Some people believe that the easiest route is the best route, and they carry this mentality into their estate planning efforts. They may believe that payable on death accounts are the solution to their estate planning, but it is important to realize just how limiting these accounts can be. Banks, credit unions, and some brokerage firms offer payable on death or transfer on death options when you are opening your account. As the name implies, the assets that are in the account are transferred to … [Read more...] about POD Accounts: Simple, But Limiting
Lesser Known Will Can Add To Your Legacy
When you consider what a Will is intended to accomplish in an estate planning context, you are probably going to immediately think about the transfer of assets to your loved ones after you pass away. This is indeed what a Last Will and Testament can achieve, but there are other types of wills used in estate planning as well. One of these is called a Living Will. This type of will has nothing to do with the transfer of assets. With a Living Will, you express your wishes regarding certain medical … [Read more...] about Lesser Known Will Can Add To Your Legacy
How Do Trusts Work?
People sometimes shy away from things that they don't understand, and as a result they can wind up missing out on good opportunities. This is something to keep in mind when you are thinking about the subject of estate planning. Most people have heard of trusts and trust funds, but many individuals assume that these instruments are something that only wealthy people need. In reality, the creation of a revocable living trust could be a good choice for many people who would consider themselves to … [Read more...] about How Do Trusts Work?
Al Davis Kept Raiders In The Family
There have been a handful of professional sports franchise owners that have become synonymous with the teams that they owned. Without question, one of these is the late Al Davis. Davis was the longtime owner of the Raiders. He passed away at the age of 82 on October 8th of last year. Al Davis was the majority owner of the Oakland Raiders even after having divested himself of part of his share of the team a few years before his death. The value of the Raiders is well in excess of $700 … [Read more...] about Al Davis Kept Raiders In The Family
Planning For Small Business Partners
Different individuals have different needs when it comes to devising an estate plan, and this is why it is important to receive personalized attention from a professional when you are making preparations for the future. There is no "one-size-fits-all" estate planning strategy. This is something to keep in mind if you happen to run across websites claiming that you can plan your own estate by filling in the blanks on a generic document. One of the situations that can call for specialized … [Read more...] about Planning For Small Business Partners
The Value Of An ILIT
You see a veritable alphabet soup of acronyms referenced when you delve into the topic of estate planning. We like to take a look at some of these acronyms from time to time in an effort to demystify the terminology. With this in mind, we would like to highlight the ILIT or Irrevocable Life Insurance Trust. The federal estate tax looms large when you are planning your estate. At the current time it is carrying a 35% rate, and this rate is scheduled to rise to 55% at the end of the year. … [Read more...] about The Value Of An ILIT
Are Your Powers Of Attorney In Place?
The legendary New York Yankee Mickey Mantle once said, "If I knew I was going to live this long, I would've taken better care of myself ." You can extract a lot from this sentiment when you are thinking about your future. It can be hard to envision yourself as a senior citizen, but if you do not make plans you may find yourself unprepared if you live to a ripe old age. Mickey Mantle only lived to the age of 63, but these days people are routinely living into their mid-to-late 80's and beyond. … [Read more...] about Are Your Powers Of Attorney In Place?
The Majority Of Americans Have No Estate Plan
There are certain responsibilities that go along with being a self-supporting adult. This is true for everyone, but it is especially important for people who have others depending on them. For this reason, the myth about estate planning only being relevant to the elderly is truly misleading and inaccurate. In a very real sense, it is more important for younger people to have an estate plan because they are more likely to have dependents still living in the home. If you want to do right by … [Read more...] about The Majority Of Americans Have No Estate Plan
Estate Planning And Privacy Concerns
Creating a Will as your estate planning device can lead to Will challenges, and can also lead to conflict among the people that you loved if your decisions do not appeal to all interested parties. It can also leave your beneficiaries open to financial predators because Wills must be filed with the Court and become a matter of public record. Therefore, information regarding any inheritance you pass on to your loved ones via that Will can be obtained by the general public. Of course, you do not … [Read more...] about Estate Planning And Privacy Concerns
Winehouse Took Steps After Divorce
The lives of celebrities are an open book due to the feeding frenzy of the gossip and entertainment media. Some of the information that is circulated is of the tabloid variety that really doesn't provide you with much more than a bit of entertainment. However, sometimes you read about actions taken by celebrities that can be instructive, and the estate planning efforts of the late British singer Amy Winehouse is a good example. Winehouse was just 27 years old at the time of her death last … [Read more...] about Winehouse Took Steps After Divorce
