The asset that you are likely concerned about protecting above all else is your home. If you are interested in taking steps to keep your residence or even a vacation home out of the cross hairs of potential creditors or claimants, one viable course of action may be to place the home into a qualified personal residence trust (QPRT). With a QPRT, your beneficiary will assume ownership of the property after the term of the trust expires, but you can live in the home rent-free for as long as you … [Read more...] about How Can I Protect My Home?
Estate Planning For Gay Couples
The issue of gay marriage legality is a hot topic in the United States these days. People are passionate about it from both directions, and of course it has been a subject that has been hotly debated here in California for years. Marriage affords certain legal rights, and this is one of the primary reasons why people who are involved in long-term, committed same-sex relationships are so concerned about their unions being recognized by the powers that be. This is understandable, but there are … [Read more...] about Estate Planning For Gay Couples
Life Insurance Trust Can Deliver Tax Savings
You have to be very concerned about the looming specter of the estate tax when you are positioning assets with the future well-being of your loved ones in mind. Contrary to popular belief, the estate tax is not just reserved for the very wealthy, and more people will be exposed to the tax in 2013. At the end of this year, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is going to expire. When it does, under currently existing laws the estate tax exclusion … [Read more...] about Life Insurance Trust Can Deliver Tax Savings
Keep Estate Administration In Mind
While it is important to make sure that your intentions are known via the execution of the appropriate estate planning documents, you must also keep estate administration in mind. Recording your wishes with regard to who gets what is one thing, but you also have to make provisions for administering the estate because things simply do not take care of themselves. After you pass away, the estate must be probated if you use a last will to elucidate your wishes. Someone must take care of the … [Read more...] about Keep Estate Administration In Mind
Addressing Higher Education Expenses in Advance
Compartmentalizing has its place, but in the big picture it is useful to include retirement and estate planning within a broad long-term financial plan. When you are creating such a plan, one of the big expenses that may be part of the equation is the college tuition of your children or grandchildren. Without question, giving the gift of education may be the most profound thing that you can do for your loved ones. There are various ways to take care of college costs, but we would like to take … [Read more...] about Addressing Higher Education Expenses in Advance
Elder Law Concerns: A Little Communication Goes a Long Way
Planning for the inevitable and making sure that your financial resources are properly prepared for distribution to your heirs after your death is an important pragmatic endeavor. If you want to be comprehensively prepared, you must also consider some of the contingencies that may present themselves as you reach an advanced age. The elder law concern that we would like to look at here is the possibility that you may need living assistance in the future. It is not wise to cross your fingers and … [Read more...] about Elder Law Concerns: A Little Communication Goes a Long Way
Estate Planning: What About the Children?
When you look at the statistics with regard to estate planning preparedness, you find that less than half of the adults who are under the age of 50 have an estate plan in place. In fact, statistics show that the younger you are, the less likely it is that you will have executed the appropriate estate planning documents. This may seem like no cause for concern. Young adults are not going to worry about passing away because death only takes place among the old, right? Apparently this is the … [Read more...] about Estate Planning: What About the Children?
With Intelligent Planning, Medi-Cal Can Provide Solution
If you knew that you had an enormous expense that was awaiting you during your latter years, you would take it seriously and plan ahead. Yet, a very significant percentage of people will face just such an expense, and many of them do nothing to get ready for it. The expense that we are referring to is the bill that you will be presented with if you require a stay in a nursing home. You may think that it is unlikely that you will ever need such care, but in fact most senior citizens will need … [Read more...] about With Intelligent Planning, Medi-Cal Can Provide Solution
Who Will Administer Your Trust?
Many people shy away from some of the estate planning instruments that are available to them because they are under the impression that anything beyond a last Will is unnecessary. However, when you examine the anatomy of the basic revocable living trust, it is not as complicated as you may think. In fact, you may be able to save money in the long run by using a trust rather than a Will. This is because your estate must pass through probate if you use a Will, and there are significant costs … [Read more...] about Who Will Administer Your Trust?
Have Your Will Prepared by a Professional
People sometimes procrastinate, continuing to postpone something that they know they need. If you were to do this, the suggestion that the matter in question could be resolved with the click of a computer mouse could be an attractive one. However, when you hear about an offer that sounds too good to be true, you may want to take pause because it is unlikely that anyone has figured out a way to reinvent the wheel. This perspective is quite relevant with regard to the entities who want you to … [Read more...] about Have Your Will Prepared by a Professional
