If you have a current estate plan, or have ever read through common estate planning documents, then you have probably encountered what people refer to as “legal jargon”. These are terms that are unfamiliar, words that seem superfluous, or phrases that appear to be out of place. Is all this legal jargon really necessary? The simple answer is “yes”. The legal system in the United States is a precedent based system, meaning in essence that case law builds on previous case law. For this reason, … [Read more...] about Estate Planning Legal “Jargon” – Why It Matters
Why You Need and Estate Plan if You Have Minor Children
Despite knowing how important it is to create a thorough estate plan, over half of all Americans do not have one. Although various reasons are given for failing to create an estate plan, one of the most common reasons is that people who have estates that include only modest assets think an estate plan is not necessary. If you have minor children though, you need an estate plan without regard to the value of your assets and here’s why. Although you may not have assets that are worth a … [Read more...] about Why You Need and Estate Plan if You Have Minor Children
How Much Life Insurance Do I Really Need?
Americans love insurance. We tend to buy insurance for just about everything from our vehicles, to our homes to our lives. This is not necessarily a bad thing. It often times makes sense to include a life insurance policy in your estate plan. When it comes time to purchase a life insurance policy though, how does an individual know how much insurance is really necessary? How much life insurance you really need depends on why you want the life insurance. Is it just intended to pay off debts or … [Read more...] about How Much Life Insurance Do I Really Need?
Your Estate Planning Attorney—How Good Is Your Relationship?
You have likely not given much thought to how good your relationship is with your estate planning attorney—after all, it is just a professional relationship right? While this is certainly true, and there is no need for your estate planning attorney to be among your circle of closest friends, you should take a moment to consider your relationship given the importance of the subject matter that forms the basis of the association. Of course you should choose an estate planning attorney who has the … [Read more...] about Your Estate Planning Attorney—How Good Is Your Relationship?
Can’t I Just Create My Own Estate Plan?
In today’s digital world, you can find just about anything you want on the internet with a few clicks of your mouse. This means that you can locate “fill-in-the-blank” estate planning documents, or complete estate planning “packages” rather easily online. This often leads people to ask “Can’t I just create my own estate plan?” The answer to that question is that yes, you can, but there are a number of reasons why you may not want to do away with the advice and assistance of an expert estate … [Read more...] about Can’t I Just Create My Own Estate Plan?
Why Would I Want to Disclaim an Inheritance?
The old saying “Never look a gift horse in the mouth” is generally a wise thought; however, it may not always apply when estate planning is involved. While an inheritance is generally a gift that is welcome, despite the reason behind the gift, there are times when the benefits of accepting an inheritance are outweighed by the cost. When that is the case, you may want to disclaim the inheritance and let it pass to the next beneficiary in line. Disclaiming an inheritance is often a tool used for … [Read more...] about Why Would I Want to Disclaim an Inheritance?
Trouble — The Leona Helmsley Pet Trust Story
For anyone over the age of about 40, the name Leona Helmsley should ring a bell. For anyone not familiar with the name, she was a New York hotel heiress who was known as the “Queen of Mean.” Apparently though, Helmsley did have a soft spot for the pooch she bought after her husband died in 1997 since she left him a pet trust worth a staggering $12 million upon her death. Helmsley named the little Maltese “Trouble”--a name that may have sealed his destiny. Not only did Helmsley leave the little … [Read more...] about Trouble — The Leona Helmsley Pet Trust Story
Tips for Finding An Estate Planning Attorney
Your estate plan not only distributes your assets upon your death, but is your opportunity to make sure that your loved ones are taken care of in the event that you suffer an untimely death. Given what is potentially riding on how well your estate plan has been created, it only makes sense to retain the best estate planning attorney possible to assist you in the creation of your plan. Of course, the final decision can only be made by you, but there are some tips that may help you find the best … [Read more...] about Tips for Finding An Estate Planning Attorney
Staying Safe on the Road in Your Golden Years
The face of America is slowly changing – it is becoming older. Statistics tell us that by the year 2030 over 20 percent of the nation’s population will be over the age of 65. Partially a result of the baby boom generation as well as advances in medicine that allow people to live longer, this shift in the age of the nation also means that more older drivers will be behind the wheel on the nation’s roadways. Unfortunately, older drivers are at a significantly higher risk for being injured or … [Read more...] about Staying Safe on the Road in Your Golden Years
The Yearly Exclusion to the Gift Tax
Taxpayers who are concerned about incurring gift taxes upon their death should be certain to make use of the yearly exclusion to the gift tax. With all of the focus on the changes that are set to take place with the lifetime gift tax exemptions and the gift tax rate, people may be overlooking the yearly gift tax exclusion option this year. In America, almost everything is subject to taxation, including gifts. Gifts made during your lifetime that are over the lifetime exemption amount will be … [Read more...] about The Yearly Exclusion to the Gift Tax
