You have to consider the source when you are searching the Internet looking for information about estate planning. There are Internet marketers out there who sell so called "one-size-fits-all" DIY estate planning kits. Most people are logically going to take pause, thinking that legal documents are generally drawn up with the assistance of licensed attorneys. These profit motivated websites are aware of this, and they must overcome this natural, logical objection. They do so by suggesting that … [Read more...] about Estate Planning Information: Consider the Source
Low Interest Rates Make Charitable Lead Trusts Appealing
We have an estate tax exclusion of $5.34 million in 2014, and this is a unified exclusion that encompasses taxable gifts that you give throughout your life as well as the assets that you are passing on after your death. It is worthwhile to emphasize the fact that you should not rest easy if your assets do not exceed this amount. Though you will hear the term "permanent" tossed around with regard to this $5 million exclusion with ongoing inflation adjustments, legislative changes are always … [Read more...] about Low Interest Rates Make Charitable Lead Trusts Appealing
Estate Planning Solution: Post-Marital Agreements
Married couples who are engaged in the process of estate planning can sometimes come to an impasse. There are a lot of decisions to make, and when you are deciding how to distribute community property there are different perspectives that can be taken. Estate Planning involves some important decisions, and there are no guarantees with regard to both partners agreeing on everything. One possible solution that exists would be the creation of a post-marital agreement that identifies the personal … [Read more...] about Estate Planning Solution: Post-Marital Agreements
Estate of Loner Bequeathed to Actors
The process of estate planning usually involves arranging for the transfer of assets to relatives and perhaps some close friends. However, there are no hard and fast rules; you can give inheritances to anyone regardless of the relationship. It is even possible to leave behind money to people that you do not know personally. Though few of us would take advantage of this possibility, Ray Fulk, who passed away last summer in Illinois, had different ideas. Fulk was a loner who didn't have any … [Read more...] about Estate of Loner Bequeathed to Actors
All Responsible Adults Need an Estate Plan
When you examine the statistics, you find that the majority of people in the United States have not executed all of the recommended estate planning documents. Many of us live busy lives and procrastination can often be the order of the day, but there is really no excuse for going through life without making any preparations for the inevitable. Even if your situation is not very complex, it is important to express your final wishes with regard to the distribution of your financial assets via the … [Read more...] about All Responsible Adults Need an Estate Plan
Determining the Validity of a Last Will
When you utilize a last will to direct the future transfers of your assets to your heirs, your estate is going to be probated. This is the legal process during which the probate court that is local to the deceased determines the validity of the will and supervises the administration of the estate. If some interested party wanted to challenge the validity of the will, he or she could present his or her arguments during probate. Of course, if this takes place the administration of the estate is … [Read more...] about Determining the Validity of a Last Will
Estate of “Painter of Light” Stays Out of Court
We like to pass along news items involving the estate planning successes and failures of high profile individuals. In keeping with this initiative, we shared the story of the dispute surrounding the estate of the deceased self-described "Painter of Light" Thomas Kinkade some time ago. As you may recall, Kinkade died in April of 2012 while he was estranged from his wife Nanette. For 18 months he had been in a relationship with Amy Pinto-Walsh. Before he died, Kinkade left Pinto-Walsh $10 … [Read more...] about Estate of “Painter of Light” Stays Out of Court
Improve Quality of Life Without Hindering Benefit Eligibility
Positioning your assets optimally in anticipation of the future is certainly part of what estate planning is all about. However, you would also do well to consider the recipients of your estate. The best way to pass along resources to one family member may not be appropriate for the next. This is certainly true when it comes to family members with special needs. Some individuals with disabilities require expensive long-term care, and they may need it for extended periods of time. A year-long … [Read more...] about Improve Quality of Life Without Hindering Benefit Eligibility
How Will Large Inheritances Impact Younger Heirs?
When you examine your inheritance list, you may recognize the fact that you have some people who are in line for inheritances who have not yet reached their full potential. How will a large inheritance impact your younger heirs? Having a trust fund that provides you with everything that you need financially from a young age may actually hinder your growth as a person because you have no particular financial motivations. If you are a person of considerable means, you obviously have the ability … [Read more...] about How Will Large Inheritances Impact Younger Heirs?
Are Spousal Transfers Subject to Estate Tax?
You should be aware of the details surrounding the federal estate tax when you are looking toward the latter portion of your life and your eventual passing. If you assume that you are not exposed to the tax and do nothing to preserve your wealth, your family may wind up paying the price later on. The dividing line that separates those who must pay the tax from those who do not have any estate tax liability is the estate tax exclusion. Under provisions contained within the American Taxpayer … [Read more...] about Are Spousal Transfers Subject to Estate Tax?
