estate Planning: Do You Have Goals?
Over the course of your life you may have seen a car with a bumper sticker that says something like "We are busy spending our children's inheritances." This is the mentality of some people when it comes to estate planning. They figure their estates will be comprised of whatever happens to be left over after they pass away. However, there are others who take a different approach. They actually have certain things in mind that they want to be able to do for their loved ones. For example, many … [Read more...] about Estate Planning: Do You Have Goals?
Incapacity Planning Is Important
When individuals think about planning their legacies, they often equate it with the creation of a last will or perhaps a revocable living trust. Indeed, inventorying assets and preparing them for eventual transfer to your loved ones after your death is a big part of what legacy planning is all about. At the same time, there are some other things to take into consideration if you want to be prepared for the eventualities of aging. This is why estate planning attorneys often emphasize the value of … [Read more...] about Incapacity Planning Is Important
Special Needs Trusts Need Special Planning
Living Trusts are becoming more common in Estate Planning, and these can include Special Needs Trusts to help take care of a disabled loved one. What may people don’t take into account, however, is that a Special Needs Trust must be drafted carefully to avoid interfering with the disabled person’s eligibility for government benefits such as Medicaid or Social Security benefits. When it comes to Medicaid, the government determines eligibility based on income and asset limits. Income is pretty … [Read more...] about Special Needs Trusts Need Special Planning
The Probate Process
The last will is the most common estate planning vehicle, and everyone knows what a will is intended to accomplish. However, when you are planning your estate you don't have to use a last will. There are a number of different vehicles to transfer assets; and depending on the nature of your assets, the dynamics of your family, and the specific details of your wishes, a last will may not be the best option for you. One reason a lot of people look for alternatives to a last will is because your … [Read more...] about The Probate Process
CRUT Can Be Part Of The Plan
People who have not given the subject of estate planning much thought often assume that they will simply use a last will to transfer assets to their loved ones after they pass away. This is of course one option that is available to you, but there are many different vehicles of asset transfer that can be woven into your comprehensive long-term plan. One of these that some people find to be extremely useful is the charitable remainder unitrust or CRUT. You fund the trust and name a non-charitable … [Read more...] about CRUT Can Be Part Of The Plan
Estate Planning: A Basic Responsibility Of Adulthood
Contrary to popular belief, estate planning is not something that is confined to senior citizens. As unfortunate as it may be, people of all ages pass away every single day leaving loved ones behind. Estate planning can be accurately described as a core responsibility of adulthood. This is one reason why many employers immediately offer new employees life insurance policies (a part of estate planning), with the employer usually providing a base level of coverage at no cost to the … [Read more...] about Estate Planning: A Basic Responsibility Of Adulthood
Medicaid May Be Targeted By “Super Committee”
One things to keep in mind when you are budgeting for your elder years is the high and ever-rising cost of long-term care. Unfortunately many people don't give it a lot of thought, and there are a couple of different reasons for this. First, some assume that Medicare will pick up all of their health care expenses once they reach the age of eligibility. The reality is that Medicare does not pay for long-term care. Another common misconception is that most people are not going to need long-term … [Read more...] about Medicaid May Be Targeted By “Super Committee”
