There is more to estate planning than executing a last will or a trust to arrange for the distribution of your financial assets to your family members after you die. It is a good idea to discuss everything with an experienced estate planning attorney so that you are certain that you are taking care of all the details.

If you were to do this your lawyer would ask you about your preferences when it comes to final arrangements. You can execute a document called an authorization for final disposition expressing your wishes with regard to your burial or cremation and funeral arrangements.

The first thing to consider is the person that you would like to empower to make the final arrangements. Of course you would want to discuss the matter with the individual that you choose to make sure that he or she agrees to do it and feels comfortable with the responsibility.

Once you make the choice you can make it known in your authorization for final disposition. After this has been done the rest of your family will know that you have decided on a specific representative and there will be no confusion or disagreements later on.

Within this authorization document you can also include the specifics regarding how you want everything to be handled after you do in fact pass away.

If you would like to create an authorization for final disposition our firm would be glad to provide you with a free estate planning consultation. To set up an appointment you can give us a call at 843-577-3700. We can also be contacted through this link: Contact South Carolina Estate Planning Attorneys

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning.

Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is part of the equation as well as you are preparing a budget.

The aforementioned Census Bureau report stated that among 10 year age groups the portion of the population aged 85 to 94 grew faster than any other between 2000 and 2010.

If you were to join this group you would be looking at a significant period of time during which you would be required to pay your way without working if you retire at the typical retirement age in your mid-to late 60s.

In addition to this, people who reach their 80s and above often need long-term care. Medicare will not pay for an extended stay in a nursing home, and some enormous expenses can be incurred given the high cost of care.

There is a lot to take in consideration if you want to be prepared for all the eventualities of aging given the fact that people are living longer. We have prepared a special free report that puts it all into perspective. If you like to obtain your copy simply click this link and complete the form that you see to the right of the page: South Carolina Elder Law Report

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

The big financial news that was on everyone’s mind at the end of the year involved the possibility of the United States going over what was being called the “fiscal cliff.” If the powers that be did not come up with some type of new legislation certain tax increases and spending cuts would have been implemented.

One of these tax increases would have been applied to the federal estate tax. The maximum rate of the tax was scheduled to rise from 35% to 55%, and the exclusion would have gone down from $5.12 million to $1 million if we would have actually gone over this so-called cliff.

Various different possible alternatives were floated as legislators on both sides of the aisle negotiated a compromise.

In the end what we are left with is very similar to what we have had for the last two years since the passage of the tax relief act that was signed into law at the end of 2010 extending the Bush era tax cuts.

The base $5 million estate tax exclusion is still in place but it is adjusted annually for inflation, which is why it was $5.12 million in 2012.

The maximum rate of the federal estate tax has gone up as a result of this fiscal cliff deal, but the increase is not as severe as the 55% that we were potentially faced with if no new legislation had passed.

Going forward the top rate of the federal estate tax is 40%, and this also applies to the gift tax and the generation-skipping transfer tax.

If you are concerned about how the estate tax may impact your family’s future by all means, get in touch with us to arrange for a free consultation. You can contact us electronically by clicking this link: Free South Carolina Estate Planning Consultation

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

As we all know employment markets have been tight over the last several years, but Americans have a tendency to find a way. There has been an increase in the number of people who are self-employed, and this can be an option for those who are willing to take matters into their own hands.

Economic Modeling Specialists International has stated that there has been a 14% increase in the number of people who work for themselves for the most part between 2001 and the present time. There are some 10.6 million self-employed people in the United States.

If you are among them you must take personal responsibility for your own financial stability during retirement. Those who work for a company are often offered the opportunity to contribute into a group 401(k) plan. Many employers will actually match contributions made by employees up to a certain percentage.

Of course if you are self-employed the above option is not going to exist for you. However, there are 401(k) plans for self-employed individuals; you just need to take action to create an account, learn the rules, and make contributions into it.

During 2013 the maximum allowable contribution is $17,500. If you are 50 years of age or older you can add an additional “catch-up” contribution, and the maximum amount that you could add was $5500 in 2012.

Self-employment can be rewarding on many different levels, but it is up to you to prepare for your future. To discuss your retirement vision with an expert don’t hesitate to give us a call at 843-577-3700 to set up a free retirement planning consultation.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

Those who want to be comprehensively prepared for the future should be very practical and avoid wishful thinking. If you prepare for potentially challenging situations in advance you are doing what you can to control the fallout.

With the above in mind you would do well to execute the appropriate incapacity planning documents when you are planning your estate.

There is a distinct possibility that you will suffer a period of incapacity before passing away. This sometimes happens to people who die before their time due to accidents or catastrophic illnesses.

However, it is very common among those who live to an advanced age. The Alzheimer’s Association states that around 40% of people who are at least 85 suffer from this debilitating disease that causes dementia.

People who suffer from dementia may not be able to make sound decisions, and if you were deemed incapacitated the court would have to appoint a guardian if you did not take action to name representatives to act in your behalf.

This is done through the execution of durable powers of attorney.You could execute one of these documents for health care decisions and another for financial decisions.

When it comes to the matter of health care you should also include a HIPAA release that allows a person or people of your choosing to evaluate your medical records.

If you do not have any plan in place to address possible incapacity we can help. Simply take a moment to arrange for a free consultation by clicking this link and filling in the form that you see: Free South Carolina Incapacity Planning Consultation

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

You should be aware of the fact that most people who are fortunate enough to celebrate their 65th birthdays are going to need help with their day-to-day needs at some point in time.

