In this post we would like to look at some California elder law resources that are very valuable for anyone who is preparing for life as an elder. The best way to proceed when you're making plans is to discuss everything in detail with a licensed elder law attorney. However, you should certainly do some research on your own so that you have a basic understanding of some of the most relevant facts. Retirement Planning & Social Security Clearly, financing your retirement is going to be … [Read more...] about Understand Relevant California Elder Law Facts
Consider a GRAT When Interest Rates are Low
It is possible to utilize a grantor retained annuity trust or GRAT to transfer assets in a tax efficient manner under the right circumstances. Before we get into the zeroed out grantor retained annuity trust strategy, let's look at the estate tax parameters. The maximum rate of the tax in 2014 is 40%. The gift tax is unified with the estate tax, and it too has a 40% top rate. The current amount of the estate tax exclusion in 2014 is $5.34 million. Those in possession of assets that exceed … [Read more...] about Consider a GRAT When Interest Rates are Low
A Tale of Two Estates: Jim Morrison and Steve McNair
Everyone should take estate planning seriously. But at the same time, the stakes are higher for those who are in possession of considerable resources like popular musical performers and professional athletes. Let's examine two different celebrity estate cases that provide some food for thought. The Estate of Jim Morrison Jim Morrison has become a legend of sorts, and he is among an elite group. We have all heard of "one-hit wonders," and even some musical artists who have remained relevant … [Read more...] about A Tale of Two Estates: Jim Morrison and Steve McNair
The Anatomy of a Revocable Living Trust
A revocable living trust can be a good choice when you are deciding how you will be passing along assets to your heirs. The primary reason why revocable living trusts are utilized is to avoid probate. When a will is admitted to probate, the probate court determines its validity. If anyone wanted to contest the validity of the will, they could do so while the probate process is underway. Creditors could seek payments from the estate during probate, and final taxes must be paid. The executor of … [Read more...] about The Anatomy of a Revocable Living Trust
How Will You Give to Charity?
When you are contemplating the legacy that you will be leaving behind, you may consider giving to charity. Many people are passionate about certain causes, and there are those who would like to give something back to institutions that have been meaningful to them throughout their lives such as schools or hospitals. Making philanthropy a part of your legacy can be personally satisfying, but there can also be tax advantages. Everyone is aware of the fact that you can deduct charitable donations … [Read more...] about How Will You Give to Charity?
Frequently Asked Questions About Federal Transfer Taxes
The accumulation of wealth is largely considered to be a good thing, but unfortunately some bad things can go along with it like federal transfer taxes. When you bequeath assets to your loved ones, or give them gifts while you are still alive, the transfers could be heavily taxed. This is a serious matter, and you should take the appropriate steps to position your assets with tax efficiency in mind. Let's take a glance at a few frequently asked questions about federal asset transfer … [Read more...] about Frequently Asked Questions About Federal Transfer Taxes
Long Term Care for the Elderly: Needs and Affordability, by Guest Blogger, Dr. Tim Dupic of SarahCare of Campbell
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Be Aware of the Dangers of DIY Estate Planning
Any time you would like to access information about any facet of estate planning, we invite you to visit our website. We have accumulated a rather extensive digital library of free special reports that cover all areas of estate planning and elder law. One of these reports examines the dangers of DIY estate planning. There are websites out there that sell generic legal documents including estate planning devices. There are things that can go wrong when you use a download or worksheet to create … [Read more...] about Be Aware of the Dangers of DIY Estate Planning
When All Else Fails: Robot Home Aides
One option for people who need living assistance would be to enlist the services of a home aide. These individuals help people with their day-to-day needs, things like cooking, cleaning, bathing, medication taking, and other activities of daily living. Given the fact that full-time residence in a long-term care facility is extremely expensive, this can be the most cost-effective solution for many seniors who need a helping hand. However, there is concern within the elder law community about … [Read more...] about When All Else Fails: Robot Home Aides
Living Will Statistics Come As No Surprise
As disheartening as it may be, statistics consistently indicate that a majority of Americans are not prepared from an estate planning perspective. Given this reality, recent statistics regarding the percentage of people that have a living will in place unfortunately come as no surprise to estate planners. A popular legal website conducted the survey, and it found that just over 60% of the respondents did not have a living will in place. Unlike a last will, a living will is not used to state … [Read more...] about Living Will Statistics Come As No Surprise
