When you want to be prepared for the future starting and contributing into an individual retirement account can be a good idea. In addition to an IRA's use as a way to generate resources for retirement such an account can also be a good estate planning tool if you want to gain tax efficiency as you set aside resources for the benefit of succeeding generations. You may begin contributing into a traditional individual retirement account with the expectation of needing these funds yourself … [Read more...] about The Benefits of Stretching an IRA
Bring Your Representative up to Speed
The majority of Americans have not executed all of the proper estate planning documents, and this is a disturbing fact. But even if you do have a last will in place along with your advance health care directives there are other things to address. One of them is the choice of someone to act as your representative in the event of your incapacitation or death. If you are using a last will the executor or executrix would be this representative. The first thing to do once you have identified who … [Read more...] about Bring Your Representative up to Speed
Judgment Handed Down in Hemsley Case
Celebrity estate planning news is always of interest to people, and we have been keeping a close eye on the dispute that has surrounded the Sherman Hemsley estate. You may recall that Hemsley, the comedic actor who portrayed George Jefferson on the classic sitcom The Jeffersons, passed away back in July. Unfortunately he was not promptly laid to rest. A fellow named Richard Thornton challenged Hemsley's will and the matter was hung up in probate for months. There was a last will executed by … [Read more...] about Judgment Handed Down in Hemsley Case
Our Report Explains Dangers of DIY Estate Planning
The process of estate planning is something that should be undertaken with the benefit of professional guidance. There are some things that you can do on your own with a little bit of information that you obtain over the Internet, but executing legally binding documents is not one of them. Unfortunately there are those who look for easy answers. If you are among this group you will be able to find websites that sell generic last will documents. The suggestion is that you just fill in the blanks … [Read more...] about Our Report Explains Dangers of DIY Estate Planning
Obtain Your South Carolina Estate Planning Report
Far too many families find themselves in difficult situations due to a provider's lack of long-term planning. There are a number of reasons why so many individuals do not take action to put an estate plan in place. One of them is the simple fact that they don't understand some of the consequences that go along with a failure to prepare for the future. To help people gain an understanding of estate planning, all that it entails, and why it is important we have prepared a report. We are offering … [Read more...] about Obtain Your South Carolina Estate Planning Report
Paving the Way for Your Grandchildren
When you are planning your estate there are going to be different people on your inheritance list who are going through different stages of life. The ages of the people that you are leaving inheritances to can help dictate how you should proceed with regard to each individual. When it comes to grandchildren you have various options. If you are interested in leaving behind resources for minor grandchildren you could give gifts in trust. If you go this route you could utilize the $13,000 annual … [Read more...] about Paving the Way for Your Grandchildren
Consult With Your Attorney Before Remarrying
Once you have been able to accumulate a significant store of financial resources you must be very diligent about preserving your wealth. If you engage the services of a good financial planning attorney you always have the support that you need when you have questions. Your attorney will gain an understanding of your situation and give you ongoing advice as you take steps to protect and build on the financial foundation that you have been able to put in place. With the above in mind life events … [Read more...] about Consult With Your Attorney Before Remarrying
Making Life More Comfortable for a Person With Disabilities
An inquiry was recently conducted by the respected magazine Consumer Reports that is of interest to people within the estate planning community. They wanted to find out if do-it-yourself estate planning documents were really valid replacements for wills and trusts created by licensed attorneys. Staff members created last wills using downloads or worksheets provided by three of the leading online purveyors of legal documents. Three legal professors were asked to examine these documents and share … [Read more...] about Making Life More Comfortable for a Person With Disabilities
Senior Lifestyle Trend Has Estate Planning Implications
There are intestacy rules of succession in place that would hold sway if you were to pass away without having executed any estate planning documents. Most people are going to have more specific designs so it is not a good idea to rely on the probate court to distribute your assets in accordance with intestacy laws. However, if you are married your spouse would be provided for under these laws. But if you are in a committed live-in relationship with someone without being married this individual … [Read more...] about Senior Lifestyle Trend Has Estate Planning Implications
Is Inheritance Received From Spouse Taxable?
There is an estate tax on the federal level that is poised to consume a significant portion of your legacy if you do not take preventative actions, but there are some exemptions. This year the first $5.12 million that you pass along is exempt. However, next year this figure goes down to $1 million. A common tax exemption question arises about bequests that you leave to your spouse. If you bequeath resources to your husband or wife will these assets be subject to the federal estate tax? The … [Read more...] about Is Inheritance Received From Spouse Taxable?
