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
Advance Directives: Selecting a Medical Decision Maker
Advance directives for health care are important when you are making preparations for the latter stages of your life. In many instances, people become unable to communicate before they pass away. Medical decisions may present themselves while you are in such a condition. The purpose behind advance directives is to state your preferences regarding medical procedures as you also name someone to make decisions on your behalf if it becomes necessary. To record your preferences regarding the use of … [Read more...] about Advance Directives: Selecting a Medical Decision Maker
Understanding Life Estates
When you hear about the fact that most people have not executed any type of estate plan, it is disturbing to say the least. There are so many different sets of circumstances that could present themselves, and there is an appropriate reaction to each of them. Those who take the right steps are ideally prepared. The many who do nothing oftentimes suffer the consequences, and their families may also pay a significant price. There are many different legal devices that can be utilized to serve … [Read more...] about Understanding Life Estates
Gandolfini of Sopranos Fame had Flawed Estate Plan
People who are in possession of a great deal of wealth have a lot to lose via the imposition of estate taxes. There is a federal estate tax that is applicable to everyone in all of the states, and some states have a state-level estate tax. In California, there is currently no state estate tax, but the people in New York are not as fortunate. In the Empire State, there is an estate tax that tops out at 16%, and the exclusion is just $1 million. The federal estate tax carries a 40% top rate, and … [Read more...] about Gandolfini of Sopranos Fame had Flawed Estate Plan
Responses to Common Questions About Last Wills
People often times shy away from things that they don't understand, and this certainly contributes to the fact that many individuals are going through life without an estate plan. With this in mind, we would like to respond to some common questions about last wills. What can a will accomplish? The first thing that may come to your mind when you think about a last will is that it can facilitate the transfer of your financial assets after you pass away. This is true, but there are some other … [Read more...] about Responses to Common Questions About Last Wills
Estate Planning: Three Things to Think About
Estate planning should best be viewed as a holistic endeavor. Yes, planning your estate involves preparing your financial assets for eventual distribution to your heirs, but there are other matters to take into consideration. Here are three things to think about. How to Transfer Assets Understanding the general fact that you have to arrange for the transfer of your assets to your heirs is one thing. But how should you go about it? The answer to this question varies person by person. Some … [Read more...] about Estate Planning: Three Things to Think About
