Inheritance planning attorneys generally find that people can come to terms with their own mortality, but as parents and grandparents we develop a firmly embedded sense of responsibility to our families. The thought of no longer being around to provide help in whatever way it may be needed can be the most difficult thing to get past when you are contemplating the inevitable. This can be especially troubling if you have someone that you love that would seem to be capable of burning through his … [Read more...] about Keeping That Safety Net in Place
BLOG
Do Living Trusts Protect Assets?
People sometimes make broad assumptions based on misconceptions, and this can enter into the realm of estate planning. The above is one of the reasons why it is not a good idea to buy into do-it-yourself estate planning notions. There are websites that offer downloads and worksheets with which you can create legal documents such as last wills and revocable living trusts. As the highly respected magazine Consumer Reports has stated recently documents created using these tools are flawed, and … [Read more...] about Do Living Trusts Protect Assets?
Ongoing Adjustments Essential for High Net Worth Families
Individuals who reside here in the Low Country who are in a position to leave a lasting legacy must develop a solid working relationship with a seasoned and savvy South Carolina estate planning attorney. The fact of the matter is that things are always changing, and when you are in possession of significant financial resources you can be exposed to considerable damages if you go any length of time without making the appropriate adjustments. What types of changes are we referring to here? For … [Read more...] about Ongoing Adjustments Essential for High Net Worth Families
Do You Want to Allow Public Access to Your Final Affairs?
Would you want the general public to have access to information regarding everything that took place while your estate was being administered? A whole lot of people would say no for a number of different reasons. First there is just the general idea of privacy. Why should anyone and everyone be able to pry into your final affairs, even people that you do not know? In addition to this some people have very specific personal reasons why they would not want anyone to be able to access this … [Read more...] about Do You Want to Allow Public Access to Your Final Affairs?
Paying Property Taxes Can Be Challenging for Some Seniors
Retirement planning is integral for serious minded individuals who want to be able to enjoy a certain modicum of financial security during their senior years. Putting yourself in a position to be able to pay your way for perhaps a couple of decades or more without working can require some long-term financial discipline as you act within an intelligently conceived framework over an extended period of time. In order to be able to reach your objectives you must accurately project your future … [Read more...] about Paying Property Taxes Can Be Challenging for Some Seniors
Remember Home Value When Evaluating Estate Tax Exposure
There are those who go forward unconcerned about the estate tax because they have heard that it is something that only applies to the very wealthy. Just how true this is will depend on your definition of "very wealthy." In fact, when 2013 arrives you really don't have to be a powerful tycoon to find yourself in possession of resources that exceed the estate tax exclusion amount, especially if you include the value of your home. Next year the estate tax exclusion is going down to just $1 … [Read more...] about Remember Home Value When Evaluating Estate Tax Exposure
Is There a Penalty for Working While Receiving Social Security?
People sometimes decide that they would like to continue working even after they reach the age of Social Security eligibility. Some simply enjoy their work and they see no real reason to step away. Others continue working out of financial need. If you do not want to be forced to work as a senior citizen you would do well to engage in some intelligent retirement planning. When you work up a cogent plan for the future with the assistance of a good South Carolina financial planning attorney you … [Read more...] about Is There a Penalty for Working While Receiving Social Security?
Will Nursing Home Costs Continue to Rise?
Nursing home expenses are rather shocking when you look into the facts. According to a MetLife survey the average charge for a single day in a private room in a nursing home in the United States was up to $239 last year. In 2010 this figure stood at $229. So the 2011 charge of $239 per day represents a 4.4% increase. There was a similar increase in 2010 as compared to 2009 costs. This is a lot of money if you were to spend a year or more residing in a nursing home. And it is very important to … [Read more...] about Will Nursing Home Costs Continue to Rise?
Intestacy Can Spell Disaster for Live-In Partners
Couples sometimes live together in long-term committed relationships without getting legally married. One very common reason for doing this would be to retain eligibility for a Social Security benefit or a pension. Estate planning is very important for live-in partners, and if you fail to act negative consequences could come about as a result. The author of the book The Girl With the Dragon Tattoo Stieg Larsson never married his longtime live-in girlfriend for a rather unusual reason. He was a … [Read more...] about Intestacy Can Spell Disaster for Live-In Partners
Paper Check Option Being Eliminated by Social Security Administration
The Social Security rolls are swelling these days as the baby boomer generation reaches the age of eligibility. As more and more people start to receive their Social Security benefits the cost of administering the program is going to continue to rise as well. Providing income is not the only expense. At the present time 10% of people who are receiving Social Security are getting paper checks in the mail each month. Given the high volume of recipients overall the cost of sending out these checks … [Read more...] about Paper Check Option Being Eliminated by Social Security Administration
