Back in the summer of 2010 there was a poignant story circulating in the financial community involving a challenge that was issued by two of the most high profile billionaires in the world. Bill Gates and Warren Buffett called on the nation's richest people to consider giving away half of their wealth to charity over the course of their lives. Buffett himself "walks the walk" as it were because he has promised to give away almost all of his fortune to charity eventually. He has already given … [Read more...] about CRUT For Philanthropy, Tax Savings
Estate Tax: Only For The Rich?
You will sometimes hear people say that you don't have to worry about the estate tax because it is something that is only imposed on people who are rich. When you hear this you may want to engage in some critical thinking because blindly inculcating this notion into your thought processes as though it was a fact could wind up costing your family a great deal of money after you pass away. What is your definition of rich? If Bill Gates and Warren Buffett are rich in your mind and you are thinking … [Read more...] about Estate Tax: Only For The Rich?
The Basics Of Estate Planning
One of the reasons why so many people put off planning for the latter portion of their lives and eventual passing is because they really just don't know where to begin. There are many different financial instruments that can be utilized, the optimal combination of which is going to vary depending on the specifics of your wishes and the exact makeup of your assets. However, when you break it down to its simplest form estate planning must achieve the transfer of assets to your heirs while … [Read more...] about The Basics Of Estate Planning
Retirement Planning & Medicare
It is important to be prepared to handle your medical expenses when you reach your retirement years, and of course Medicare is something that many people are going to be relying on. It would be logical to assume that you become eligible for your full Social Security benefit and Medicare simultaneously, but the reality is that this is not the way that the system is set up. People become eligible for full Social Security benefits at different times based on when they were born. Some would say it … [Read more...] about Retirement Planning & Medicare
An Ethical Will Can Fortify Your Legacy
When you think about estate planning the first thing that is going to come to mind is probably going to be passing along your financial assets to your loved ones after you die. Without question this is one of the primary goals, but there are some other things to consider as well. For one, people don't pass away for the most part after having been in good health for the period of time preceding their death. A period of incapacity is possible, so you need to prepare for that as well. This can be … [Read more...] about An Ethical Will Can Fortify Your Legacy
Home Value & Estate Tax Exposure
Throughout most of last year there was a lot of uncertainty about the future of the estate tax, but that was cleared up in the middle December when a tax relief measure was passed through Congress. It is now being called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and as a result of provisions within it the estate tax exclusion is $5 million and the maximum rate of the tax is 35%. In a nutshell this means that if your estate is worth $5 million or less … [Read more...] about Home Value & Estate Tax Exposure
Medicaid And The Community Spouse
Too many times you see estate planning "advice" offered online that seems to proceed from the standpoint that all readers have virtually unlimited financial resources. It's great if you're in this position and there is certainly nothing wrong with it, but the fact is that most people are not. So this type of information is really not all that helpful for 99% of the population. It is much more challenging to prepare for all the eventualities of aging when you do not have unlimited resources, so … [Read more...] about Medicaid And The Community Spouse
Elder Law and Veterans A & A
One of the reasons why you are almost always going to save more money than you spend when you engage the services of an elder law attorney is because they are fully cognizant of all of the options that are available. As a layperson there is no particular reason why you would understand all of the intricacies of elder law but estate planning attorneys are deeply immersed in these issues every day. And one of these matters that can be very challenging for some of our seniors is the high and rising … [Read more...] about Elder Law and Veterans A & A
Financial Abuse A Growing Elder Law Concern
The rapid aging of the United States population is amazing to behold, with the oldest old being the fastest growing group among us. Though living a long and robust life is the goal, when you reach an advanced age certain possible challenges loom. You can approach this one of two ways. You can keep your head in the sand and pretend that these possibilities don't exist, or you can be proactive about accepting them and doing everything you can to be prepared come what may. If the second approach … [Read more...] about Financial Abuse A Growing Elder Law Concern
Divorce Calls For Estate Plan Review
Estate planning lawyers like to remind people that even younger adults should have a rudimentary estate plan in place. When exactly is the time right? It would be logical to assert that you should have an estate plan in place soon as you become a self-supporting adult. Even if you don't have a significant store of assets, you certainly have some things of value and you would also do well to consider getting your advance health care directives in place. Once you get married an estate plan … [Read more...] about Divorce Calls For Estate Plan Review
