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 … [Read more...] about Have You Included an Authorization for Final Disposition?
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Take Increasing Longevity Into Account When Planning Ahead
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 … [Read more...] about Take Increasing Longevity Into Account When Planning Ahead
Budget Compromise Changes Estate Tax Rate
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 … [Read more...] about Budget Compromise Changes Estate Tax Rate
Self Employment & Retirement Planning
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 … [Read more...] about Self Employment & Retirement Planning
Documents to Include When Planning for Incapacity
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 … [Read more...] about Documents to Include When Planning for Incapacity
Medicaid Limits Updated for the New Year
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 … [Read more...] about Medicaid Limits Updated for the New Year
Have You Taken Action to Protect Your Young Children?
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 … [Read more...] about Have You Taken Action to Protect Your Young Children?
Private Foundations & Donor Advised Funds
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 … [Read more...] about Private Foundations & Donor Advised Funds
Our Series Continues: Download Your Trust Administration Report
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 … [Read more...] about Our Series Continues: Download Your Trust Administration Report
Role Reversal: Taking Care of Aging Parents
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 … [Read more...] about Role Reversal: Taking Care of Aging Parents
