When you examine your inheritance list, you may recognize the fact that you have some people who are in line for inheritances who have not yet reached their full potential. How will a large inheritance impact your younger heirs? Having a trust fund that provides you with everything that you need financially from a young age may actually hinder your growth as a person because you have no particular financial motivations. If you are a person of considerable means, you obviously have the ability … [Read more...] about How Will Large Inheritances Impact Younger Heirs?
American Academy of Estate Planning Attorneys Consulted by Forbes Magazine Re: Estate Tax Changes
On January 6, 2013, Forbes consulted with American Academy of Estate Planning Attorneys' Director of Education, Steve Hartnett, regarding the 2013 estate tax changes and the fiscal cliff. Here is a link to that Article: More Estate Tax Changes Could Follow Fiscal Cliff Deal. Mr. Hartnett is quoted several times in this Article. The American Academy of Estate Planning Attorneys is a member organization serving the needs of attorneys committed to providing their clients with the best in estate … [Read more...] about American Academy of Estate Planning Attorneys Consulted by Forbes Magazine Re: Estate Tax Changes
Are Spousal Transfers Subject to Estate Tax?
You should be aware of the details surrounding the federal estate tax when you are looking toward the latter portion of your life and your eventual passing. If you assume that you are not exposed to the tax and do nothing to preserve your wealth, your family may wind up paying the price later on. The dividing line that separates those who must pay the tax from those who do not have any estate tax liability is the estate tax exclusion. Under provisions contained within the American Taxpayer … [Read more...] about Are Spousal Transfers Subject to Estate Tax?
Economical Alternatives to Nursing Homes
Assisted living costs are something that everyone should be aware of because most senior citizens will eventually need help with their day-to-day needs. Medicare won't pay for an extended stay in a nursing home, so you must be proactive about exploring your options. On average, it currently costs well over $100,000 per year to reside in a nursing home in Northern California. Additionally, we are seeing a steady increase in long-term care costs year-by-year. If you are someone who may need … [Read more...] about Economical Alternatives to Nursing Homes
Increased Annual Per-Person Gift Tax Exemption in 2013
If the value of your estate exceeds the estate tax exclusion amount, which in 2014 stands at $5.34 million, it may occur to you that giving gifts may be a way to gain estate tax efficiency. This exclusion applies to taxable gifts that you give throughout your life as well as the value of your estate, so using the lifetime unified exclusion really does nothing to preserve your estate tax cushion. However, there is another exemption that you can use to give gifts in a tax-free manner. Every … [Read more...] about Increased Annual Per-Person Gift Tax Exemption in 2013
State Your Wishes Regarding Final Arrangements
One of the documents that you may want to include in your estate plan is called an authorization for final disposition. With this authorization, you name someone that you would like to empower to take control of your final arrangements after you pass away. You also record your wishes regarding the details. There are a lot of things that must be done, and there are various decisions that must be made. One of them would be whether you want to be buried or cremated. If you choose the former … [Read more...] about State Your Wishes Regarding Final Arrangements
Alzheimer’s Strikes High Percentage of Seniors
When you feel perfectly healthy and of sound mind, the possibility of someday being unable to handle your own affairs may seem unthinkable to you. In truth, you would do well to understand the facts, because the human condition is not an invincible one. People are enjoying increased longevity during our current era, and it is not uncommon for individuals to live into their mid-80s and beyond. It would probably be safe to suggest that most people who consider themselves to be healthy would not … [Read more...] about Alzheimer’s Strikes High Percentage of Seniors
Longer Lives Require Bigger Budgets
Planning ahead for the future is very important because your ability to earn may not be what it once was when you reach your elder years. If you don't take advantage of your prime earning years to feather your nest for your retirement and the twilight years that will follow, you could find yourself in a difficult position toward the end of your life. People are living long lives these days, with the average lifespan for a 60-year-old woman being about 85 years. Perhaps surprisingly the 10 … [Read more...] about Longer Lives Require Bigger Budgets
Estate Tax Rate Increased for 2013
The budget deal that was struck around the new year enabled us to avoid going over what people were calling the "fiscal cliff." Tax increases would have been one of the consequences of going over this cliff, and they extended to the estate tax. If nothing would have been done to prevent it, the maximum rate of the federal estate tax would have gone up from 35% to 55% in 2013. The estate tax exclusion was $5.12 million in 2012, but it would have been trimmed down to just $1 million in 2013 if … [Read more...] about Estate Tax Rate Increased for 2013
Self Employment Brings Rewards and Personal Responsibilities
More and more Americans are working for themselves, and this can be a very rewarding choice. You get to make your own decisions, and the sky is the limit with regard to your potential. In fact, many people are working as sole proprietors out of their homes, and this affords many advantages. Obviously you do not have to worry about a daily commute and this saves you money, saves you stress, and reduces your impact on the environment. Another advantage that goes along with working from home … [Read more...] about Self Employment Brings Rewards and Personal Responsibilities
