There is some celebrity estate planning news circulating at the present time that we would like to highlight here. It involves the last Will of the recently deceased actor Sherman Hemsley. Hemsley is best known for his role as George Jefferson, the well-to-do self-made man who strongly asserted himself at every opportunity. In fact, the personal proclivities of the actor Hemsley bore no resemblance to the boisterous character that he popularized. Hemsley was reportedly a private man who did … [Read more...] about Did Hemsley Have a Brother? Actor’s Estate Being Challenged
Avoid Tax Liens Through Careful Retirement Planning
People who are living on a fixed income can have a difficult time reacting to ever rising expenses. This is something to take into consideration when you are engaged in your retirement planning efforts. Planning ahead for your retirement years involves making accurate projections regarding your future debits and credits. With this in mind, you should certainly evaluate your anticipated property tax responsibilities. There is a certain confluence that can be troublesome when you have achieved … [Read more...] about Avoid Tax Liens Through Careful Retirement Planning
Your Property May Expose You to Estate Tax in 2013
Estate planning attorneys are always going to remind clients about the fact that your planning efforts should be seen as important and ongoing. There is a great deal in the balance when you consider the potential ravages of the federal estate tax so you want to be optimally prepared at all times. With the above in mind, 2012 is a very significant year. Throughout the rest of this year the estate tax exclusion is $5.12 million, but it is going down to just $1 million in 2013. The maximum rate … [Read more...] about Your Property May Expose You to Estate Tax in 2013
A Surprising Fact About Last Wills
You might think that the disposition of your resources would be handled in a private manner after you pass away. In fact, if you choose to use a Last Will as your primary vehicle of asset transfer, the general public would have access to all the details. This is because your estate must be probated when you use a Last Will. Probate exists partially because of the fact that there could be interested parties that have a rightful claim against the estate. Creditors, claimants, and/or individuals … [Read more...] about A Surprising Fact About Last Wills
Retirement Planning can Involve Fruitful Use of Free Time
Retirement planning in action involves taking steps to accumulate the financial resources that you need to actually put your working years behind you. This can take some self-discipline as you work within a cogent framework over an extended period of time in an effort to reach your goals. Not everyone is particularly savvy when it comes to financial planning, but this should not lead to procrastination and inaction. You can simply pick up the phone to arrange for a consultation with an … [Read more...] about Retirement Planning can Involve Fruitful Use of Free Time
Something to Consider When Executing a Revocable Living Trust
People who utilize a last will to elucidate their final wishes will be subjecting their heirs to the process of probate. This can create significant delays with regard to the distribution of assets, and there could be some considerable costs incurred during the probate process as well. Because of these and other reasons, probate avoidance strategies are often implemented. One way to arrange for the distribution of assets to your family members outside of the process of probate would be to … [Read more...] about Something to Consider When Executing a Revocable Living Trust
Are You Sure You Want to Open Joints Accounts?
When you draw up a last Will, you must appoint an executor or personal representative to actually carry out your wishes. The probate court will supervise the administration of the estate as the executor goes about the tasks, so there is indeed oversight. On the other hand, what if you opened up a joint bank account and made someone a co-account holder? If you were to entrust this individual to distribute the assets after you pass away in accordance with your wishes, there would be no true … [Read more...] about Are You Sure You Want to Open Joints Accounts?
Study Raises Elder Law Eyebrows
Northwestern University recently gathered some data to get a handle on the hiring practices of private agencies that provide people with in-home caregivers. The data gathered is very useful to those in the elder law community. Clearly, elders who need assistance with their day-to-day needs have ongoing medical issues in most cases. An individual who is being sent out to help a senior with his or her daily routine would logically have some basic understanding of fundamental medical … [Read more...] about Study Raises Elder Law Eyebrows
Consumer Reports: Don’t Try This at Home
There is much to consider when you are preparing yourself for the eventualities of aging. Serious minded individuals who want to leave nothing to chance are going to want to discuss all the details with a licensed estate planning professional. If you make uninformed assumptions and look for overly simplistic solutions, your family may wind up paying the price someday. With the above in mind, you may have come across advertising campaigns that want you to believe that anyone can execute last … [Read more...] about Consumer Reports: Don’t Try This at Home
Northern Trusts Reduce Exposure
Revocable living trusts are utilized by many individuals who are looking for a way to avoid probate. The process of probate can be time-consuming, and there are expenses that go along with it including court costs. So choosing a trust can often times save your heirs time and money. Revocable living trusts can facilitate a smooth transfer of assets. They are also appealing because you, as the grantor, can retain full control of the resources while you are alive. However, because of this … [Read more...] about Northern Trusts Reduce Exposure
