The importance of estate planning cannot be understated for anyone. The importance of creating a comprehensive estate plan for members of the gay, lesbian, bi-sexual and transgender, or GLBT, community is crucial. Because members of the GLBT community find themselves in significantly different legal positions from one state to another, the legal authority and recognition that your partner is given may be questionable at best absent pre-planning on your part. Power of attorney: A power of … [Read more...] about Important Estate Planning Tools for the GLBT Community
Charitable Trusts — Lead or Remainder?
Charitable trusts are a popular estate planning tool because they offer the ability to accomplish numerous goals at the same time. Within the charitable trust category, there are a variety of options, but two basic types are popular because they combine charitable and non-charitable giving. Both a charitable lead and a charitable remainder trust allow you to create a trust that provides for both a cause that is important to you and people who are important to you. In addition, both trusts may … [Read more...] about Charitable Trusts — Lead or Remainder?
Have You Planned for Your Cat in Your Estate Plan?
In America, we love our pets. According to the Humane Society of the United States, Americans own about 78 million dogs; however, cats are the more popular pet with Americans owning over 86 million cats. In fact, one in three households in the United States owns a cat. Of those homes with feline friends, over half of them have more than one cat. If you consider a cat to be part of your family, have you planned for your feline friend in your estate plan? Despite how much cat lovers care for … [Read more...] about Have You Planned for Your Cat in Your Estate Plan?
Dividing the Family Farm in Your Estate Plan
A hundred years ago family farms were plentiful throughout the United States. While they have certainly dwindled in number over the last 100 years, there are many left. Some of those are even thriving and producing a substantial income for the owners. If you own a family farm and wish to see the farm stay in the family, careful estate planning is essential. Knowing the importance of estate planning is just the first step though. You must also make some difficult decisions if you plan to keep … [Read more...] about Dividing the Family Farm in Your Estate Plan
If You Own a Business You Need a Succession Plan
Whether you are a sole proprietor or a partner in a small business venture, you need to include a succession plan in your overall estate plan. Failing to do so could result in some very negative consequences if something were to happen to you. To illustrate the point, imagine the following scenarios: You own a sole proprietorship that you plan to pass on to your children when you die but you are only in your 30s so you figure you have plenty of time to worry about that. Unfortunately, you are … [Read more...] about If You Own a Business You Need a Succession Plan
Be Aware Of Medicaid “Look-Back” Period
A lot of people are stunned when they find out just how expensive long-term care has become. The MetLife Mature Market Institute publishes a survey every year that sheds light on the subject, and the 2010 figures indicate that the cost of long-term care could be accurately described as exorbitant and on the rise. If you wanted to spend a year residing in an assisted living community in the United States in 2010, the national average cost would be almost $40,000. The same period of time living … [Read more...] about Be Aware Of Medicaid “Look-Back” Period
Pet Trusts [Infographic]
If you consider a furry (or not so furry) friend to be part of your family then you probably want to include him or her in your estate plan. Just as you provide for a child you can provide for your pet in your estate plan through the creation of a pet trust. Click here to view a larger image. … [Read more...] about Pet Trusts [Infographic]
Grief or Depression?
If you have recently lost a loved one, you are undoubtedly going through a wide range of emotions. There is no right or wrong way to grieve, no road map or guidebook that tells us what we are supposed to feel at what point. More importantly, there is no norm for when the grieving process terminates. Each person experiences grief in their own way and works through it in their own time. But how do you know if your grief has become something more serious? Recognizing when normal grief has turned … [Read more...] about Grief or Depression?
Working Longer May Mean Living Longer
Although some people count the years, then months, then days until they can retire, others never seem to retire. If you are one of the people who cannot imagine not working, who hasn’t even bought a rocking chair yet, and who actually enjoys your job…there is encouraging news. It turns out that working longer may mean living longer. A 30 year study conducted by Shell Oil found that people who waited until age 65 to retire actually lived longer than those who choose to retire at age 55. While … [Read more...] about Working Longer May Mean Living Longer
Is A Family Limited Partnership in Missouri Right for Our Family?
Passing down a family business, or family wealth in general, can be a challenging component of estate planning. There are number of different strategies that can be used to manage a family business while you are alive; however, the ideal situation is to create a scenario that allows you to manage the business while you are alive and pass down the assets owned by the business to future generations without subjecting the transfer to a significant tax burden. One option is to create a Family … [Read more...] about Is A Family Limited Partnership in Missouri Right for Our Family?
