They say that one thing leads to another, and this is certainly true when you are engaged in the process of estate planning. Indeed, the word "process" is something to absorb because being optimally prepared at all times is an ongoing endeavor. With this in mind, let's take a look at the top three reasons to update your estate plan. Marriage, Divorce & Remarriage An update to your estate plan is going to be a natural accompaniment to any change in marital status. In fact, you may want to … [Read more...] about Top Three Reasons To Update Your Estate Plan
Choose The Right Lawyer
A lot of people put estate planning on the back burner and of course procrastination is the order of the day for many. But the fact is that every day that you go without making plans for the future is a day that you are leaving your loved ones in a vulnerable situation. There are a number of reasons why people fail to take action, but putting a plan in place is really just as simple as sitting down to discuss your situation with an experienced and licensed South Carolina estate planning … [Read more...] about Choose The Right Lawyer
Living Trusts Examined
If you didn't know better you may assume that revocable living trusts are only beneficial to people who have complicated portfolios and an extraordinary store of assets. But in fact, these trusts can be very useful for "the rest of us," and you should not discard the possibility of utilizing such a vehicle when you are planning your estate. One of the best reasons for choosing a revocable living trust would be to avoid probate. Unless you arrange for asset transfers outside of probate through … [Read more...] about Living Trusts Examined
Types Of Wills
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?
