It is important for all responsible adults to at least have a basic estate plan in place. The thing about "taking your chances" without an estate plan that is really irresponsible is the fact that estate planning is not something that is going to benefit you. You will not be around to see the result of the plan-- it is engaged in for the well-being of your family members. So when you procrastinate you are putting the well-being of your family members at risk. Obviously the more complex your … [Read more...] about Basic Estate Plan Components
Will Efforts To Increase Revenue Include Estate Tax Hike?
The recent crisis that we had in Washington revolving around the raising of the debt ceiling brought a lot of things out into the open. Just about everyone agreed that there should be cuts in spending. The disagreements revolved around what should be cut, how much should be cut, and whether or not there should be increases in federal revenue mandated. The way that revenue is increased is by raising taxes. For now, that isn't going to happen. But there is still sentiment out there for raising … [Read more...] about Will Efforts To Increase Revenue Include Estate Tax Hike?
What Makes A Power Of Attorney “Durable?”
Elder law attorneys remain tightly focused on all of the issues that are relevant to our nation's senior citizens. Because of this expertise they have a thorough understanding of the challenges that you may face when you begin to reach an advanced age. Most laypeople have no reason to probe into these matters; your twilight years seem as though they are a world away when you have not yet reached retirement age. Yet, if you don't make the necessary plans to prepare for any and all eventualities … [Read more...] about What Makes A Power Of Attorney “Durable?”
Giving To Charity Can Provide Dual Rewards
They say that the giving of a gift is its own reward, and this is certainly true. But the nice thing about giving as it applies to estate planning is that there are often tax rewards involved. So even if you choose to engage in an act of giving without expecting anything at all in return, you can still benefit because the reward for your generosity is built-in. Many people choose to include charitable giving as a part of their legacies, and this is a great way to give something back when you … [Read more...] about Giving To Charity Can Provide Dual Rewards
Estate Planning: One Thing Leads To Another
When you begin to consider what life will be like once you start to reach an advanced age you may suddenly recognize the importance of planning ahead intelligently. Fortunately, some people come to this conclusion when they're young enough to set goals and do what is necessary to reach them. But the sad fact is that too many find themselves unprepared when their retirement years are upon them. There was a recent AP-LifeGoesStrong.com poll conducted that put the subject of how prepared the baby … [Read more...] about Estate Planning: One Thing Leads To Another
Taking Advantage Of 401(k) Accounts
It is important to look at the big picture if you want to be prepared for each and every phase of your life. While it is true that we are all constantly dealing with the matters of the present, the wise person does this with an eye on the future. If you plan on retiring at 65 you have to understand that you may well live for two decades or more after you stop working. It may seem like overstating the obvious, but you have to somehow finance this long stretch of time. As self-evident as this may … [Read more...] about Taking Advantage Of 401(k) Accounts
Assisted Living Funding Via A Reverse Mortgage
When you are planning for the future you must address all eventualities if you want to be completely prepared. It is easy to expect that your retirement years will be full of fun and leisure time, and assume that all you have to do is prepare for this period and the subsequent passing of your assets to your loved ones after you die. However, there is an interim between your active retirement and your passing known as your "twilight years." It is important to address some of the expenses that you … [Read more...] about Assisted Living Funding Via A Reverse Mortgage
The Death Of Amy Winehouse & Estate Planning
The average life expectancy in the United States at the present time is nearly 79 years, and this is comforting to think about when this birthday lies well off into the distance. But of course, it is important to remember what the word "average" means. There are those who live well beyond their 79th birthdays, and in fact the segment of the population that is at least 85 years of age is growing more rapidly than any other. And on the other end of the spectrum, there are many individuals who pass … [Read more...] about The Death Of Amy Winehouse & Estate Planning
Dogs Inherit Over 80K
When you are actively engaged in the process of estate planning there are a lot of things to take into account. You have to inventory your assets and take stock of exactly what form they are all in, and you must identify the people who you intend to transfer assets to after you pass away. You must then determine the best way to get these assets from Point A to Point B, and there can be significant sources of asset erosion out there that must be taken into account when you are determining the … [Read more...] about Dogs Inherit Over 80K
Veterans Have Clear Path To Retirement Income
A lot of people feel challenged to meet all of their responsibilities in the present, so it is easy to understand why they may not want to think about planning for the future. However, this does not make it right. If you do want to retire at some point in time, you have to come up with some type of retirement plan that makes sense. Simply sitting idly by and expecting Social Security and Medicare to take care of everything when you reach the typical retirement age is going to leave you … [Read more...] about Veterans Have Clear Path To Retirement Income
