If you are involved in a long-term committed relationship and you are not legally married, estate planning is especially important for you. If you are involved in a same-sex relationship, unless you live in (or travel to) one of the handful of states that recognize same-sex unions, the choice to get legally married is really not available to you. So, for GLBT couples the execution of the appropriate legal documents is the only way that you can make sure that your partner has certain rights that … [Read more...] about GLBT Couples Must Have An Estate Plan
All Responsible Adults Need an Estate Plan
When you examine the statistics, you find that the majority of people in the United States have not executed all of the recommended estate planning documents. Many of us live busy lives and procrastination can often be the order of the day, but there is really no excuse for going through life without making any preparations for the inevitable. Even if your situation is not very complex, it is important to express your final wishes with regard to the distribution of your financial assets via the … [Read more...] about All Responsible Adults Need an Estate Plan
Determining the Validity of a Last Will
When you utilize a last will to direct the future transfers of your assets to your heirs, your estate is going to be probated. This is the legal process during which the probate court that is local to the deceased determines the validity of the will and supervises the administration of the estate. If some interested party wanted to challenge the validity of the will, he or she could present his or her arguments during probate. Of course, if this takes place the administration of the estate is … [Read more...] about Determining the Validity of a Last Will
Estate of “Painter of Light” Stays Out of Court
We like to pass along news items involving the estate planning successes and failures of high profile individuals. In keeping with this initiative, we shared the story of the dispute surrounding the estate of the deceased self-described "Painter of Light" Thomas Kinkade some time ago. As you may recall, Kinkade died in April of 2012 while he was estranged from his wife Nanette. For 18 months he had been in a relationship with Amy Pinto-Walsh. Before he died, Kinkade left Pinto-Walsh $10 … [Read more...] about Estate of “Painter of Light” Stays Out of Court
Improve Quality of Life Without Hindering Benefit Eligibility
Positioning your assets optimally in anticipation of the future is certainly part of what estate planning is all about. However, you would also do well to consider the recipients of your estate. The best way to pass along resources to one family member may not be appropriate for the next. This is certainly true when it comes to family members with special needs. Some individuals with disabilities require expensive long-term care, and they may need it for extended periods of time. A year-long … [Read more...] about Improve Quality of Life Without Hindering Benefit Eligibility
How Will Large Inheritances Impact Younger Heirs?
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
