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
Why Do Some People Avoid Probate?
If you have not researched the subject, you may think that a Last Will is something that family members handle among themselves after you pass away. The executor that you select reads the Will to the group, and this individual then proceeds to distribute your assets in accordance with your wishes. The truth is that things are not quite this simple. The probate court is involved when you utilize a Last Will to elucidate your final wishes. This court supervises the administration of the estate, … [Read more...] about Why Do Some People Avoid Probate?
Consider Children Before You Remarry
When you decide that you would like to get remarried, as a parent you have a somewhat delicate situation on your hands. You logically do not expect the union to end in divorce, but well over half of second marriages do not last. Third marriages are more likely to end in divorce than second marriages, so you have to consider the odds if you want to be pragmatic. And of course, there is also the possibility that you may predecease your spouse. If you don't take the proper steps, there is no way … [Read more...] about Consider Children Before You Remarry
Veterans may have to Contend with Look-Back Period
Given the extraordinarily high cost of long-term care, you have to take advantage of any benefit that may be available to you that would defray your assisted living expenses. Veterans of the United States Armed Forces who served for even a single day during a time of war may be entitled to just such a benefit. The Veterans Aid & Attendance special pension is available to veterans who have served for at least 90 days, with a minimum of one of these days taking place during wartime. You are … [Read more...] about Veterans may have to Contend with Look-Back Period
Late Academy Award Winner had Rocky Relationship with Sons
It is important to address the possibility of a reduction in your cognitive abilities when you are making preparations for the latter stages of your life. People are living longer than ever, and once you reach your 80's you may suffer from a diminished capacity to make sound decisions. With the above in mind, we would like to highlight the rocky relationship that existed between the recently deceased Academy Award-winning actress Celeste Holm and her two sons. Holm was 95 when she died in … [Read more...] about Late Academy Award Winner had Rocky Relationship with Sons
Shorter Strides, Slower Gait may be Alzheimer’s Indicators
Given the fact that dementia strikes upwards of half of all Americans who are 85 years of age and older, incapacity planning is really a must for serious minded individuals. If you fail to take action in advance and become incapacitated, a conservatorship proceeding could take place and your affairs could wind up being conducted by an individual who is not of your choosing. On the other hand, if you are proactive about executing the appropriate documents, your own hand-picked decision-makers … [Read more...] about Shorter Strides, Slower Gait may be Alzheimer’s Indicators
