A lot of people who own farms and ranches work hard to make a good living. However, they may not earn so much as to be considered wealthy by any stretch of the imagination. As a result, their savings may be relatively modest and fall well short of the estate tax exclusion amount. However, the land upon which they run their businesses may in fact be very valuable and exceed the amount of the estate tax exclusion. For this reason it can be difficult for farmers and ranchers to keep the property … [Read more...] about Keeping The Farm In The Family
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Legacy Planning: You Can Make A Long-Term Difference
It is possible to make a long-term difference within your family and outside of it when you are planning your estate assuming you have the necessary financial resources. Legacy planning involves asking yourself how you would like to be remembered, what you can do for others, and ultimately setting the wheels in motion to make your vision a reality when the time comes. Giving something back to worthy causes can be a part of your legacy planning efforts. There are a number of different ways of … [Read more...] about Legacy Planning: You Can Make A Long-Term Difference
Be Aware Of Your Expected Lifespan
Preparing for retirement involves having a good idea of the financial resources that you are going to need to pay your way after you are no longer earning a paycheck or receiving income from your business. To be able to do this you are going to need to have an idea of your expected lifespan. Lifespans have been rising over the years as medical science develops advanced capabilities and people have a better understanding of how to take care of themselves. The average lifespan in the United … [Read more...] about Be Aware Of Your Expected Lifespan
Inheritance Tax & Estate Tax: One And The Same?
It comes as a surprise to some people that there can be a tax imposed on your assets after you pass away. The extent of the taxation can vary depending on where you happen to reside in the United States. When you examine the facts you find that here in South Carolina we are rather fortunate in this regard. To understand these taxes you have to know the difference between an estate tax and an inheritance tax. The estate tax is imposed on the entirety of the estate before it is passed on to the … [Read more...] about Inheritance Tax & Estate Tax: One And The Same?
Rights To Ray Charles Compositions Challenged
One of the reasons why it is important to consult with a good South Carolina estate planning lawyer when you are making preparations for the future is because each case is unique. Depending on your line of work and your specific financial situation any number of approaches may be appropriate, and as a layperson you are probably going to need professional guidance if you are serious about making the right choices. Consider the case of the entertainer and composer Ray Charles. As a songwriter he … [Read more...] about Rights To Ray Charles Compositions Challenged
You Have Received An Inheritance–What’s Next?
You are probably very good at what you do, but no one is an expert at everything. There is a common archetype out there about how people are sometimes reluctant to ask for directions because they don't want to admit that they need some help. This is something to avoid, and it is especially important to seek assistance when you have to make important financial decisions. One way that people can come into a significant amount of money is by receiving an inheritance. There are cases when an … [Read more...] about You Have Received An Inheritance–What’s Next?
Incapacity Strikes Significant Percentage Of Elders
You have to be prepared for the possibility of incapacity if you want to plan ahead for the future in a comprehensive manner. This falls into the category of those instances when you hope for the best but make sure that you are ready for any challenges that may present themselves. There are those who don't take incapacity planning seriously because they are under the impression that it is very unlikely that they will ever become unable to make their own decisions. But when you put the matter … [Read more...] about Incapacity Strikes Significant Percentage Of Elders
Social Security Spousal Benefits
If you want to travel and enjoy your leisure time to the utmost you are probably going to have to plan ahead carefully so that you have resources to draw from beyond your Social Security benefit. If you get started early enough and stick to an intelligently conceived plan for an extended period of time you should be able to enjoy your golden years in comfort. It is however important to gain an understanding of what to expect from Social Security when you are making preparations for your senior … [Read more...] about Social Security Spousal Benefits
Asserting Health Care Choices
While it is true that taking care of the financial side of things is a big part of estate planning it is wise to see the entire picture and plan comprehensively for all the eventualities of aging. After all, when you are taking steps to arrange for the eventual transfer of assets to your loved ones you are doing this because you care about them and want to do right by them. At the same time, there are some other things that you can do to make things easier on those that you will be leaving … [Read more...] about Asserting Health Care Choices
Early Winehouse Estate Reports Prove To Be False
It is always especially sad to hear about someone passing away at a young age, and this was the case with the singer Amy Winehouse. The British songstress died last July at the age of 27, joining the ranks of music stars like Jimi Hendrix, Jim Morrison, and Kurt Cobain who passed on at the same age. At the time the British tabloids were reporting that Amy Winehouse had a last will in place that excluded her ex-husband Blake Fielder-Civil, an individual who is serving prison time. She was said … [Read more...] about Early Winehouse Estate Reports Prove To Be False
