Some of the best things that can happen to you are going to render your existing estate plan obsolete, and this is something to remember amid the celebrations. Estate planning lawyers are always going to emphasize the fact that adults of all ages should have an estate plan in place. Everyone has something to pass along, even if these items are largely sentimental. And it is also important to express your wishes regarding health care procedures that you would accept or deny in the event of your … [Read more...] about Good Things Can Make Estate Plan Revisions Necessary
The Currency of Emotion
When you are evaluating the things that you have to pass along to your loved ones, you will certainly consider the big picture. Being able to make a difference in the lives of your family members financially after you pass away is a gratifying feeling, and we all need a solid financial underpinning. That having been stated, there is also what we will call the currency of emotion to consider. You likely have certain personal possessions that mean a lot to you, and this can include family … [Read more...] about The Currency of Emotion
Estate Planning is a Highly Specialized Field
There are specializations within broader fields of expertise, and we come into contact with this phenomenon all the time. For example, you are not going to want a plastic surgeon to give you a kidney transplant. You are going to want an experienced renal specialist, even though both individuals are fully credentialed and qualified physicians. This is something to consider when you are looking for legal advice as you make preparations for the future with your legacy in mind. All attorneys serve … [Read more...] about Estate Planning is a Highly Specialized Field
Coming Full Circle as a Business Owner
Going into business for yourself is a huge undertaking, and most of us are aware of the fact that the majority of business start ups do not withstand the test of time. Therefore, your primary focus when you first get started is going to be to simply become profitable and stay in business. But at the same time, you do have to keep an eye on the future. Once you have a foothold and recognize that you will be in business for the long haul, you have to come full circle and ask yourself how you will … [Read more...] about Coming Full Circle as a Business Owner
Will the Estate Tax Issue Become a Political Football?
The subject of taxes is always going to be prominent in an election year. Of course, 2012 is an election year, and it is an interesting year in the field of estate planning. At the end of the year, the tax relief act that was passed in December of 2010 is going to expire. This measure essentially extended the Bush era tax cuts. It provided a $5.12 million estate tax exclusion this year, along with a 35% maximum rate. As the laws are currently written, these parameters are going to change next … [Read more...] about Will the Estate Tax Issue Become a Political Football?
Beware of Financial Predators
There are two prevalent types of elder financial abuse as defined by the experts: Crimes of opportunity and crimes of predation. Crimes of opportunity are perpetrated by individuals who know the victim. Obviously a lot of elderly Americans need assistance with their day-to-day needs. So, the individuals who help them out are often going to have opportunities to take advantage of the senior in question financially should they choose to go that nefarious route. Crimes of predation involve … [Read more...] about Beware of Financial Predators
What Is A “POD” Account?
There are some rather straightforward and simple ways to arrange for the transfer of assets to your heirs after you pass away. One of these is via the utilization of a POD account. The acronym "POD" in this context stands for payable on death. With POD accounts, you name a beneficiary (or in some cases multiple beneficiaries) when you open the account at a bank or brokerage. In the event of your death, the beneficiary assumes ownership of the remaining resources directly, and this transfer … [Read more...] about What Is A “POD” Account?
How Can I Protect My Home?
The asset that you are likely concerned about protecting above all else is your home. If you are interested in taking steps to keep your residence or even a vacation home out of the cross hairs of potential creditors or claimants, one viable course of action may be to place the home into a qualified personal residence trust (QPRT). With a QPRT, your beneficiary will assume ownership of the property after the term of the trust expires, but you can live in the home rent-free for as long as you … [Read more...] about How Can I Protect My Home?
Estate Planning For Gay Couples
The issue of gay marriage legality is a hot topic in the United States these days. People are passionate about it from both directions, and of course it has been a subject that has been hotly debated here in California for years. Marriage affords certain legal rights, and this is one of the primary reasons why people who are involved in long-term, committed same-sex relationships are so concerned about their unions being recognized by the powers that be. This is understandable, but there are … [Read more...] about Estate Planning For Gay Couples
Life Insurance Trust Can Deliver Tax Savings
You have to be very concerned about the looming specter of the estate tax when you are positioning assets with the future well-being of your loved ones in mind. Contrary to popular belief, the estate tax is not just reserved for the very wealthy, and more people will be exposed to the tax in 2013. At the end of this year, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is going to expire. When it does, under currently existing laws the estate tax exclusion … [Read more...] about Life Insurance Trust Can Deliver Tax Savings
