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
Elders, Nursing Homes & Medi-Cal
If you are among those who are under the impression that Medicare will take care of everything once you are a senior citizen, you would do well to understand the fact that nursing home expenses are not covered by Medicare. This is a significant challenge for many individuals because nursing home care is very expensive. Across the country as a whole, the cost of a private room in a nursing home averaged over $90,000 last year. This average figure is higher in the state of California. Statistics … [Read more...] about Elders, Nursing Homes & Medi-Cal
The Estate Tax Is Only Part of the Equation
Some people think that the only reason that you would want to speak with an estate planning attorney would be to take steps to gain estate tax efficiency. They find out that the estate tax exclusion is a relatively high $5.34 million in 2014. Their assets don't exceed this amount, so they decide that they don't need to speak with an attorney. The truth is that the estate tax is only part of the equation. There are a number of other considerations, and it is certainly wise to go forward in an … [Read more...] about The Estate Tax Is Only Part of the Equation
Don’t Confuse Joint Ownership With an Estate Plan
An estate plan is just that, a plan, not a single improvisational move. There are certain courses of action that you can take that do in fact enable future asset transfers to a beneficiary or beneficiaries that you choose. However, this does not constitute a well thought out, comprehensive estate plan. With this in mind, let's take a look at joint ownership. You can add a joint owner to things that you own, such as your house or your bank accounts. If you pass away and there is a joint owner, … [Read more...] about Don’t Confuse Joint Ownership With an Estate Plan
Reality TV Show “Will Wars” Planned
The public seems to absolutely love reality shows of all kinds, and apparently a new one is in the works: Will Wars. Estate disputes are not entirely uncommon. This is especially true when you're talking about a great deal of money. There can be some "juicy" circumstances surrounding such disputes, and the producers of Will Wars see a lot of potential there. The website The Trust Advisor was contacted by the producers of the show for promotion purposes and to reach out for some specific … [Read more...] about Reality TV Show “Will Wars” Planned
Foreign Spouse Not Entitled to Unlimited Marital Estate Tax Deduction
We have an unlimited marital deduction in the United States that applies to the estate tax. If you are married, you can bequeath money to your spouse in any amount without incurring estate tax liability. Transfers to everyone else are potentially taxable at a maximum rate of 40%. We say "potentially" because there is a $5.34 million exclusion in 2014. Your assets must exceed this amount before the tax would kick in. The powers that be expect to be able to collect their taxes eventually because … [Read more...] about Foreign Spouse Not Entitled to Unlimited Marital Estate Tax Deduction
