The federal estate tax stands on shaky logical ground in the minds of many individuals. For one thing, they contend that the estate tax is an instance of double taxation. When you earn money you must pay income and payroll or self-employment taxes. You are then left with an after-tax remainder. The purchases that you make are made with these after-tax earnings, and any savings that you accumulate would consist of money that you had left over after paying taxes. The personal possessions that … [Read more...] about Fairness Of Estate Tax Questioned
Payable On Death Accounts
There are complicated financial instruments that are used in estate planning and it is a good idea to retain the services of an experienced estate planning attorney when you are making preparations for the future. This having been stated, there are also some rather simple solutions that can be a part of your comprehensive plan for aging and eventual death. When it comes to transferring assets to your loved ones, one of these simple solutions would be a payable on death "POD" account (sometimes … [Read more...] about Payable On Death Accounts
A Look At Social Security Eligibility
People who are planning for retirement are often going to pinpoint the date at which they become eligible to receive Social Security as their retirement date. It should be noted that it is not a good idea to be overly reliant on Social Security because the monthly benefit is rather modest and there are no guarantees about the future of the Social Security program. An intelligently conceived retirement plan throughout your working career that reduces your dependence on Social Security will … [Read more...] about A Look At Social Security Eligibility
Veterans May Qualify For Living Assistance Benefit
Most people are aware of the fact that individuals who serve in the United States military are entitled to a retirement pension after serving for at least 20 years. However, there is another type of pension that many veterans are eligible to receive that is not as well known called the Veterans Aid & Attendance special pension or simply "Veterans A & A." One of the reasons there are qualified veterans who are not aware that they are eligible to tap into this resource is because the … [Read more...] about Veterans May Qualify For Living Assistance Benefit
Is DIY Estate Planning Wise?
Many people enjoy engaging in do-it-yourself projects for a number of different reasons. Obviously you can save some money if you can complete a task on your own rather than bringing in a professional. It can also be fun and personally rewarding to get involved in a DIY project. Some people make a hobby of it and build on specific skills that they acquire as they take on one task after another, purchasing tools or others types of equipment along the way. DIY is certainly enriching, but you do … [Read more...] about Is DIY Estate Planning Wise?
What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
Recently I had an attorney ask me about the following question. A decedent had died holding several accounts in joint tenancy with someone believed to never have existed. Who knows why people do these kinds of things, but there it is. Apparently great effort and expense had been incurred trying to identify this person, and ultimately it was concluded they weren't real. The question is how to proceed? The decedent had a will, but probate proceedings had not yet been started. I advised as … [Read more...] about What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
Estate Planning Is Relevant To Adults Of All Ages
At the present time the average life expectancy in the United States is between 78 and 79 years. Medical science is capable of incredible things these days, and people are learning more about how to live healthy lifestyles. As a result, it would seem logical to expect these lifespans to increase as time goes on. In fact, the segment of the population that is 85 years of age and older is the fastest growing demographic among us. So does this increased longevity mean that you really don't have to … [Read more...] about Estate Planning Is Relevant To Adults Of All Ages
If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
I was recently asked to address a situation where Husband died and the home was held in joint tenancy between Husband and his mother. Husband had no will. The question was presented how does the surviving Wife get title to the home? Assuming Mother has predeceased Husband, upon her death legal title would have passed by right of survivorship to Husband. To remove Mother's name from the title, an Affidavit of Death of Joint Tenant would have to be prepared and a certified copy of Mother's … [Read more...] about If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
Tax-Free Gifts Can Provide Estate Tax Efficiency
Understanding the existing estate tax parameters at any given time is an important part of the estate planning process. You may have heard that the estate tax is something that only the very wealthy have to concern themselves with, but this is really not the case. If you buy into that notion and ignore the subject entirely your loved ones could be faced with a shocking and costly revelation after you pass away. The estate tax exclusion is currently $5 million and the maximum rate is 35% for … [Read more...] about Tax-Free Gifts Can Provide Estate Tax Efficiency
Three Reasons To Avoid Probate
Many people interested in the subject of estate planning do research on the Internet. When doing online research, the topic of probate avoidance is often mentioned. Probate is the legal process of estate administration, and though this sounds rather routine on the surface there are difficulties and costs that go along with the process, and as a result people often choose to avoid it. In this blog we highlight three of the reasons why you may want to employ probate avoidance … [Read more...] about Three Reasons To Avoid Probate
