A comprehensive estate plan typically includes more than just a Last Will and Testament. One or more trusts are frequently incorporated into an estate plan. Trusts come in numerous forms and can serve a wide variety of purposes. One type of trust that is popular with married couples is the credit shelter trust, also known as a bypass trust. Only you and your estate planning attorney can decide if a credit shelter trust is right for your estate plan, but a basic understanding of how one works can … [Read more...] about Credit Shelter Trusts—What Are They and Do I Need One?
Estate Tax Changes Set to Take Place in 2013
The estate tax is a tax that is levied on your estate assets at the time of your death. Each taxpayer is entitled to take advantage of the lifetime estate tax exemption limit that will offset any estate taxes due at the time of death. That limit is set to make a significant change for 2013 that all taxpayers should be aware of. Under the current tax regime, each taxpayer may use the lifetime exemption limit of $5.12 million to avoid that payment of estate taxes. Any countable estate assets … [Read more...] about Estate Tax Changes Set to Take Place in 2013
Building for America’s Bravest Project and the Gary Sinise Foundation
Actor Gary Sinise, best known for his portrayal of Lt. Dan Taylor in the film Forest Gump, has just launched a project aimed at building smart homes for America’s seriously wounded veterans. Sinise played Lt. Dan Taylor, a Vietnam veteran, in the unforgettable film Forrest Gump in 1994 and as a result he has developed a close relationship to many of America's veterans. This relationship has grown over the years because of Sinise's dedication to veteran causes. One such example is the project … [Read more...] about Building for America’s Bravest Project and the Gary Sinise Foundation
Trouble Brewing Already in Whitney Houston’s Estate
With the untimely death last week of legendary singer and actress Whitney Houston, sales of anything related to Houston are soaring, as is often the case after the death of an artist. While Houston’s estate is not worth anything near what an artist like Michael Jackson’s was, it is worth enough to fight over as we are already starting to see. Houston’s ex-husband, singer Bobby Brown, was invited to the funeral, but didn’t last long. The couple had a publicly tumultuous relationship until they … [Read more...] about Trouble Brewing Already in Whitney Houston’s Estate
Estate Tax Looms, Action Required
The estate tax is something that a lot of people don't have a firm understanding of, and this is largely because so many people ignore estate planning altogether. A survey that was conducted by the Harris organization late in 2009 found that only about 35% of the adults who participated had executed a last will or some other vehicle of asset transfer. Even among older Americans there is a lack of preparation with 23% of individuals over the age of 55 going through life without an estate plan. … [Read more...] about Estate Tax Looms, Action Required
Blended Families and Joint Accounts for Estate Planning Purposes
Blended families are the norm anymore in America. If you have recently remarried, or are planning to remarry in the near future, you have likely given a considerable amount of thought to how you and your new, or future, spouse will handle financial matters. Unlike a first marriage, partners in a second, or subsequent, marriage often come into the marriage with children from the previous relationship as well as an existing financial and estate plan. Creating an estate plan that accounts for all … [Read more...] about Blended Families and Joint Accounts for Estate Planning Purposes
Estate Tax May Have New Look In 2013
One of the things that you would do well to keep in mind when you are considering the subject of estate planning is the fact that things do not stand still. When you first arrange for a consultation with an estate planning attorney and walk out of the office with an estate plan in place you could get complacent, feeling as though you have satisfied this responsibility. This is a mistake because that initial plan is going to have been devised based on your life as it stood on that day. Time … [Read more...] about Estate Tax May Have New Look In 2013
What Is Medicaid?
Unfortunately, many Americans are without much needed health care coverage. As a result, people often cannot afford preventative health care or treatment for serious medical conditions. If you are without health care coverage, the Medicaid program may be an option. Most people have heard of the Medicaid program, but many do not know how the program is administered, what it covers and how you may qualify. Medicaid is a program that is funded by the federal government; however, the program is … [Read more...] about What Is Medicaid?
Estate Planning: What Are Your Objectives?
Those who have decided that the time has come to start to take estate planning seriously would do well to ask themselves if they have any particular objectives in mind. This is a very broad subject because financial situations can vary a great deal. But the majority of people will need to identify their legacy goals as early as possible if they are going to be able to budget appropriately throughout their lives in an effort to meet these goals. There are two different philosophies that people … [Read more...] about Estate Planning: What Are Your Objectives?
FRAUD ALERT!
IRS Warns of E-mail Fraud The IRS is currently warning taxpayers of an active e-mail scam in the Midwest. The scam involves e-mails supposedly sent from the IRS that bear copycat logos and the names of real IRS officials. The recipients are told that their payment for taxes due has been rejected. They are then asked to click on a link in order to fill out an attached form and thereby resolve the payment rejection issue. However, the attachment actually contains a virus. This virus allows the … [Read more...] about FRAUD ALERT!
