Would you want the general public to have access to information regarding everything that took place while your estate was being administered? A whole lot of people would say no for a number of different reasons. First there is just the general idea of privacy. Why should anyone and everyone be able to pry into your final affairs, even people that you do not know? In addition to this some people have very specific personal reasons why they would not want anyone to be able to access this … [Read more...] about Do You Want to Allow Public Access to Your Final Affairs?
Remember Home Value When Evaluating Estate Tax Exposure
There are those who go forward unconcerned about the estate tax because they have heard that it is something that only applies to the very wealthy. Just how true this is will depend on your definition of "very wealthy." In fact, when 2013 arrives you really don't have to be a powerful tycoon to find yourself in possession of resources that exceed the estate tax exclusion amount, especially if you include the value of your home. Next year the estate tax exclusion is going down to just $1 … [Read more...] about Remember Home Value When Evaluating Estate Tax Exposure
Intestacy Can Spell Disaster for Live-In Partners
Couples sometimes live together in long-term committed relationships without getting legally married. One very common reason for doing this would be to retain eligibility for a Social Security benefit or a pension. Estate planning is very important for live-in partners, and if you fail to act negative consequences could come about as a result. The author of the book The Girl With the Dragon Tattoo Stieg Larsson never married his longtime live-in girlfriend for a rather unusual reason. He was a … [Read more...] about Intestacy Can Spell Disaster for Live-In Partners
Link Executor to Probate Lawyer
The process of estate planning can seem to be conceptual as you settle on your intentions and go about having the appropriate documents executed to state your wishes in a legally binding manner. However, when you die, having someone take action will be necessary to make your wishes become a reality. Depending on the complexity of your estate and the nature of your assets there could be a great deal of business that must be conducted before your heirs actually receive their inheritances. When … [Read more...] about Link Executor to Probate Lawyer
Tell Your Attorney the Entire Story
One of the objectives at the core of proper estate planning is to prevent successful challenges to the wishes of the deceased individual in question. Your attorney can take the appropriate steps to provide you with an ironclad estate plan, but you do have to be willing to tell the entirety of your story. When people fail to share relevant details difficult situations can present themselves later on. For example, gifts that you give throughout your life are taxable. So if you were to have given … [Read more...] about Tell Your Attorney the Entire Story
Reverse Analysis Reveals Telling Statistic
If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy. However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing. Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an … [Read more...] about Reverse Analysis Reveals Telling Statistic
Incapacity Planning & the Celeste Holm Estate
The world of entertainment lost one of the greats recently when the versatile actress Celeste Holm passed away at the age of 95 in her apartment in Manhattan. Holm's career spanned a number of decades and she appeared on the silver screen, on the stage, and on television. She won an Oscar for Best Supporting Actress for the film Gentleman's Agreement in 1947. Subsequently she appeared on numerous different television shows including Cheers, Dr. Kildare, Falcon Crest, Fantasy Island, and Archie … [Read more...] about Incapacity Planning & the Celeste Holm Estate
Kinkade Estate Tangled
The artist Thomas Kinkade passed away a little while back, and he left behind an estate that was estimated to be valued at $66 million. At the time of his passing he was still legally married, but estranged; his wife Nanette had filed for divorce about two years before her husband's untimely death. In many cases involving high profile individuals the estate planning news revolves around a lack of a proper estate plan. With Kinkade there was in fact a professionally prepared estate plan in place … [Read more...] about Kinkade Estate Tangled
2013 Estate Tax Rate: Is That a Misprint?
Paying your fair share of taxes is one thing, but what exactly is fair? Is a tax that is levied due to the event of your death really necessary and fair? The above questions are asked by critics of the federal estate tax, which is often referred to as the "death tax." It is true that the trigger that generates the tax bill is the death of an individual with resources exceeding the exemption amount, so in a very real sense it is a death tax. One of the arguments that is presented by those who … [Read more...] about 2013 Estate Tax Rate: Is That a Misprint?
How Will Your Wishes Be Received?
We live in a country that provides people with legal recourse, and because of this legally binding documents must be completely sound. This certainly enters into the field of estate planning, and it is one of the reasons why you would do well to look elsewhere when you see websites offering generic template do-it-yourself estate planning documents. You have to ask yourself how your wishes will be received when you are planning your estate. If you are like most people you certainly want your … [Read more...] about How Will Your Wishes Be Received?
