One of the key factors in planning your financial legacy is potential exposure to the federal estate tax. This tax can have a huge effect on your loved ones. Currently, the estate tax rate is 35%, and the exclusion amount stands at $5 million. For those who are very wealthy, this tax seems punitive; but even individuals with more modest estates should beware because change is coming in 2013. Under the current law, the estate tax relief enacted in December 2010 sunsets at the end of next year. … [Read more...] about A QPRT Can Provide Tax Savings
Blog – Latest Articles and Updates
Long Term Care: Medicaid Can Help
There are those who fall into the trap of believing that Medicare will take care of all their medical needs once they become eligible. The fact is that there are out-of-pocket expenses that recipients must take care of, including deductibles and premiums. These can add up considerably depending on your medical condition. Plus, Medicare does not cover expenses incurred for long-term care, and this is something to take very seriously when you're making plans for the future. A 2010 MetLife study … [Read more...] about Long Term Care: Medicaid Can Help
Don’t Forget Pet Planning
One of the challenges that senior citizens face is loneliness. At some point in time your children are gone and your grandchildren are busy with their own lives and you may lose your husband or wife. You may then find yourself spending a lot of time on your own and want a dog, cat, or other pet to provide you some company. In addition to serving as loving companions, pets provide countless hours of entertainment. Some can be very good protectors, even if they just bark when they hear unusual … [Read more...] about Don’t Forget Pet Planning
Winehouse Planned Estate Intelligently
When you are a young adult you may fall into the trap of feeling as though estate planning, incapacity planning, and retirement planning are not relevant to you. People at this age may recognize that someday these matters will become important, but after all, they have their entire lives ahead of them so what's the hurry? As understandable as this mentality may be, it is flawed all the same because you really don't know when your day is going to come and lack of preparation can bring some … [Read more...] about Winehouse Planned Estate Intelligently
Provide Direction With An Incentive Trust
There is a somewhat sterile financial component to estate planning, and this is necessary so that you get the most out of your resources and provide for a smooth and efficient transfer of assets to your loved ones after your death. But when you seriously and comprehensively contemplate the impact of your legacy you will invariably find yourself considering the way that your loved ones may handle a large influx of money. It is likely that most of the people on your inheritance list would be … [Read more...] about Provide Direction With An Incentive Trust
Estate Tax Parameters Not Permanent
They say that all good things must come to an end, and this is certainly disheartening when it comes to estate tax relief. Unfortunately, the relief that we were provided by the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 may indeed come to an end when New Year's Day of 2013 rolls around. Throughout 2010 the estate tax was repealed due to provisions contained within the Economic Growth and Tax Relief Reconciliation Act of 2001, commonly … [Read more...] about Estate Tax Parameters Not Permanent
Probate Alternatives You Should Seriously Consider
Part two of two parts on Probate and Estate Planning (continued from August 24) In our earlier post on Probate we defined Probate for you and gave you some examples of how an estate is settled in the courts. Again, Probate is designed as a protective tool for families, but Probate does have drawbacks, not the least of which is loss of privacy. Another critical factor – often overlooked – is the fulfillment of the wishes of the deceased: it may be that he or she wanted to leave this or that … [Read more...] about Probate Alternatives You Should Seriously Consider
Living Trust Options Allow Flexibility, Protection and Probate Avoidance
Many tools are available to craft an Estate Plan that meets your needs. One of the most flexible tools in Estate Planning is the Living Trust. A Living Trust is a legal tool that ensures that your estate will take care of an heir or heirs in a very specific manner, according to your wishes. Examples include: A trust fund for a minor, with disbursements over time – a schedule that you set up A fund for a special needs or disabled person, especially one who may need special care for a long … [Read more...] about Living Trust Options Allow Flexibility, Protection and Probate Avoidance
A Look At Pay On Death Accounts
Estate planning can sound like a complicated legal matter, and in some cases rather complex legal instruments are needed to avoid asset erosion, protect assets, and enable a smooth and efficient transfer. But sometimes there are also more simple and straightforward ways to get assets into the hands of your loved ones after you pass away. An estate planning attorney can coordinate the various asset transfer vehicles that you can use to make the transfers as easy as possible while minimizing … [Read more...] about A Look At Pay On Death Accounts
Succession Planning For Small Business Partners
Small business owners face some unique challenges when they are planning their estates that others do not. Many individuals who have invested their time and efforts in a small business partnership would say that their share in the business is their most valuable financial asset. But how do you pass this considerable asset on to your loved ones after your death? Many people have no relatives that would be appropriate successors in the hands-on operation of the business, and the surviving … [Read more...] about Succession Planning For Small Business Partners
