The estate tax is controversial to say the least because there seems to be little if any logic to support it. You work all your life and pay income tax and payroll or self-employment tax on all of your earnings. In the end you have a fraction of what you actually made left over after paying these taxes. With this remainder you go about your business, but as you use it you are taxed again and again continually. You must pay sales tax on all of your purchases, and there are property taxes, … [Read more...] about Opting Out Of 2010 Estate Tax
Long-Term Care Assistance For Veterans
People who serve their country in the armed forces are entitled to certain benefits and some of them are rather commonly understood. For one, veterans who have put in at least two decades of service become eligible for a retirement pension. A lot of people think long-term and join the military knowing that they will retire after 20 years and then embark on a career as a civilian. This can be a fruitful path that can set you up for a comfortable retirement when you become eligible for Social … [Read more...] about Long-Term Care Assistance For Veterans
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
Retirement Planning: Debt Reduction Is Key
Some people toss around the word "retirement" as though it was some type of given. This could stem from the misconception that everyone will be able to retire once they start receiving Social Security and Medicare coverage. If you're one of these individuals you may want to do some research. The Social Security Administration states that the average monthly check in 2010 was $1072. As we all know, we're in the throes of a budgetary crisis. Social Security outlays account for 20% of the national … [Read more...] about Retirement Planning: Debt Reduction Is Key
Asset Protection Via LLC
Individually owned and closely held businesses are often created as limited liability companies or LLCs, and one of the reasons why this is done is to protect personal assets. These entities exist in a type of gray area between corporations and sole proprietorships or partnerships. The people who own an LLC are referred to as "members," and the law does allow for single-member limited liability companies. The members of an LLC gain the benefit of keeping their own personal finances separate and … [Read more...] about Asset Protection Via LLC
Seniors Can Fall Victim To Web-Based Scams
The best way to protect yourself from becoming a victim is to understand the threats that are out there. Elder law attorneys are always keeping their ears to the ground in an effort to educate themselves and pass what they learn on to their clients. One of the issues that is being talked about a lot right now is that of elder financial abuse, and it comes in a number of different forms. It is hard for researchers to get a full handle on the subject because a very high percentage of the cases go … [Read more...] about Seniors Can Fall Victim To Web-Based Scams
Reasons Why Inheriting Later May Be A Better Option Than Gifting Now
In the world of estate planning, the ultimate goal is always to dispose of all of your wealth in one form or the other. Whether you do that through lifetime gifts or through bequests at the time of death will depend on a number of factors. Both gifting now and bequeathing later have their advantages and disadvantages. Consider the following reasons why you may want to leave some assets to be transferred at the time of death. If you have an asset that has appreciated considerably since the time … [Read more...] about Reasons Why Inheriting Later May Be A Better Option Than Gifting Now
Does a Married Couple Have to Create a Joint Estate Plan?
If you have an existing estate plan, and have recently married, you may be wondering how your estate plan will change now that your status as a single person has changed. Marriage does typically require an individual to re-evaluate and update an estate plan; however, how that plan changes will depend on many factors. A married couple is certainly not required to create a uniform, joint, estate plan, though many do. The changes that you make to your existing estate plan will depend, on a large … [Read more...] about Does a Married Couple Have to Create a Joint Estate Plan?
How to Keep Your Beloved Pet from Ending Up in A Shelter
Each year, millions of older Americans seek the companionship that a pet offers when they lose a spouse. A pet can give you unconditional love and affection while you live out your golden years. Your pet asks for very little in return. Love, affection, food, and shelter. Don’t you owe it to your pet to make sure that he or she will not end up in a shelter, or worse, when you die? Sadly, many of the pets that people own end up in a shelter when their owner dies. A pet may not require much, but … [Read more...] about How to Keep Your Beloved Pet from Ending Up in A Shelter
Marital Agreements Sometimes Get A Bad Rap
We live during an era when a lot of marriages end in divorce. Depending on the source you'll see some slightly varying statistics and there are demographic variances, but it is safe to say that approximately 40% to 50% of the marriages that take place in the United States end in divorce. When you consider this number you can see why entering into a premarital agreement may be a good idea. Premarital agreements sometimes get a bad rap because asking your spouse to sign a contract delineating … [Read more...] about Marital Agreements Sometimes Get A Bad Rap
