One of the things that must be determined when you are engaged in the process of estate planning is whether or not your estate is going to be exposed to the estate tax. Believe it or not, this is something that is much easier said than done because the estate tax exclusion moves around a lot, sometimes without much advance warning. At the present time the estate tax exclusion is $5 million and the maximum rate of the tax is 35%. So if your estate is worth less than $5 million you are not exposed … [Read more...] about Estate Tax Poised To Bite
Planning For Retirement & Beyond
Planning for your retirement can be a lot of fun as you plot out all the things that you would like to do once all of your time is your own. And of course by the time you have officially become a senior citizen it is very likely that you will have taken the initiative to put an estate plan in place. Many would say that the best way to approach latter-life planning is to engage the services of an experienced elder law attorney and map out a comprehensive plan that covers all of the eventualities … [Read more...] about Planning For Retirement & Beyond
Making Advance Plans
Throughout your life when you neglect to make plans for the future it is generally you who will suffer the consequences if any arise. But when you fail to plan appropriately for the end of your life and your ultimate passing you are putting your family members in a very difficult position. Not only are you forcing them to make decisions at a time when they will be upset and bereaved, you are also creating the potential for disagreements during an extremely sensitive time in their lives. The … [Read more...] about Making Advance Plans
Home Equity Conversion Mortgages
You are probably going to want to start planning for your retirement years sooner rather than later so you have plenty of time to reach your goals. But when you try to plan for an event that is going to take place perhaps two or more decades in the future it can be quite challenging because there are so many things that are out of your control. Many people found this out during the financial crisis that took place a few years ago, and as a result there are those who are looking for sources of … [Read more...] about Home Equity Conversion Mortgages
Social Security Resource Online
Many people are surprised to hear that, according to the Social Security Administration, 64% of those who are receiving Social Security are relying on it as their primary source of income. A third of the people who are receiving Social Security say that their benefit comprises at least 90% of their total income. The average Social Security benefit is $1072 per year, and a recent Associated Press-LifeGoesStrong.com poll reveals that 25% of baby boomers, who are retiring in droves, have zero … [Read more...] about Social Security Resource Online
Unified Estate/Gift Tax Explained
When you are looking for the best way to transfer assets to your loved ones you have to consider the obstacles, and one of these is the estate tax. Many people question the logic behind a tax that is imposed for the transgression of dying, so they reason that they can avoid it by simply giving away their assets while they're still alive to those who would otherwise inherit them. Unfortunately the powers that be are aware of the fact that people could give gifts in an effort to avoid the estate … [Read more...] about Unified Estate/Gift Tax Explained
Addressing Inheritance Planning Challenges
Estate planning is a comprehensive exercise because you are not only dealing with a diverse array of assets; you are also dealing with a diverse array of family members who will be receiving inheritances. This is a very serious matter indeed because you may have family members who have often come to you in the past for financial assistance. There will come a time when you are no longer there, and if you have concerns about anyone being able to handle their inheritances wisely you may want to … [Read more...] about Addressing Inheritance Planning Challenges
Donor Advised Funds Can Be The Ideal Solution
When you're inventorying your assets as you plan your estate you may find yourself in a position to take care of the needs of all of your loved ones while still being able to satisfy your philanthropic urges. People like Bill Gates and other billionaires will generally create private family foundations as vehicles of giving, but the creation of such a foundation is extremely expensive and then they must also be staffed on an ongoing basis. As a result it doesn't make sense for most people to … [Read more...] about Donor Advised Funds Can Be The Ideal Solution
Probate Avoidance: Three Motivations
If you are just beginning to consider what estate planning means to you, you'll be confronted with a number of terms that may be somewhat unfamiliar to you as you begin your research. One of these is going to be "probate avoidance," and before you can understand why you may want to avoid it you need to know exactly what probate is. By definition probate is the legal process of estate administration that takes place under the supervision of the probate or surrogate court. During this interim the … [Read more...] about Probate Avoidance: Three Motivations
Estate Planning: Never Do It Alone
It is important to recognize how important it is to work with an estate planning attorney when you are planning your estate because there is a lot of misinformation out there, particularly on the Internet. When people are trying to sell something they often veer into a questionable area, and there are a lot of websites out there that are selling do-it-yourself will kits, fill in the blank templates, estate planning software and the like. While it is true that estate planning does involve the … [Read more...] about Estate Planning: Never Do It Alone
