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?
Keeping The Farm In The Family
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
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
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
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
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
