The process of estate planning can seem to be conceptual as you settle on your intentions and go about having the appropriate documents executed to state your wishes in a legally binding manner. However, when you die, having someone take action will be necessary to make your wishes become a reality. Depending on the complexity of your estate and the nature of your assets there could be a great deal of business that must be conducted before your heirs actually receive their inheritances. When … [Read more...] about Link Executor to Probate Lawyer
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Tell Your Attorney the Entire Story
One of the objectives at the core of proper estate planning is to prevent successful challenges to the wishes of the deceased individual in question. Your attorney can take the appropriate steps to provide you with an ironclad estate plan, but you do have to be willing to tell the entirety of your story. When people fail to share relevant details difficult situations can present themselves later on. For example, gifts that you give throughout your life are taxable. So if you were to have given … [Read more...] about Tell Your Attorney the Entire Story
Reverse Analysis Reveals Telling Statistic
If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy. However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing. Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an … [Read more...] about Reverse Analysis Reveals Telling Statistic
Incapacity Planning & the Celeste Holm Estate
The world of entertainment lost one of the greats recently when the versatile actress Celeste Holm passed away at the age of 95 in her apartment in Manhattan. Holm's career spanned a number of decades and she appeared on the silver screen, on the stage, and on television. She won an Oscar for Best Supporting Actress for the film Gentleman's Agreement in 1947. Subsequently she appeared on numerous different television shows including Cheers, Dr. Kildare, Falcon Crest, Fantasy Island, and Archie … [Read more...] about Incapacity Planning & the Celeste Holm Estate
Positive Development on Alzheimer’s Front
Making sure that your financial house is in order is certainly at the root of estate planning as we all know. However, some people stop there and fail to see the total picture. Elderly individuals do not usually die without suffering some type of gradual decline. In many cases this can include a period of full or partial incapacitation. As a result, it is wise to consult with a good South Carolina estate planning attorney to make sure that you are preparing for all eventualities … [Read more...] about Positive Development on Alzheimer’s Front
Kinkade Estate Tangled
The artist Thomas Kinkade passed away a little while back, and he left behind an estate that was estimated to be valued at $66 million. At the time of his passing he was still legally married, but estranged; his wife Nanette had filed for divorce about two years before her husband's untimely death. In many cases involving high profile individuals the estate planning news revolves around a lack of a proper estate plan. With Kinkade there was in fact a professionally prepared estate plan in place … [Read more...] about Kinkade Estate Tangled
2013 Estate Tax Rate: Is That a Misprint?
Paying your fair share of taxes is one thing, but what exactly is fair? Is a tax that is levied due to the event of your death really necessary and fair? The above questions are asked by critics of the federal estate tax, which is often referred to as the "death tax." It is true that the trigger that generates the tax bill is the death of an individual with resources exceeding the exemption amount, so in a very real sense it is a death tax. One of the arguments that is presented by those who … [Read more...] about 2013 Estate Tax Rate: Is That a Misprint?
Is Medicare Free Once You Become Eligible?
If you or your spouse have worked for at least 10 years you should qualify for Medicare when you reach the age of eligibility. Unlike Social Security the age of eligibility for Medicare is the same for everyone regardless of the year during which you were born. As of this writing you become eligible to receive your Medicare benefits when you are 65 years of age. So at that time you have reached health care Shangri-La, right? You no longer have to worry about paying any medical expenses … [Read more...] about Is Medicare Free Once You Become Eligible?
How Will Your Wishes Be Received?
We live in a country that provides people with legal recourse, and because of this legally binding documents must be completely sound. This certainly enters into the field of estate planning, and it is one of the reasons why you would do well to look elsewhere when you see websites offering generic template do-it-yourself estate planning documents. You have to ask yourself how your wishes will be received when you are planning your estate. If you are like most people you certainly want your … [Read more...] about How Will Your Wishes Be Received?
Some States Are More Retirement Friendly Then Others
Considering the tax burden that you will be carrying after you put your working years behind you is important if you want to be intelligently prepared. Most people who retire are going to be living on a fixed income and the fewer expenses you have the better. Rising taxes could continually erode your discretionary income. Property taxes are something to evaluate. Of course the amount that you must pay is tied to the value of your home, so you may want to consider downsizing if you have a lot … [Read more...] about Some States Are More Retirement Friendly Then Others
