Estate planning involves confronting some very sensitive topics, but there's no way around it if you are a practical person. With this in mind, let's look at the subject of remarriage, especially if you have children from a previous marriage. Being in love to the extent that you are willing to commit to marriage is obviously a profound feeling. When you are in this state of mind, you may naturally want to open your heart completely and display selfless generosity. At the same time, it is wise … [Read more...] about Prudent Planning Before Remarriage
MetLife: Elder Financial Abuse Losses Equal $2.9 Billion
The MetLife Mature Market Institute took the time to probe the issue of elder financial abuse, and they have found that annual losses are somewhere in the vicinity of $2.9 billion. It is actually quite difficult to determine the length and breadth of this problem because of the fact that it is not out in the open. People tend to keep their financial affairs private, and this plays into the hands of predators. Senior citizens often need help with their day-to-day needs, and as a result people … [Read more...] about MetLife: Elder Financial Abuse Losses Equal $2.9 Billion
Funding 529 Plan Using Annual Exclusion
If you are in possession of assets that exceed the federal estate tax exclusion amount, you may want to take steps to intelligently reduce the taxable value of your estate. One way to accomplish this objective would be to somehow utilize resources while you are still alive for the benefit of those that are on your inheritance list. This is easier said than done because there is a gift tax in place. It is unified with the federal estate tax, and in 2014 there is a $5.34 million unified lifetime … [Read more...] about Funding 529 Plan Using Annual Exclusion
Multimillionaire Died Without Will
When you go through life without a will or some other legal device that arranges for asset transfers, you are surrendering control of where your resources will land after you pass away. There are certain rules that the state must follow, but under some circumstances the state can actually absorb the assets left behind by a resident. The first order of business would be to find out if the deceased had relatives, and in most instances people will step forward. There are intestacy rules of … [Read more...] about Multimillionaire Died Without Will
This Military Benefit Can Defray Assisted Living Costs
The high cost of assisted living is presenting a challenge as people live longer and the population ages. The Medicare program doesn't pay for assisted living on a long-term basis, so you are on your own unless you can qualify for Medi-Cal. If you plan ahead in an effort to secure Medi-Cal eligibility with the assistance of a licensed elder law attorney, you can be sure that you and your family are retaining a maximum store of assets. Those who have served in the military may well have access … [Read more...] about This Military Benefit Can Defray Assisted Living Costs
Life Insurance and Estate Planning
Life insurance plays a big role in estate planning. In a general sense it may seem obvious that you can certainly purchase life insurance to leave behind some financial resources to loved ones after you pass away. However, life insurance can serve very specific purposes when certain circumstances exist. For example, life insurance is the operative solution at the root of buy-sell agreements. These agreements are often used by small business partners. To allow the remaining partners to retain … [Read more...] about Life Insurance and Estate Planning
Help Your Attorney Help You
When you make an appointment to speak with an estate planning attorney, you should be prepared to have a very open and honest conversation. You are going to have to discuss some of the most sensitive areas of your life, and this can be a bit disconcerting to some people. At the same time, you have to be forthcoming if you want your wishes to be carried out after you pass away without any surprises taking place because your attorney didn't know everything that was relevant. You may have heard … [Read more...] about Help Your Attorney Help You
Don’t Overlook These Details
Estate planning obviously entails making preparations for the transfer of financial assets to your loved ones after you pass away. However, there are some additional details to consider, and we would like to take a look at a few of them here. Incapacity Planning Individuals who reach an advanced age sometimes become unable to make their own medical and financial decisions. If you do nothing to prepare for this contingency and you do in fact become incapacitated, a conservator can be appointed … [Read more...] about Don’t Overlook These Details
Medi-Cal Planning for Single People – An Elder Law Today Blog
Nancy Watson feels worn out. Four years ago her father died and for the past three years she has been caring for her aging mother. At first, it was little things...grocery shopping, trips to the doctor, help with her mother’s medication, and things like that. But as her mom’s health deteriorated, Nancy’s burden has increased. The last six months have been very difficult. That’s because Nancy had to move her mom to a nursing home. Mom couldn’t live at home any more. Nancy thought her job would … [Read more...] about Medi-Cal Planning for Single People – An Elder Law Today Blog
Working Longer Comes With Rewards
Many people set a retirement date based on the age at which they become eligible to start receiving Social Security. Of course, there are those who can indeed retire as soon as they become eligible for Social Security benefits, but not everyone is in this category. Under currently existing laws, you can start receiving your benefit when you are as young as 62. If you do this, you must be willing to accept a reduced benefit. Your benefit would be 30% less than it would be if you waited until … [Read more...] about Working Longer Comes With Rewards
