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
Spare Your Family from Unpleasant Surprises
Aside from being able to leave behind financial resources to your loved ones, you probably also want to leave behind a positive legacy. Depending on your unique situation, if your estate plan is not devised optimally your family could experience some unpleasant surprises later on, and this is something to be avoided. The truth is that there are individuals who make some unconventional choices. It is not entirely unheard of for someone to maintain a long-term, relatively serious relationship … [Read more...] about Spare Your Family from Unpleasant Surprises
Act Now, Avoid Difficulties Later On
The choices that you make in the present most definitely have a significant impact on the future. This is true on many different levels, and it is certainly a fact when it comes to retirement planning. Making the simple decision to act conservatively as you save money for retirement can make an enormous difference in your life when you achieve senior citizen status. Social Security will help, but it is not a comprehensive retirement panacea. Social Security payouts are modest, and though … [Read more...] about Act Now, Avoid Difficulties Later On
Estate Administration: Careful Decisions Required
When you see websites offering do-it-yourself estate planning kits, they tell you that it's as easy as filling in the blanks. An estate plan is just a bunch of paper. You fill in the fields (that may or may not address all of your interests), stick the papers in a lock box somewhere, and the matter is handled. Why make it harder than it really is? In reality, there is a lot at stake, each case is different, and there are variables to take into consideration. DIY estate planning shortcuts are … [Read more...] about Estate Administration: Careful Decisions Required
Can I Pay Someone’s Medical Bills as a Gift Tax-Free?
Any time you give someone a gift, you are engaging in a taxable act. This is something that will go over the heads of most people because there is a $13,000 per year annual gift tax exemption. You can give gifts totaling this amount to any number of recipients each year without exposing yourself to the gift tax and its current 35% rate. Most people don't give gifts exceeding this amount to any one individual during a given year so it is usually not a factor. However, sometimes there are … [Read more...] about Can I Pay Someone’s Medical Bills as a Gift Tax-Free?
When Tallying Assets, Include Life Insurance Proceeds
As you take inventory of your assets, you are probably thinking that you want to see the total of your assets before you divide it among your heirs. This make sense, but you have to evaluate that total very closely in light of the potential ravages of the Federal estate tax. If your resources exceed the amount of the exclusion that is in place at the time of your death, the tax will be imposed unless you have taken steps to gain estate tax efficiency. When you are conducting this inventory, … [Read more...] about When Tallying Assets, Include Life Insurance Proceeds
