If you run into some type of unexpected difficulty that is out of your control, there may not be much you can do about it on one level. However, if you take steps to prepare for unpleasant contingencies, the impact can be much less severe. The above enters into the realm of retirement and estate planning. Many people are still feeling the impact of the financial upheaval that the country experienced in 2007 and 2008. Of course, some were more prepared to absorb the blow than others. If you … [Read more...] about The Incredible Shrinking Inheritance
QPRT Can Provide Estate Planning Solution
If you are a homeowner who is exposed to the estate tax, you may want to consider reducing the taxable value of the property by placing it into a qualified personal residence trust. The funding of the trust with the home is going to remove the home from your estate, reducing your estate tax exposure. However, this is not the point of the strategy because when you fund the trust, you are giving a taxable gift to the beneficiary. The gift tax is unified with the estate tax, and it too carries a … [Read more...] about QPRT Can Provide Estate Planning Solution
Nursing Homes: What Is the Average Length of Stay?
We have frequently touched upon the high cost of nursing home care in the United States on this blog. It is important for people in the elder law community to raise awareness because so many people don't understand the facts. Medicare will pay for up to 100 days of convalescent care under certain circumstances, but it won't pay for long-term care. Nursing home expenses can devastate your savings, and of course that is going to impact the estate that you have left to leave to your loved … [Read more...] about Nursing Homes: What Is the Average Length of Stay?
Three Commonly Asked Questions About Revocable Living Trusts
If you decide to put the procrastination behind you and start to get serious about estate planning, you are going to want to obtain some answers. There are innumerable different legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate. Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative. With a … [Read more...] about Three Commonly Asked Questions About Revocable Living Trusts
Taxation Erodes Koch Estate
In the state of New York, the name Ed Koch is certainly a memorable one. The former three-term mayor of New York City died in February, and he left behind a sizable estate. As an individual who was never married, Koch had no children. According to Forbes, he left his sister and her husband $500,000, and his sister-in-law and each of her two children got $50,000. Koch's brother died back in 1955. He also provided a $100,000 bequest to his secretary. The bulk of his estate went to his sister's … [Read more...] about Taxation Erodes Koch Estate
Estate Planning Information: Consider the Source
You have to consider the source when you are searching the Internet looking for information about estate planning. There are Internet marketers out there who sell so called "one-size-fits-all" DIY estate planning kits. Most people are logically going to take pause, thinking that legal documents are generally drawn up with the assistance of licensed attorneys. These profit motivated websites are aware of this, and they must overcome this natural, logical objection. They do so by suggesting that … [Read more...] about Estate Planning Information: Consider the Source
Foresight Is the Key to a Secure Future
Statistics indicate that a significant percentage of baby boomers who are now nearing the typical retirement age are not ready from a financial perspective. Most people are not going to be able to make up for lost time when it comes to retirement preparations. It can take decades to accumulate the resources that you need to put a solid financial underpinning in place that enables a comfortable retirement. When should you begin preparing for the future? The answer is that you really can't start … [Read more...] about Foresight Is the Key to a Secure Future
Low Interest Rates Make Charitable Lead Trusts Appealing
We have an estate tax exclusion of $5.34 million in 2014, and this is a unified exclusion that encompasses taxable gifts that you give throughout your life as well as the assets that you are passing on after your death. It is worthwhile to emphasize the fact that you should not rest easy if your assets do not exceed this amount. Though you will hear the term "permanent" tossed around with regard to this $5 million exclusion with ongoing inflation adjustments, legislative changes are always … [Read more...] about Low Interest Rates Make Charitable Lead Trusts Appealing
Estate Planning Solution: Post-Marital Agreements
Married couples who are engaged in the process of estate planning can sometimes come to an impasse. There are a lot of decisions to make, and when you are deciding how to distribute community property there are different perspectives that can be taken. Estate Planning involves some important decisions, and there are no guarantees with regard to both partners agreeing on everything. One possible solution that exists would be the creation of a post-marital agreement that identifies the personal … [Read more...] about Estate Planning Solution: Post-Marital Agreements
Veterans Special Pension Can Help With Long-Term Care
If you are a veteran who served at least 90 days with even just one of these days taking place while the United States was involved in a war, you meet the length of service eligibility requirements for the Veterans Aid and Attendance special pension. Long-term care is very expensive in the United States as a whole, and in California it is even more expensive with a room in a nursing home typically costing more than $100,000 annually. Assisted living communities are expensive as well, and even … [Read more...] about Veterans Special Pension Can Help With Long-Term Care
