Your net worth is an important piece of information to have in hand when you are discussing things with your estate planning attorney. The federal estate tax can reduce the legacy that you pass along to those that you love. As a result, you must know where you stand with regard to the estate tax exclusion at all times. If the total value of your assets does not exceed the estate tax exclusion, you are in the clear; however, if your assets exceed the exclusion, you are going to have to work … [Read more...] about Keep Track of Your Net Worth
Be Prepared to Help Your Parents
As you go through life as an adult, the thought of being responsible for your parents to one degree or another may not enter your mind for quite a long time. However, it is important to understand the fact that there may come a time when your parents need your assistance. Most of our nation's elders will need some form of living assistance eventually, and statistically speaking this usually comes from their children, other relatives, and/or friends. In fact, 70% of the care that is provided to … [Read more...] about Be Prepared to Help Your Parents
Start Building Your Future in 2013
Now that we have ushered in a new year, it is time to make good on our resolutions. The suggestion here is to take this motivation and use it to start building your future in 2013. Planning is the difference between people who are comfortably retired with the ability to leave behind a robust legacy and those who are not. If you work with an experienced financial planning attorney to devise a sensible plan that is consistent with your capabilities and your objectives, you will be working toward … [Read more...] about Start Building Your Future in 2013
Provide Your Representative with Pertinent Information
The matter of estate administration is something to take into consideration when you are making preparations for the inevitable. Who would actually handle the hands-on tasks that will be involved in making your wishes come to fruition? When you use a last will to direct future asset transfers, the executor or executrix will be the individual who is charged with these responsibilities. The duties can be quite extensive if you have a great deal of property that must be prepared for distribution … [Read more...] about Provide Your Representative with Pertinent Information
Three Commonly Asked Social Security Questions
The income that you receive from Social Security as a senior citizen is probably going to be very important to you. The Social Security Administration tells us that the majority of individuals who are on Social Security rely on their benefits for most of their income. While the above may be true, you would do well to understand the facts about Social Security so that you have a realistic viewpoint with regard to exactly what this program will do for you. To this end, we would like to provide … [Read more...] about Three Commonly Asked Social Security Questions
Artistic Work Donated to NY MOMA to Settle Estate Tax Dispute
Sometimes you hear about an estate planning case that seems a bit bizarre, and this is certainly true when it comes to the case of the Robert Rauschenberg sculptural combine "Canyon." "Canyon" would be a very valuable work of art except for one thing: It can never be sold. The sculptural combine features a stuffed bald eagle. Due to federal regulations you cannot buy or sell a member of the species. This combine was the property of noted art dealer Ileana Sonnabend at the time of her death. … [Read more...] about Artistic Work Donated to NY MOMA to Settle Estate Tax Dispute
Hagman Legacy Includes Charitable Foundation
Giving something back to others is something to consider when you are contemplating your legacy. Any act of generosity is obviously going to be personally rewarding, and as you advance in age you may be all the more interested in doing something for others. From a financial perspective there can actually be some tax advantages that go along with certain acts of giving as well. This is something that you would want to discuss with a highly qualified estate planning attorney. Celebrities are … [Read more...] about Hagman Legacy Includes Charitable Foundation
Medi-Cal: Download Our Report to Get the Facts
You will often hear mention of the Medi-Cal program, which is a joint federal-state program that is ostensibly in place to provide access to health care to those who cannot afford it. In California, this program is called Medi-Cal. It does indeed assist people with little to no financial resources, but it is also the government program that is utilized by many seniors to pay for long-term care because Medicare will not pay for it. This is not just seniors who have been struggling financially … [Read more...] about Medi-Cal: Download Our Report to Get the Facts
Medicare Deductibles, Co-Payments, and Premiums Rising in 2013
There are people who are not that concerned about planning ahead for retirement. They assume that they will naturally accumulate resources over the years without actually trying. And they also feel a sense of comfort because they know that they will be eligible for Social Security and Medicare eventually. The above line of reasoning can result in some very challenging circumstances during the latter portion of your life. You have to understand the fact that Social Security is going to provide … [Read more...] about Medicare Deductibles, Co-Payments, and Premiums Rising in 2013
Sherman Hemsley Finally Buried in El Paso
The dispute over the late comedic actor Sherman Hemsley's estate has been dragging on for months now, and fortunately there has finally been a breakthrough. You may recall that the actor passed away back in July in El Paso, which is the city that he called home though he was originally from Philadelphia. His last will left everything to his longtime close friend Flora Enchinton. In addition to being named as sole heir in the document, she was also named as the executor of the Hemsley … [Read more...] about Sherman Hemsley Finally Buried in El Paso
