You must have a postmortem action plan if you want to make comprehensive preparations for the inevitable. While it is important to position your assets optimally and execute the appropriate estate planning documents, you must also consider the hands-on tasks that must be completed to make your final wishes a reality. When you explain your situation to your attorney, he or she will gain an understanding of your financial position and make recommendations with regard to possible tax efficiency … [Read more...] about Comprehensive Planning Includes Postmortem Action Plan
Your Property May Expose You to Estate Tax in 2013
Estate planning attorneys are always going to remind clients about the fact that your planning efforts should be seen as important and ongoing. There is a great deal in the balance when you consider the potential ravages of the federal estate tax so you want to be optimally prepared at all times. With the above in mind, 2012 is a very significant year. Throughout the rest of this year the estate tax exclusion is $5.12 million, but it is going down to just $1 million in 2013. The maximum rate … [Read more...] about Your Property May Expose You to Estate Tax in 2013
A Surprising Fact About Last Wills
You might think that the disposition of your resources would be handled in a private manner after you pass away. In fact, if you choose to use a Last Will as your primary vehicle of asset transfer, the general public would have access to all the details. This is because your estate must be probated when you use a Last Will. Probate exists partially because of the fact that there could be interested parties that have a rightful claim against the estate. Creditors, claimants, and/or individuals … [Read more...] about A Surprising Fact About Last Wills
Something to Consider When Executing a Revocable Living Trust
People who utilize a last will to elucidate their final wishes will be subjecting their heirs to the process of probate. This can create significant delays with regard to the distribution of assets, and there could be some considerable costs incurred during the probate process as well. Because of these and other reasons, probate avoidance strategies are often implemented. One way to arrange for the distribution of assets to your family members outside of the process of probate would be to … [Read more...] about Something to Consider When Executing a Revocable Living Trust
Estate Administration: Careful Decisions Required
When you see websites offering do-it-yourself estate planning kits, they tell you that it's as easy as filling in the blanks. An estate plan is just a bunch of paper. You fill in the fields (that may or may not address all of your interests), stick the papers in a lock box somewhere, and the matter is handled. Why make it harder than it really is? In reality, there is a lot at stake, each case is different, and there are variables to take into consideration. DIY estate planning shortcuts are … [Read more...] about Estate Administration: Careful Decisions Required
Consider Children Before You Remarry
When you decide that you would like to get remarried, as a parent you have a somewhat delicate situation on your hands. You logically do not expect the union to end in divorce, but well over half of second marriages do not last. Third marriages are more likely to end in divorce than second marriages, so you have to consider the odds if you want to be pragmatic. And of course, there is also the possibility that you may predecease your spouse. If you don't take the proper steps, there is no way … [Read more...] about Consider Children Before You Remarry
Late Academy Award Winner had Rocky Relationship with Sons
It is important to address the possibility of a reduction in your cognitive abilities when you are making preparations for the latter stages of your life. People are living longer than ever, and once you reach your 80's you may suffer from a diminished capacity to make sound decisions. With the above in mind, we would like to highlight the rocky relationship that existed between the recently deceased Academy Award-winning actress Celeste Holm and her two sons. Holm was 95 when she died in July … [Read more...] about Late Academy Award Winner had Rocky Relationship with Sons
Final Affairs Can Be Matter of Public Record
There are multiple ways to arrange for asset transfers to take place after you pass away. The two most common methods would be the creation of a last will or revocable living trust. A revocable living trust may sound imposing, a vehicle that is only used by the rich. However, the truth is that these vehicles can be used to great advantage by people who would describe themselves as middle class. Indeed, it would be wise to discuss your unique situation with a San Jose estate planning lawyer … [Read more...] about Final Affairs Can Be Matter of Public Record
Who Will Administer Your Trust?
Many people shy away from some of the estate planning instruments that are available to them because they are under the impression that anything beyond a last Will is unnecessary. However, when you examine the anatomy of the basic revocable living trust, it is not as complicated as you may think. In fact, you may be able to save money in the long run by using a trust rather than a Will. This is because your estate must pass through probate if you use a Will, and there are significant costs … [Read more...] about Who Will Administer Your Trust?
Founders Of Facebook Utilized Tax Efficiency Strategy
Observers have long awaited an initial public offering for the wildly popular social networking website Facebook. The founders, Mark Zuckerberg and Dustin Moskovitz, have been in possession of the proverbial gold mine for quite some time, and they have already taken steps to take advantage of the tax efficiency strategy known as the zeroed out grantor retained annuity trust. Zeroing out a GRAT for tax efficiency purposes involves funding the trust with volatile securities, and naming a … [Read more...] about Founders Of Facebook Utilized Tax Efficiency Strategy
