There are certain responsibilities that go along with being a self-supporting adult. This is true for everyone, but it is especially important for people who have others depending on them. For this reason, the myth about estate planning only being relevant to the elderly is truly misleading and inaccurate. In a very real sense, it is more important for younger people to have an estate plan because they are more likely to have dependents still living in the home. If you want to do right by … [Read more...] about The Majority Of Americans Have No Estate Plan
Estate Planning And Privacy Concerns
Creating a Will as your estate planning device can lead to Will challenges, and can also lead to conflict among the people that you loved if your decisions do not appeal to all interested parties. It can also leave your beneficiaries open to financial predators because Wills must be filed with the Court and become a matter of public record. Therefore, information regarding any inheritance you pass on to your loved ones via that Will can be obtained by the general public. Of course, you do not … [Read more...] about Estate Planning And Privacy Concerns
Winehouse Took Steps After Divorce
The lives of celebrities are an open book due to the feeding frenzy of the gossip and entertainment media. Some of the information that is circulated is of the tabloid variety that really doesn't provide you with much more than a bit of entertainment. However, sometimes you read about actions taken by celebrities that can be instructive, and the estate planning efforts of the late British singer Amy Winehouse is a good example. Winehouse was just 27 years old at the time of her death last … [Read more...] about Winehouse Took Steps After Divorce
A Nudge In The Right Direction
Many people have concerns about providing some of their heirs with too much, too fast, and this is a legitimate "pleasant problem." We have all heard about high profile individuals who appear to have it all and yet are struggling with personal problems. Sometimes these individuals are able to overcome their demons, and other times they're not so fortunate. Indeed, money does not solve every problem, and sometimes a large windfall of financial resources that you did not earn can cause more … [Read more...] about A Nudge In The Right Direction
Making Charitable Giving a Part of Your Estate Plan
Recently there was talk in financial circles about the "Billionaire Challenge." Two of the wealthiest individuals in the United States, Warren Buffett and Bill Gates, challenged those in the same financial stratosphere to give away at least half of their wealth over the course of their lives. Buffett has pledged to give away most of his fortune, and he has already donated billions to the Bill and Melinda Gates Foundation. While only a precious few individuals have the type of resources that … [Read more...] about Making Charitable Giving a Part of Your Estate Plan
What the Unification of Gift And Estate Tax Means to You
Anyone who is planning for the future should be well aware of the potential ravages of the federal estate tax. There is a certain amount of money that you can pass along to your loved ones free of this tax, and everything that exceeds this exemption is subject to the tax. Right now the amount of the estate tax exclusion is $5 million, and the maximum rate of the tax is 35%. A lot of people will read the above and say, okay, so I'll give my money away to those who would otherwise inherit it … [Read more...] about What the Unification of Gift And Estate Tax Means to You
Creditor Claims
I was recently asked to address someone's claims against an estate. There were several procedural issues I addressed and pass along to you, as well as some practical advice regarding the nature of this person's claims. People create living trusts as part of the estate plan in order to avoid the death probate process which can be both time-consuming and expensive. If there is a trust involved, you can present your claim to the trustee, and it can be in any format which communicates the nature … [Read more...] about Creditor Claims
Estate Planning: Procrastination Is Not An Option
Recognizing that you should have an estate plan in place that includes an incapacity component is something that most people understand, even as relatively young adults. Procrastination is the problem. Statistics reveal that many young Americans have failed to do estate and incapacity planning, and that lack of preparation is placing their families at risk. According to a Harris interactive survey that was conducted late in 2009, only 24% of Americans who are under the age of 35 have any type … [Read more...] about Estate Planning: Procrastination Is Not An Option
Deeds of Trust
Deeds of Trusts are commonly misunderstood by most of the public. Even though the name includes trust, those documents are only nominally trusts, and the law governing them has little in common with trust law. Deeds of trust are actually lending documents. In many states, when someone buys a home and borrows money from a bank to do so, they sign a promissory note secured by a mortgage. The mortgage acts as a security device giving the lender an interest in the home to guarantee the lender … [Read more...] about Deeds of Trust
Poll Sheds Light On Baby Boomer Retirement Preparedness
Sometimes individuals look at those around them and feel amazed at how lucky other people are, but is it really luck? This can happen when people who are of retirement age find themselves facing difficulties as they plan for their future. They wonder how they are going to afford to retire and why there are lucky people around them that are able to retire without financial worries. While some people win the lottery and others are born into extremely wealthy families, the vast majority of … [Read more...] about Poll Sheds Light On Baby Boomer Retirement Preparedness
