If you are a baseball fan you are well aware of the fact that all season long New York Yankee shortstop Derek Jeter has been chasing down the 3,000th base hit of his illustrious career. If you are not a huge fan of America's pastime, to put this accomplishment into its proper perspective consider the fact that in the entire history of major league baseball just 27 players had accumulated 3,000 hits over their careers when this season began. It takes a great deal of sustained excellence to … [Read more...] about “Lucky” Yankee Fan May Face Big Tax Bill
Life Insurance: Income Replacement & More
When you analyze the components of the typical estate plan you'll find that life insurance plays a pivotal role. Without question, the most common use for life insurance would be as a vehicle of income replacement. If you are married and you were to pass away suddenly, where would your surviving spouse be financially? Most married couples enjoy a standard of living that is made possible by the combination of the incomes earned by both partners. To lose your spouse would be emotionally … [Read more...] about Life Insurance: Income Replacement & More
Long-Term Care Choice: Make It Your Own
It is human nature to some extent to avoid subjects that are not especially pleasant. The problem with this is that ignoring the harsh realities of life doesn't make them go away, and this is certainly true when it come to the eventualities of aging. But anytime that you face any challenging situation, it is much better to enter it totally prepared than to be suddenly thrust into it without any knowledge or information that you can draw from. With the above in mind, we would like to suggest … [Read more...] about Long-Term Care Choice: Make It Your Own
Addressing Elder Law Concerns
Estate planning is something that is intimately intertwined with the period of time that will precede your passing. Ideally, planning for the future should include addressing all of the eventualities of aging and there are some very significant elder law concerns that should be taken into consideration. Preparation is the key to enjoying your active retirement years to the utmost while being fully prepared for any contingencies that may arise. To bury your head in the sand is to invite … [Read more...] about Addressing Elder Law Concerns
Avoiding Multiple Impositions Of The Estate Tax
The estate tax is something that you have to take very seriously when you are engaged in the process of inheritance planning because it can have life-changing impact on succeeding generations. As of this writing the maximum rate of the estate tax is 35%, and the exclusion sits at $5 million. This is an incredibly big bite but it is going to get worse if the laws stay the same as they are right now. Unless there is new legislation passed in the interim, the top rate of the estate tax in 2013 is … [Read more...] about Avoiding Multiple Impositions Of The Estate Tax
Probate Pitfalls & Revocable Living Trusts
Many people have heard of trusts as they apply to the field of estate planning without realizing why they are not just something that the wealthy can benefit from. When you use a last will to direct assets to your family members after your passing, the estate must be probated before it can be closed. There are a number of reasons why people choose to avoid probate, and we will look at a few of them here and highlight a widely used alternative. Probate is a public proceeding that takes place … [Read more...] about Probate Pitfalls & Revocable Living Trusts
Is Your Pet Provided For In Your Estate Plan?
How long you live and how long your health holds up are factors that will ultimately impact your legacy. And when you consider the subject of health you have to understand that there are both psychological and physical aspects to the equation. How you feel mentally and emotionally can directly impact your physical health and well-being. It is no secret that loneliness and the loss of a sense of purpose can impact seniors negatively. One way that you may want to consider responding should you … [Read more...] about Is Your Pet Provided For In Your Estate Plan?
Estate Planning: The First Steps
Estate planning is the ultimate act of "cleaning house," and because it is such a huge undertaking is not uncommon for people to procrastinate before taking on the task. As understandable as this may be, when you go through life without an estate plan that includes an incapacity component you are placing yourself and your family at risk. Any undertaking begins with a single step, and when it comes estate planning the first phase involves inventorying your assets and essentially identifying … [Read more...] about Estate Planning: The First Steps
Ever-Changing Laws Present Estate Planning Challenges
The thing about estate planning that many people do not fully understand is the fact that it is not something that you do once and then forget about. When you first sit down to put an estate plan in place you are doing so based on circumstances as they existed at that time. These circumstances are both personal and societal. But as your own life changes and as the laws and the financial markets go through their own inevitable changes you will need to update your estate plan accordingly. On a … [Read more...] about Ever-Changing Laws Present Estate Planning Challenges
Alzheimer’s, Dementia, & Incapacity Planning
When you are planning for the latter stages of your life one of the things you must take into consideration is the possibility of incapacity. These days people are living to an advanced age rather routinely, with the oldest old being the fastest-growing age demographic subset. As it becomes more and more likely that you will live into your mid-to-late 80s and beyond, incapacitation becomes a very real possibility and it is something that must be planned for in advance. The leading cause of … [Read more...] about Alzheimer’s, Dementia, & Incapacity Planning
