South Carolina estate planning lawyers are always going to point out the fact that it is important for people of all ages to have an estate plan in place. There are those who know that they should execute the appropriate estate planning documents who fail to act because they feel as though they are not going to be passing away anytime soon. The truth is that no invitations are going to be sent out by the Grim Reaper as it were, and if you are paying attention you will see that people of all … [Read more...] about Houston Estate Value Taking Off
What Is A Charitable Remainder Unitrust?
For many people, one of the primary estate planning objectives is going to be to do what is necessary to gain tax efficiency. There are a number of different vehicles that can be utilized, and the right combination will vary depending on the form of your assets and the specific nature of your wishes. To this end we endeavor to highlight some of the estate planning instruments that are typically utilized, and the one that we will take a look at today is the charitable remainder unitrust or … [Read more...] about What Is A Charitable Remainder Unitrust?
Estate Planning & Tax Free Gifts
One simple and straightforward way that you can reduce the overall value of your estate for estate tax purposes is by giving gifts to your loved ones while you are still alive. Unfortunately, the powers that be are well aware of this simple logic so there is a gift tax in place and it carries the same 35% rate as the estate tax. There is a lifetime gift tax exemption of $5 million, but it is unified with the estate tax. So as an example, if you were to give $3 million in gifts throughout your … [Read more...] about Estate Planning & Tax Free Gifts
Tax-Free Educational Gift Giving
There are some estate planning strategies that are rather complex, and they have their place in certain situations. But there are others that are relatively simple and straightforward, and one of them is the practice of tax-free gift giving. It would seem as though you have the right to earn money, pay income tax, and then take the remainder and give a portion of it to anyone you choose without incurring any additional tax responsibility. So the first thought that many people have with regard … [Read more...] about Tax-Free Educational Gift Giving
Estate Planning is Not a “Once and Done”
If you’re like most people, you’d like to let out a big sigh of relief as soon as you “complete” your estate planning. Whew! Yes, a giant “whew” and pat on the back are in order. Good job! But…. But, estate planning is not a “once and done.” It’s truly a process, meaning that your estate plan needs to be updated on a regular basis. Conventional wisdom dictates that your estate plan should be updated every three to five years, or upon the occurrence of a significant life … [Read more...] about Estate Planning is Not a “Once and Done”
Estate Planning For Blended Families
During our modern era, estate planning is often times going to involve more than simply arranging for asset transfers within a nuclear family. For better or for worse, a high percentage of marriages end in divorce these days. The exact statistics vary a bit depending on the source, but it is safe to say that between 40% and 50% of marriages do not last, and the majority of people who get divorced remarry at some point in time. In most of these cases there are children involved and blended … [Read more...] about Estate Planning For Blended Families
Why Not Plan Your Own Estate?
Due to the fact that we are living in the information age people are able to do many things on their own that they were not capable of doing in years past. There are software programs that make many complicated tasks relatively simple, and this has certainly been a positive development in the big picture. But there are always opportunists out there who will take this a step too far and put people at risk in the process. With this in mind, if you start searching the Internet looking for … [Read more...] about Why Not Plan Your Own Estate?
Don’t Take Your Passwords to the Grave
As our lives become ever increasingly virtual, digital assets, usernames and passwords become an increasingly important part of estate planning. Think of all the time you spend on line. Think of all you accomplish online. If you become incapacitated or when you die, your trusted helpers and heirs will need access to: Financial accounts Email accounts Social media accounts Photo sharing accounts Address books Utility accounts Membership organizations Online software accounts Think of … [Read more...] about Don’t Take Your Passwords to the Grave
Retirement Planning: Veterans Can Be Well Prepared
You might think that people are well aware of the fact that they must plan ahead if they want to enjoy a comfortable retirement, but surprisingly statistics tell a different tale. There was a poll conducted by AP-LifeGoesStrong.com recently that was widely circulated in retirement planning circles that attempted to get a feel for how prepared people who are members of the baby boomer generation are for their retirement years. Some 24% of the people who responded to the poll said that they had … [Read more...] about Retirement Planning: Veterans Can Be Well Prepared
Three Dogs Inherit $82,000
When you are planning your estate there are a lot of things to consider and it would be easy to overlook some of the smaller details. But, one thing you are not going to forget is the nuts and bolts matter of making sure that your family members are well provided for after you pass away. Right? Well, actually, there are those who do indeed overlook making provisions for certain family members. The reason why is because these family members walk around on four legs. Yes, people sometimes neglect … [Read more...] about Three Dogs Inherit $82,000
