If you go forward without professional guidance you can wind up making some costly decisions. Making assumptions without the appropriate background information can often lead to negative outcomes, and this is something to keep in mind when you decide that you would like to give gifts to your loved ones. Some of these assumptions may be based on totally logical grounds, but logic doesn't always hold sway when it comes to the powers that be. For example, let's say that you win a lottery or … [Read more...] about Devising A Comprehensive Strategy For Giving
Asset Erosion During Probate
If you want to get the maximum amount of money into the hands of your loved ones after you pass away, you need to consider the asset erosion that can take place during the probate process. Your estate is going to have to be probated if you use a last will to direct the distribution of your resources to your heirs. Probate provides an opportunity for disgruntled parties to challenge your wishes, and it is also set up to allow for creditors and claimants to step forward seeking satisfaction. In … [Read more...] about Asset Erosion During Probate
Acting With Your Legacy In Mind
Your legacy will be left behind when you are no longer around, and there are those who don't give it a whole lot of thought. They simply go about their business without much concern about what they will be leaving behind after they pass away. You may have seen bumper stickers that say something to the effect of "We are spending our children's inheritances." This is the type of attitude that we are referring to and if this is your strategy it is certainly your right to spend your money as you … [Read more...] about Acting With Your Legacy In Mind
Why Should Dying Be A Tax Trigger?
The federal estate tax is much maligned in some quarters because when you go looking for logic to support the tax you tend to come up empty. As a result, many people feel as though they are being asked to part with hard-earned money that would otherwise have gone to their loved ones unfairly. Some individuals call the estate tax the death tax, and though proponents of the tax feel as though this is a sarcastic and dismissive distortion of the levy there is literal truth in this … [Read more...] about Why Should Dying Be A Tax Trigger?
Protecting The Financially Challenged
Different people have their own respective strengths and weaknesses and the truth is that not everyone is especially adept at handling their finances. This can be something that enters your mind when you are engaged in inheritance planning. It is possible that you have someone on your list who could be considered to be a spendthrift. You may be concerned about the possibility of this individual spending his or her inheritance too quickly. One course of action that you could take should you … [Read more...] about Protecting The Financially Challenged
Houston Estate Value Taking Off
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?
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 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?
