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
July Estate Planning Seminars Scheduled
We have our July estate planning seminars scheduled, and we would like to invite our readers to attend one of these free informational sessions. When you have more of an understanding of the reasons why you may want to take certain steps, you are likely to be motivated to take action for the well-being of your loved ones. People who don't really understand all the facts about estate planning often go through life without making the appropriate preparations. They think that things will just … [Read more...] about July Estate Planning Seminars Scheduled
Demystifying the ILIT
The acronyms that are used in the field of estate planning can sometimes leave the layperson scratching his or her head. Because of this, we often examine commonly used acronyms to take the mystery out of them. In this installment, we will highlight the irrevocable life insurance trust or ILIT. The estate tax on the federal level carries a 40% maximum rate, and the 2014 exclusion amount is $5.34 million. If you inventory your assets and find that your net worth exceeds this figure, you would … [Read more...] about Demystifying the ILIT
Life Insurance Proceeds Are Often Unclaimed
Life insurance is going to be a part of many estate plans. In fact, a lot of people get their first exposure to estate planning when they are introduced to their benefits program when they start their first "real job." Employers will often offer life insurance as part of a benefits package. The employer generally pays for a base amount, and the employee has the option of purchasing increased coverage. When you are married, especially if you have children, life insurance is a very valuable and … [Read more...] about Life Insurance Proceeds Are Often Unclaimed
Big Lottery Winners Face Estate Tax Exposure
A winning Powerball lottery ticket was recently purchased in the state of Florida, and the story provides some insight into the impact of the estate tax. Many of us have dreamed about winning a huge sum of money in a lottery of some kind. It can be quite a bit of fun to sit back and imagine everything you would do with the money. You may envision traveling around the world. One destination that you may not think about is a trip to an estate planning attorney's office. With the Powerball … [Read more...] about Big Lottery Winners Face Estate Tax Exposure
Develop a Long-Term Plan for Aging
The statistics indicate that most people don't have a proper estate plan in place. At the same time, a significant percentage of the unprepared understand that they should take action. Everyone knows that they will die someday, but most people are also going to reach their elder years. Once you start to reach an advanced age, certain contingencies may present themselves, and this is why a comprehensive plan for aging is recommended. Long-Term Care About 40% of people who reach the age of 65 … [Read more...] about Develop a Long-Term Plan for Aging
