The way that you will be remembered after you pass away is considered to be your legacy. You can keep this in mind when you are making decisions throughout your life, and legacy planning is a very real facet of a comprehensive estate plan. Part of this is keeping your reputation intact as you build a substantial body of work. If your work is something that will continue to exist after you pass away, your legacy will have a particular solidity to it. Such is the case with the recently deceased … [Read more...] about Manzarek Dies; Legacy Intact
GLBT Couples Must Have An Estate Plan
If you are involved in a long-term committed relationship and you are not legally married, estate planning is especially important for you. If you are involved in a same-sex relationship, unless you live in (or travel to) one of the handful of states that recognize same-sex unions, the choice to get legally married is really not available to you. So, for GLBT couples the execution of the appropriate legal documents is the only way that you can make sure that your partner has certain rights that … [Read more...] about GLBT Couples Must Have An Estate Plan
Legacy Plan Can Include Giving to Charitable Causes
Legacy planning is something to discuss with your attorney if you feel as though you would like to cast a long shadow even after your passing. There are various things that you can do to make your influence felt, and one of them would be to set aside resources for charitable causes. One way of doing this is by starting a private family foundation. The huge foundations that are named after some of the wealthiest individuals our country has known are going to be staffed, and they incur … [Read more...] about Legacy Plan Can Include Giving to Charitable Causes
Spare Your Family from Unpleasant Surprises
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
Generation Skipping Trusts Can Reduce Tax Exposure
The estate tax is much-maligned in some quarters because of the fact that it is imposed on resources that have already been taxed. After all, your savings and investments were accumulated with the money that you were able to hang onto after you paid taxes on your income. But to make matters worse, there can be multiple impositions of the estate tax on the resources that you leave behind to your loved ones. Simply put, if you leave a taxable sum to your children and they keep it intact or build … [Read more...] about Generation Skipping Trusts Can Reduce Tax Exposure
Fairness Of Estate Tax Questioned
The federal estate tax stands on shaky logical ground in the minds of many individuals. For one thing, they contend that the estate tax is an instance of double taxation. When you earn money you must pay income and payroll or self-employment taxes. You are then left with an after-tax remainder. The purchases that you make are made with these after-tax earnings, and any savings that you accumulate would consist of money that you had left over after paying taxes. The personal possessions that … [Read more...] about Fairness Of Estate Tax Questioned
Payable On Death Accounts
There are complicated financial instruments that are used in estate planning and it is a good idea to retain the services of an experienced estate planning attorney when you are making preparations for the future. This having been stated, there are also some rather simple solutions that can be a part of your comprehensive plan for aging and eventual death. When it comes to transferring assets to your loved ones, one of these simple solutions would be a payable on death "POD" account (sometimes … [Read more...] about Payable On Death Accounts
Is DIY Estate Planning Wise?
Many people enjoy engaging in do-it-yourself projects for a number of different reasons. Obviously you can save some money if you can complete a task on your own rather than bringing in a professional. It can also be fun and personally rewarding to get involved in a DIY project. Some people make a hobby of it and build on specific skills that they acquire as they take on one task after another, purchasing tools or others types of equipment along the way. DIY is certainly enriching, but you do … [Read more...] about Is DIY Estate Planning Wise?
Estate Planning Is Relevant To Adults Of All Ages
At the present time the average life expectancy in the United States is between 78 and 79 years. Medical science is capable of incredible things these days, and people are learning more about how to live healthy lifestyles. As a result, it would seem logical to expect these lifespans to increase as time goes on. In fact, the segment of the population that is 85 years of age and older is the fastest growing demographic among us. So does this increased longevity mean that you really don't have to … [Read more...] about Estate Planning Is Relevant To Adults Of All Ages
Tax-Free Gifts Can Provide Estate Tax Efficiency
Understanding the existing estate tax parameters at any given time is an important part of the estate planning process. You may have heard that the estate tax is something that only the very wealthy have to concern themselves with, but this is really not the case. If you buy into that notion and ignore the subject entirely your loved ones could be faced with a shocking and costly revelation after you pass away. The estate tax exclusion is currently $5 million and the maximum rate is 35% for … [Read more...] about Tax-Free Gifts Can Provide Estate Tax Efficiency
