The big financial news that was on everyone's mind at the end of the year involved the possibility of the United States going over what was being called the "fiscal cliff." If the powers that be did not come up with some type of new legislation certain tax increases and spending cuts would have been implemented. One of these tax increases would have been applied to the federal estate tax. The maximum rate of the tax was scheduled to rise from 35% to 55%, and the exclusion would have gone down … [Read more...] about Budget Compromise Changes Estate Tax Rate
Net Worth Statement Invaluable When Calculating Estate Tax Exposure
There is an old Kenny Rogers song that gives out some free advice: "Don't ever count your money, when you're sittin' at the table." This strategy may be good for gamblers, but it is something to avoid when it comes to estate planning. The estate tax can do a lot of damage to your financial legacy. Not everyone is exposed to the tax, but if you are you must work with an experienced estate planning attorney to take steps that provide estate tax efficiency. How is tax responsibility evaluated? … [Read more...] about Net Worth Statement Invaluable When Calculating Estate Tax Exposure
Put Estate Planning Procrastination Behind You in 2013
Every time a new year rolls around people decide to take certain positive steps as they experience a sense of renewal. With this in mind we would like to encourage anyone who is going forward without an estate plan to make this the year that you finally take the appropriate actions. It does not take much to arrange for a consultation with an estate planning attorney. The investment that you make in the present can save your family members a lot of time, trouble, and money later on. A lot of … [Read more...] about Put Estate Planning Procrastination Behind You in 2013
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
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
Estate Planning: Be Alert as Circumstances Change
Anyone who takes financial planning seriously knows that you must adjust to ever-changing market conditions. This adaptivity is something to apply to estate planning as well. If you go forward feeling as though you have everything in place because you executed an estate plan in the past without paying attention to relevant changes that come down the pike you could be taking some big risks. One of the things that should set off the alarm that motivates you to make an appointment to speak with … [Read more...] about Estate Planning: Be Alert as Circumstances Change
Getting Remarried? Action is Required
There are certain life events that people can go through that will trigger an estate plan update. Getting remarried is one of them. Of course one thing that you are probably going to want to do will be to include your new spouse in your estate plan. But you have to ask yourself exactly how you want to go about doing it, especially if you have children from a previous marriage. The possibility of entering into a prenuptial agreement is something that you should certainly consider. When you … [Read more...] about Getting Remarried? Action is Required
Three-Year Wait for ILITs
An irrevocable life insurance trust can be a very useful tax efficiency tool for people who have valuable life insurance policies. If you simply make someone the beneficiary of a policy that you own as an individual he or she will receive the proceeds free of income tax. However, these proceeds will be considered to be a part of your estate for estate tax purposes. Given the fact that the maximum rate of the estate tax is 35% this year and 55% in 2013 you certainly want to do whatever it takes … [Read more...] about Three-Year Wait for ILITs
