You may have heard the term “legacy planning” and wondered how it differs from traditional estate planning. Though there is no universal definition of the term “legacy planning”, it can be explained in a way that may convince you that you need to create your own legacy plan instead of a traditional estate plan. During the course of your lifetime you have likely worked hard, invested prudently, and saved wisely. The assets you have accumulated as a result will hopefully support you during your … [Read more...] about Traditional Estate Planning vs. Legacy Planning
Everyone leaves a legacy when they die. Although your legacy includes any financial wealth you leave behind, it encompasses more than that. How you wish to be remembered, the mark you made on the world while you were here, and what you did to ensure the success and happiness of future generations are also part of your legacy. Legacy planning takes into account each of these facets of your legacy and tries to put together a road map for you and your family to follow to ensure that the legacy you … [Read more...] about What is Legacy Planning?
It seems as though we are constantly being reminded how important it is to create an estate plan, but what about planning your legacy? Your legacy is more than just the division and distribution of your assets, but what is it? People have defined “legacy” in many ways. At the end of the day, your legacy is what you leave behind. It is what you are remembered for and encompasses your values, your opinions, and your beliefs as well as your life’s work and passions. These things are a bit harder … [Read more...] about What Legacy Will You Leave Behind?
If you are legally married your spouse is going to inherit community property that you shared together even if you do not have an estate plan in place. Of course this does not mean that you should ignore estate planning just because you are married because there are a lot of things to take into consideration. For one you may have a broader estate plan in mind. And and there are many different factors to consider with regard to the best way to transfer assets in a tax efficient manner that … [Read more...] about Gay Partners Should Take Estate Planning Very Seriously
Without question there is a pragmatic financial component that sits at the core of legacy planning. Yet, when you are planning your estate you may find yourself seeing the bigger picture. After all, estate planning involves considering how things are going to be for your family members after you pass away. Doing this from a financial perspective is one thing, but there are other things to take into consideration. Stop and think about the inevitable event and how your loved ones are going to … [Read more...] about Final Arrangements Should Be Part Of The Plan
There is an old saying that suggests that you should never put off until tomorrow what you can do today. How do you think such notions withstand the test of time and get passed down from generation to generation? It is probably because there's truth in them, and when it comes to estate planning this is one old saying that you should take to heart. To put it bluntly, there is no way of predicting when you're going to pass away. You can look up the average lifespan at any given time, but that is … [Read more...] about Far Too Many Americans Have No Legacy Plan
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
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
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
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