As the baby boomer generation reaches retirement age some of the facts are emerging about their preparedness and the news is not especially encouraging. A recent AP-LifeGoesStrong.com poll suggests that most of the baby boomers who are approaching retirement age polled say that Social Security will represent the centerpiece of their retirement incomes. In addition, nearly one fourth of the people who responded to the poll had no retirement savings at all, and the mean amount that poll … [Read more...] about Unique Perspective On Retirement Savings
Estate Planning Is Especially Important For Gay Couples
There was recently a lot of buzz in the news about the legalization of gay marriages in the state of New York. Of course such unions are not recognized around most of the country, and this presents some estate planning realities that gay couples must address that are not as important to people who are legally married. If you were to pass away without an estate plan in place and you were married, your spouse would assume ownership of your property under the recognized rules of legal succession. … [Read more...] about Estate Planning Is Especially Important For Gay Couples
Home Equity Conversion Mortgages & Retirement Planning
Retirement planning can be challenging because it involves making projections about things that will be taking place well into the future. No one has a crystal ball so this is certainly an imperfect science. The financial crisis of 2008 offers a good example of how circumstances that are out of your control can have a significant impact on your retirement plan. Many people who planned carefully for decades found themselves in an unexpected position in the wake of the sub-prime crisis and … [Read more...] about Home Equity Conversion Mortgages & Retirement Planning
What Is An Ethical Will?
When you think about estate planning the financial aspects are probably going to occupy your mind. You must prepare all of the assets that you have been able to accumulate throughout your life for distribution to your loved ones, and this is indeed a formidable task. In a sense it is like the ultimate act of spring cleaning, identifying everything you have tucked away over many decades. And then you have to determine who will be getting what as it were and how best to deliver it. But aside from … [Read more...] about What Is An Ethical Will?
The 8 Steps Estate Planning
To help you to feel more comfortable both initiating and participating in the estate planning process, here are eight steps of estate planning. Choose an estate planning attorney that you’re comfortable with. Many estate planning attorneys offer seminars, write articles, and will provide a free consultation so you can determine whether you are a good fit. After selecting an attorney, you will be asked to fill out forms outlining your contact information and other basic information … [Read more...] about The 8 Steps Estate Planning
A Look At Current Estate Tax Parameters
One of the primary objectives of estate planning is to position assets in an optimal manner in an effort to avoid asset erosion. One of the most significant sources of asset erosion is the estate tax, so it is important to understand whether or not you are exposed to it so that you can take the necessary steps to mitigate that exposure if necessary. This is a little bit easier said than done because the estate tax parameters are always changing, so we would like to take a look at the present … [Read more...] about A Look At Current Estate Tax Parameters
Incentive Trusts: A Nudge Toward Success
As you take stock of the different people that you will be leaving inheritances to you are likely to feel perfectly comfortable leaving a lump sum inheritance with no strings attached to some of your heirs. However, there may be others who have not yet made their mark in the world, and you may be concerned that leaving them too much too soon may do more harm than good. You may also have people on your list who have personal problems, or a history of poor money management. One option that you … [Read more...] about Incentive Trusts: A Nudge Toward Success
Estate Planning for Beginners: 3 Easy Ways to Leave a Legacy
During the estate planning process, you will realize that you can leave a legacy. It’s an incredible feeling to know that your existence on this planet made a difference. Here is a guide for estate planning beginners: 3 easy ways to leave a legacy. 1. Leaving a Legacy: Start with your own family If you love music, leave a fund to pay for your grandchild’s music lessons. Pass along a specific gift that represents your time with a loved one (i.e. the wood working tools you used to teach … [Read more...] about Estate Planning for Beginners: 3 Easy Ways to Leave a Legacy
Inheritance Planning For Small Business Partners
One of the reasons why it is a good idea to work with an estate planning attorney when you are planning for the future is because of the fact that every situation is unique. There is no one way to go about it, and estate planning attorneys are cognizant of all of the different financial instruments, vehicles of asset transfer, and contractual strategies that exist. With this in mind, partners in small businesses are faced with specific challenges that others are not. Many people who are … [Read more...] about Inheritance Planning For Small Business Partners
Estate Planning for Beginners: 9 FAQ (part two)
Your estate planning attorney welcomes your questions. And while he is not trying to turn you into an estate planning expert, he knows that you will feel more comfortable with your estate plan if you have your questions answered. To this end, we are providing the answers to four frequently asked questions. Please see “Estate Planning for Beginners: 9 FAQ (part one) for the answers to more questions. 1. Why do I see so much about avoiding probate? If you’re like most people you like to … [Read more...] about Estate Planning for Beginners: 9 FAQ (part two)