This does not always mean that nursing home care will be necessary, but the United States Department of Health and Human Services tells us that you have a 40% chance of residing in a nursing home someday if you live to be 65.

So it is indeed very possible that each of us will spend some time in a nursing home eventually. Nursing home care is extremely expensive, with the average cost for a private room in America reaching over $90,000 in 2012.

Because of the enormity of these expenses many people wind up relying on Medicaid to pay for nursing home care. There are certain limits that you must stay within to qualify for the program, and we would like to look at a couple of changes in these dollar limits that have been implemented for 2013.

The value of your home does not count when your assets are being tallied to determine whether or not you’re eligible for Medicaid. The caveat is that there is an upper equity limit.

This year the equity limit has been raised to $536,000, and each individual state has the option of raising it to as high as $802,000.

The other change we would like to highlight involves the limit on financial resources that the healthy or community spouse may keep when his or her spouse is institutionalized.

This limit has been upped to a maximum of $115,920 in 2013, but each state can set its own limit. There is however a minimum allowable amount of $23,184 that has been implemented for this year.

If you would like to learn more about program eligibility click this link to access our free report: South Carolina Medicaid Planning

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

We all hear about “risk/reward” equations. Ask yourself this: What is the reward when you go through life without an estate plan as the parent of a young child or children? And, what exactly is the risk?

It’s hard to find any type of reward that goes along with failing to plan ahead for the well-being of your children. When you hear about a very challenging situation that could have been easily avoided with some simple advance planning it is quite sad to say the least.

On the other side of the ledger, the risk is considerable if you have not named a guardian or made any type of financial arrangements for the well-being of your children should the unthinkable take place.

Many people in the field of estate planning would suggest that planning ahead is more important for younger adults than it is for older ones.

This may sound counter-intuitive on the surface because older people are more likely to pass away. However, what about the consequences?

Yes, someone who is 80 years old is more likely to die than someone who is 35. However, this hypothetical octogenarian will have children who are probably in their 50s. It is very likely that these individuals will be self-supporting by that time.

On the other hand, the 35-year-old parent is going to have minor children in the home in most instances. They are far more vulnerable than the middle-aged children of the 80-year-old parent.

Many people who would say that their children are more important to them than anything are going through life without an estate plan. This is truly not acceptable. If you are among them, right now would be a good time to contact us to set up a free consultation so that you can take the appropriate steps for the well-being of your minor children.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

Most people have heard of private foundations such as the Bill and Melinda Gates Foundation and the Ford Foundation. Because these names are associated with extraordinary wealth you may feel as though you have to be a billionaire to start a private family foundation.

In fact, there are thousands of foundations in existence that are not staffed that are funded with less than $1 million. The Association of Small Foundations has some good information to share if you are interested in learning some things about foundations before discussing vehicles of charitable giving with your estate planning lawyer.

Legacy planning can indeed be a very rewarding endeavor, and if you are in a position to do some good for others you may also enjoy some tax benefits, and this is something that your attorney will explain to you in detail.

Though private foundations are not strictly the domain of the super wealthy you do have other options. One of these would be to contribute resources into a donor advised fund.

As the name suggests, you as the donor advise the fund with regard to how you want your contributions distributed. So you can make just a single contribution into this fund but subsequently these resources could be spread around among multiple charities of your choosing.

When you are serious about planning ahead in a truly meaningful and comprehensive manner legacy planning may well be part of the equation. There is certainly no shortage of need out there, and we all have certain causes that are meaningful to us.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

We understand the fact that the average layperson is probably not going to know a whole lot about estate planning. For this reason we have developed a series of informational reports that we offer to our readers here in South Carolina absolutely free of charge.

The report that we are providing access to at the current time is our treatment of the subject of trust administration.

When you start a revocable living trust to arrange for future asset transfers to your heirs you are taking an important step. However, you must consider the postmortem aspects and do what it takes to provide a turnkey situation for your loved ones after your passing.

There is a human element to consider, and it takes people power to make your wishes a reality. Read our report on trust administration and you will gain an understanding of what needs to be done to bring the terms of the trust agreement life.

If you click the link that follows and complete the form that you see off to the right of the page we will have the information that we need to provide you with access to this valuable free report:

South Carolina Trust Administration Report

After you read the report you may become interested in discussing the details of trust administration with a lawyer. By all means, get in touch with us to arrange for a free estate planning consultation if you do in fact want to talk things over with an experienced attorney.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.

As your parents get older you must try your best to work together as a family. It can be difficult for some senior citizens to accept the reality of reduced capabilities setting in, but be this as it may it is up to the children to take the appropriate actions.

When you look at the statistics you see that the majority of senior citizens require some form of living assistance eventually. Some people receive in-home care, and more often than not this care is provided by family members and/or friends.

According to the Medicare website 40% of individuals who reach the age of 65 will wind up residing in a nursing home at some point in time. This is something to take very seriously on a financial level because Medicare does not pay for an extended stay in a nursing home.

The average annual expense for a year in a private room in a nursing home was over $90,000 in 2012, and it should be noted that about 10% of the people who reside in nursing homes live in these facilities for at least five years.

If you are interested in finding out all the facts with regard to caring for an elder parent the intelligent first step is to sit down and discuss everything with a licensed and experienced elder law attorney. Your lawyer will ask you all the relevant questions, listen as you explain your preferences, and provide you with the appropriate advice.

Everyone gets older and there are certain eventualities that we all must face. However, when families engage knowledgeable legal counsel and cooperate with one another to take care of aging relatives things generally fall into place.

Kuhn & Kuhn Law Firm is a member of the American Academy of Estate Planning Attorneys.