It is a sad fact that the majority of adults in the United States are going through life without having executed any estate planning documents at all. Most people recognize the need to have a last will or a trust in place, but they procrastinate, feeling as though they will take the time to engage in estate planning when they have reached their twilight years. You never know when your time is going to come. If you feel as though estate planning is something that only senior citizens need to … [Read more...] about Lesson To Be Learned From Larsson Estate
Pre-Nup, QTIP Can Protect Your Children
There are different family dynamics to consider when you are thinking about the subject of estate planning. Statistics on the subject vary, but it is safe to say that around 40% to 50% of marriages end in divorce these days. Most people who go through a divorce eventually get married again, and the majority of these individuals already have children when they enter into their second or third marriages. This can create an estate planning situation that must be dealt with proactively. How do … [Read more...] about Pre-Nup, QTIP Can Protect Your Children
FLP Can Reduce Tax Burden
It is important to have some understanding of the workings of the gift and estate taxes when you are making preparations for the transfer of your assets. The gift tax carries the same 40% rate that the estate tax carries. Though there is a $5.34 million lifetime exemption in 2014, it is unified with the gift tax exclusion. As a result, the estate tax exclusion that will eventually be available to you would be reduced by the amount of the gifts that you gave during your lifetime using this … [Read more...] about FLP Can Reduce Tax Burden
Houston Estate Details Slow To Emerge
The world of entertainment lost one of its most prominent voices when the singer and actress Whitney Houston passed away on February 11th at the young age of 48. Houston was a powerhouse during her heyday, garnering no less than six Grammy awards, a pair of Emmys, and countless other accolades. She holds the music industry record with seven consecutive number one singles, a record that may stand for a long time. As it is with any high profile individual that passes away, many people are … [Read more...] about Houston Estate Details Slow To Emerge
The Difference Between A Living Trust And A Living Will
Everyone knows that a last will is a document that is used to express your wishes with regard to the distribution of your assets to your loved ones after you pass away. However, there are other types of wills as well, and they do not all serve the same purpose. Because a last will is used to direct the distribution of property, there are those who would assume that a living will has something to do with asset transfers. In fact, a living will is an advance health care directive that is used to … [Read more...] about The Difference Between A Living Trust And A Living Will
POD Accounts: Simple, But Limiting
Some people believe that the easiest route is the best route, and they carry this mentality into their estate planning efforts. They may believe that payable on death accounts are the solution to their estate planning, but it is important to realize just how limiting these accounts can be. Banks, credit unions, and some brokerage firms offer payable on death or transfer on death options when you are opening your account. As the name implies, the assets that are in the account are transferred to … [Read more...] about POD Accounts: Simple, But Limiting
Lesser Known Will Can Add To Your Legacy
When you consider what a Will is intended to accomplish in an estate planning context, you are probably going to immediately think about the transfer of assets to your loved ones after you pass away. This is indeed what a Last Will and Testament can achieve, but there are other types of wills used in estate planning as well. One of these is called a Living Will. This type of will has nothing to do with the transfer of assets. With a Living Will, you express your wishes regarding certain medical … [Read more...] about Lesser Known Will Can Add To Your Legacy
How Do Trusts Work?
People sometimes shy away from things that they don't understand, and as a result they can wind up missing out on good opportunities. This is something to keep in mind when you are thinking about the subject of estate planning. Most people have heard of trusts and trust funds, but many individuals assume that these instruments are something that only wealthy people need. In reality, the creation of a revocable living trust could be a good choice for many people who would consider themselves to … [Read more...] about How Do Trusts Work?
Veterans with a Long Military Career Can See Clear Cut Path to Comfortable Retirement
When you talk about retirement, you're talking about living without working for possibly 20 years or more, and it takes considerable financial resources to fund a comfortable lifestyle over this length of time. Developing a cogent and viable long-term strategy is key. Individuals who have served in the military for at least 20 years are eligible to receive a retirement pension. Because many people who join the service usually do so at a very young age, it is possible to serve these 20 years … [Read more...] about Veterans with a Long Military Career Can See Clear Cut Path to Comfortable Retirement
Home Equity Conversion Mortgages
Long-term planning is the key to being prepared for retirement, and unfortunately a large percentage of people find this out the hard way. However, even if you do plan ahead intelligently, things can sometimes take place that you could not anticipate. A good case in point would be the financial meltdown that we experienced in the United States a few years ago. This set back many people who were planning for retirement. If you were to find yourself short of liquidity late in your life for one … [Read more...] about Home Equity Conversion Mortgages
