They say that one thing leads to another, and this is certainly true when you are engaged in the process of estate planning. Indeed, the word "process" is something to absorb because being optimally prepared at all times is an ongoing endeavor. With this in mind, let's take a look at the top three reasons to update your estate plan. Marriage, Divorce & Remarriage An update to your estate plan is going to be a natural accompaniment to any change in marital status. In fact, you may want to … [Read more...] about Top Three Reasons To Update Your Estate Plan
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So You’re In Business—How Will You Get Out?
Getting into business for yourself can be quite rewarding on a number of different levels. Of course it is nice being your own boss, and there may be virtually no limit to what you can achieve as you build the business over the years. However, you have to ask yourself how you are going to exit the business after you retire or in the event of your death. This can take some careful planning and it is a good idea to get started early on. If you intend to retire someday you have to devise a plan … [Read more...] about So You’re In Business—How Will You Get Out?
Choose The Right Lawyer
A lot of people put estate planning on the back burner and of course procrastination is the order of the day for many. But the fact is that every day that you go without making plans for the future is a day that you are leaving your loved ones in a vulnerable situation. There are a number of reasons why people fail to take action, but putting a plan in place is really just as simple as sitting down to discuss your situation with an experienced and licensed South Carolina estate planning … [Read more...] about Choose The Right Lawyer
Living Trusts Examined
If you didn't know better you may assume that revocable living trusts are only beneficial to people who have complicated portfolios and an extraordinary store of assets. But in fact, these trusts can be very useful for "the rest of us," and you should not discard the possibility of utilizing such a vehicle when you are planning your estate. One of the best reasons for choosing a revocable living trust would be to avoid probate. Unless you arrange for asset transfers outside of probate through … [Read more...] about Living Trusts Examined
Types Of Wills
When you bring up the subject of estate planning to the typical layperson he or she is usually going to equate the exercise with drawing up a last Will. Indeed, putting your final wishes into writing via a well constructed, legally binding last Will is certainly an option. It is interesting to note that in certain jurisdictions one can execute an oral will by stating his or her intentions verbally with witnesses present. This would be done under extreme circumstances when death was imminent and … [Read more...] about Types Of Wills
Saving For College Expenses
Taking care of those that you love can involve providing them opportunities to reach their full potential as human beings. With this in mind many people want to provide resources to pay for the college education of a loved one (or multiple family members). One way of doing this is by contributing into a 529 plan. These plans are offered by the states and in some states you can prepay the tuition of a student who will be entering college in the future. By doing this you are guaranteed the … [Read more...] about Saving For College Expenses
Life Insurance Trust Can Reduce Tax Exposure
You may be going through life under the impression that the estate tax is only levied on people who are extremely wealthy. This is a misconception that could potentially cost your heirs a significant amount of money. In fact you do not have to be Bill Gates or Warren Buffett to have estate tax concerns. There is an exemption, and right now it stands at a relatively modest $5.12 million. However, at the end of this year the parameters of the estate tax are scheduled to change. When 2013 arrives … [Read more...] about Life Insurance Trust Can Reduce Tax Exposure
Are POD Accounts A Trap?
Sometimes you can be lulled into a false sense of security because you feel as though you have taken a step that provides protection on some level without actually seeking professional guidance. This is something to beware of when you consider the value of payable on death accounts. These accounts, sometimes referred to as transfer on death accounts, allow for a beneficiary to assume ownership of the resources that remain in the account after the death of the primary account holder. While this … [Read more...] about Are POD Accounts A Trap?
Don’t Let Debt Hinder Retirement Plans
As you start to get serious about looking toward the future it is useful to see a holistic picture. Everything is connected, and the actions that you undertake in the present are going to impact the position that you are in later on. When it comes to retirement the ideal scenario is to have little to no debt, a solid ongoing income stream and a significant store of financial resources to fall back on. So, as you are planning ahead you would do well to address first things first and do … [Read more...] about Don’t Let Debt Hinder Retirement Plans
Elder Financial Abuse Running Rampant
As you enter into the latter stages of your life you have to be very aware when it comes to how you handle your financial resources. For a number of different reasons senior citizens can be vulnerable to financial abuse, and this is a huge problem in the United States today. The MetLife Mature Market Institute estimates that some $3 billion is lost each year as a result of elder financial abuse and the problem appears to be on the rise. It is very sad indeed, but a high percentage of the cases … [Read more...] about Elder Financial Abuse Running Rampant
