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
Al Davis Kept Raiders In The Family
There have been a handful of professional sports franchise owners that have become synonymous with the teams that they owned. Without question, one of these is the late Al Davis. Davis was the longtime owner of the Raiders. He passed away at the age of 82 on October 8th of last year. Al Davis was the majority owner of the Oakland Raiders even after having divested himself of part of his share of the team a few years before his death. The value of the Raiders is well in excess of $700 … [Read more...] about Al Davis Kept Raiders In The Family
Latest MetLife Survey Released
Members of the elder law community are becoming increasingly concerned about the high and rising cost of long-term care. People are living longer than ever before, with the oldest among us being the fastest growing age group. Most people who reach senior citizen status will indeed need long-term care at some point in their lives, therefore this is something that is relevant to all of us. It is important to understand the fact that Medicare does not cover long-term care costs. With this in … [Read more...] about Latest MetLife Survey Released
Planning For Small Business Partners
Different individuals have different needs when it comes to devising an estate plan, and this is why it is important to receive personalized attention from a professional when you are making preparations for the future. There is no "one-size-fits-all" estate planning strategy. This is something to keep in mind if you happen to run across websites claiming that you can plan your own estate by filling in the blanks on a generic document. One of the situations that can call for specialized … [Read more...] about Planning For Small Business Partners
The Value Of An ILIT
You see a veritable alphabet soup of acronyms referenced when you delve into the topic of estate planning. We like to take a look at some of these acronyms from time to time in an effort to demystify the terminology. With this in mind, we would like to highlight the ILIT or Irrevocable Life Insurance Trust. The federal estate tax looms large when you are planning your estate. At the current time it is carrying a 35% rate, and this rate is scheduled to rise to 55% at the end of the year. … [Read more...] about The Value Of An ILIT
Are Your Powers Of Attorney In Place?
The legendary New York Yankee Mickey Mantle once said, "If I knew I was going to live this long, I would've taken better care of myself ." You can extract a lot from this sentiment when you are thinking about your future. It can be hard to envision yourself as a senior citizen, but if you do not make plans you may find yourself unprepared if you live to a ripe old age. Mickey Mantle only lived to the age of 63, but these days people are routinely living into their mid-to-late 80's and beyond. … [Read more...] about Are Your Powers Of Attorney In Place?
