Laws are often passed that provide some form of protection while simultaneously creating impediments that were really not intended, and the Health Insurance Portability and Accountability Act is one of these. The HIPAA was originally passed back in 1996, and the letter of the law was completed and passed down by the Department of Health and Human Services in 2001. Health care providers and medical insurers are in possession of the medical records of the people they treat and insure, and the … [Read more...] about Patient Privacy & The HIPAA
Tax-Free Educational Gifts
When the value of your legacy is clearly going to exceed the estate tax exclusion amount, you need to consider creative strategies that enable asset repositioning to keep your estate out of harm's way. Gift giving is one way to do this, and there is a $1 million lifetime gift tax exemption, so this is something that you can use to transfer some assets free of taxation. However, there are annual gift tax exemptions as well that do not count against the lifetime exclusion. Each person can give as … [Read more...] about Tax-Free Educational Gifts
Five Wishes Provide A Framework
Modern estate planning involves more than just the financial realities that go along with aging, and more and more people are coming to realize this. Living wills and durable powers of attorney for health care are now typically included in estate plans, and this is a very positive step. In our culture we tend to shy away from discussions surrounding death, but it is important to let your family know your thoughts concerning the way that you would like to be treated at the end of your … [Read more...] about Five Wishes Provide A Framework
Three Simple But Effective Inheritance Planning Vehicles
You see so many terms and acronyms tossed around when you are doing your inheritance planning research that it can all seem kind of complicated if not completely confusing. There are indeed some rather complex vehicles and combined strategies that are appropriate for some estates depending on the specific dynamics of a particular case. However, some of the strategies that are routinely utilized when planning estates both large and small are very simple to understand but highly effective all the … [Read more...] about Three Simple But Effective Inheritance Planning Vehicles
Smart Estate Planning For Business Owners
Anyone who owns a successful small business knows the importance of planning, but that foresight does not always extend as far as it should. Business owners need to look over the horizon and recognize that they need to have an estate plan in place sooner rather than later, because that plan is actually relevant to the ongoing trajectory of the business. There are three different scenarios that most small business owners are working with. Some people are engaged in what is referred to as an … [Read more...] about Smart Estate Planning For Business Owners
Estate Planning & Funeral Arrangements
Your first thoughts when you begin to engage in the process of estate planning are usually going to revolve around the intelligent and efficient distribution of your assets. This is certainly a large part of it, but there are a number of details that many people may not consider at first. One of these is the matter of funeral arrangements. There are those who have very specific desires in this regard. They may want a favorite priest, rabbi, imam, or minister to perform a memorial service in a … [Read more...] about Estate Planning & Funeral Arrangements
Drawing Up A Will On Your Own
When you are considering the question of whether or not it is advisable to draw up your own will, it is wise to draw some lines. There are some activities that can be engaged in at every level, from beginning to intermediate to advanced and everything in between. You start out at a very rudimentary level and build on the things that you learn, and people often learn best through initial failure. This is as it should be; incremental improvement through trial and error is part of the learning … [Read more...] about Drawing Up A Will On Your Own
Estate Tax Looms In 2011
The estate tax was repealed for the 2010 calendar year, and any form of tax relief is more than welcome for most Americans. However, in 2011 the estate tax will be back in effect, and it is carrying a very significant bite upon its return. Unless congress acts to change the existing parameters, the maximum rate will revert back to the level that it was at in 2001, which is a whopping 55%. The exclusion will return to the 2002 level of $1 million. To give you an idea of how this stacks up against … [Read more...] about Estate Tax Looms In 2011
Estate Plan Updates
There are some things that you put in place and simply leave alone, but estate plans are definitely not among them. It would be accurate to assert that estate planning in an ongoing process that continues throughout your life rather than being a one-time event. For those who have not yet engaged in setting up their initial plan there is a foundation that needs to be built, and some aspects of this foundation may remain in place over time. But things can and do change, and the things that happen … [Read more...] about Estate Plan Updates
Estate Tax Solution: Generation-Skipping Trusts
Let's take a look at a hypothetical scenario. Your grandparents started from scratch having inherited nothing to speak of, and they worked hard all of their lives. They were fortunate enough to accumulate some wealth, but when they passed it along to your parents, it was reduced by nearly half due to the estate tax. Your parents did well in their own right and never had to touch what they inherited from your grandparents. When they pass on and leave that legacy to you it is subject to the estate … [Read more...] about Estate Tax Solution: Generation-Skipping Trusts
