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 … [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
HIPAA Release Should Be Included With Advance Directives
Advance directives for health care should be a part of every estate plan because incapacity planning is part of the equation. A very significant percentage of people who live to an advanced age do in fact suffer from incapacitation at some point in time. One of the major threats to elders is Alzheimer's disease. The Alzheimer's Association states that one out of every eight older Americans is an Alzheimer's sufferer, and this increases to approximately 40% of people who are at least 85 years of … [Read more...] about HIPAA Release Should Be Included With Advance Directives
Medi-Cal Limits Increased for New Year
Medi-Cal is a government program that will pay for long-term care if you can obtain eligibility. In California, this program is referred to as "Medi-Cal". This program was originally designed to help people with virtually no financial resources obtain medical care. However, it is utilized by seniors who need living assistance who have never considered themselves to be poor. The upper asset limit is $2,000, but there is some property that doesn't count toward this figure. This would include … [Read more...] about Medi-Cal Limits Increased for New Year
Legacy Plan Can Include Giving to Charitable Causes
Legacy planning is something to discuss with your attorney if you feel as though you would like to cast a long shadow even after your passing. There are various things that you can do to make your influence felt, and one of them would be to set aside resources for charitable causes. One way of doing this is by starting a private family foundation. The huge foundations that are named after some of the wealthiest individuals our country has known are going to be staffed, and they incur … [Read more...] about Legacy Plan Can Include Giving to Charitable Causes
Have You Planned Ahead With Your Children in Mind?
Statisticians tell us that the majority of people who are under the age of 50 do not have an estate plan in place. In fact, many people over the age of 50 are unprepared, but we will reserve that subject for another day. The point that we would like to hammer home here is the fact that younger adults, particularly adults with minor children, must make preparations for the possibility of passing away. If you are married and you have young children, what would become of your children if you … [Read more...] about Have You Planned Ahead With Your Children in Mind?
Trust Administration: Educate Yourself
The key to successful estate planning is expertise. When you work with a good estate planning attorney to gain a thorough understanding of all the factors involved, you can make intelligent and informed decisions for the well-being of your loved ones. Some people are under the impression that you can use some kind of generic template document that you find online to execute a last will on your own. In fact, there is a lot more to it than filling in the blanks on a worksheet, and a last will is … [Read more...] about Trust Administration: Educate Yourself
