When you look at the most recent census statistics one fact really jumps out and grabs you: We are getting older as a society. Senior citizens are the single fastest growing segment of American society. To add to this amazing trend the oldest among us, people who are at least 85 years of age and older, are the subset that is most rapidly expanding. While it is true that there are people who reach advanced ages who are fully capable mentally and physically, there are those who aren't. This is … [Read more...] about Incapacity Planning With Advance Health Care Directives
2011 Is Here, Time To Review Your Estate Plan
You can't paint with a broad brush when it comes to estate planning because the anatomy of each plan can vary so widely. Depending on the specifics of your assets, your age, your individual objectives, and the dynamic of your family there is a very wide range of possibilities. But it is safe to say that those who feel as though their estates are of sufficient size and complexity to warrant professional planning advice are going to need to review their estate plans regularly. What could be … [Read more...] about 2011 Is Here, Time To Review Your Estate Plan
Reverse Mortgages Are An Option
Like a lot of the terms that are used in estate planning circles, the reverse mortgage is somewhat self explanatory. When you obtain a conventional mortgage, you usually have very little equity in the home when you first close. You essentially purchase portions of the equity each month from the lender when you make your mortgage payments. It you do this long enough you reach the point where you, not the lender, own all or most of the equity. Let's say that you do reach that point and you are at … [Read more...] about Reverse Mortgages Are An Option
Bill Includes Changes In Estate Tax
The estate tax was repealed for 2010, but it was set to return in 2011 with a top rate of 55% and an exclusion of just $1 million. We say "just" a million because during 2009, the last year that the tax was in effect, the exclusion was $3.5 million. Clearly a lot of people were concerned because estates that were valued between $1 million and $3.5 million were going to be exposed to the tax in 2011 when they were exempt in 2009 and 2010. To make matters more difficult there had been talk … [Read more...] about Bill Includes Changes In Estate Tax
Be Prepared With Long Term Care Insurance
We pass along a lot of information about estate planning and the financial strategies that can be employed to prevent asset erosion, but this is just one aspect of elder law. As the society grows older and people live longer new societal and legal issues are arising, and the entire paradigm of aging is changing before our eyes. This is a far reaching subject worthy of much examination, because you can't address something like the rising costs associated with long term care unless you place them … [Read more...] about Be Prepared With Long Term Care Insurance
Probate Experience And Personal Representatives
When you are looking into the details surrounding the process of estate planning you will hear probate mentioned a lot. Probate is the legal process that an estate must pass through unless you take overt and intentional steps to avoid it. The reasons why someone might want to implement probate avoidance strategies would be because the process is time consuming and it can be expensive. Depending on the specifics of your estate probate avoidance can sometimes be the more efficient route. However, … [Read more...] about Probate Experience And Personal Representatives
Dependent Children & Estate Planning
People who have small children for the most part have not had the opportunity to accumulate a significant store of financial assets. When you think about this from an estate planning perspective it can be somewhat disconcerting because you have a combination of dependents with long term financial need and limited resources in reserve. Should both parents pass away together in an accident of some kind the children will need to be cared for personally and financially. On the personal side young … [Read more...] about Dependent Children & Estate Planning
McClellan: Medicaid won’t pay bills for man whose widow had IRA
Upon reading the following article, I decided to write Bill McClellan. The message to Mr. McClellan appears below. http://www.stltoday.com/news/local/columns/bill-mcclellan/article_7be7b2e2-5a78-5b4b-a56e-1141414b6b3c.html Mr. McClellan: I read your article entitled, “McClellan: Medicaid won't pay bills for man whose widow had IRA”, and I wanted to pass on the following thoughts: I am an attorney for the St. Louis County law firm, Purcell & Amen, L.L.C. We focus our practice on … [Read more...] about McClellan: Medicaid won’t pay bills for man whose widow had IRA
High Profile Retirement Planning Lesson
Even if you are not a big fan of NFL football it would be hard not to be aware of the long-term retirement planning seminar that the great Minnesota Vikings quarterback Brett Favre has been putting on for the last several years. It should first be noted that Favre is statistically the greatest player at his position in the history of professional football, and he held this distinction when he first decided to retire after the 2007 season. His emotional retirement announcement on national … [Read more...] about High Profile Retirement Planning Lesson
Age Is A Just Number
People tend to get serious about the process of estate planning and preparing for the eventualities of aging as their retirement years start to come into focus, and this is understandable. Sometimes a picture is worth a thousand words, and when you are younger you are surrounding by the backdrop of youthful endeavors. As a parent of dependent children you can relate to the lives of your kids more than you can the experience of your parents and grandparents. After all, you can remember your own … [Read more...] about Age Is A Just Number
