Aside from enabling the distribution of assets efficiently and effectively, one of the goals of estate planning is to do what is possible to ease the stress on your loved ones upon your passing. Regardless of the circumstances surrounding your death, those who care about you will be in pain at this sensitive time, and the last thing you want to do is make it worse. Things like contested wills and disagreements between loved ones concerning their perception of your final wishes are a horrible … [Read more...]
A Living Trust Can Be A Viable Option
The reason why it is a good idea to consult with an estate planning attorney before you make any final decisions about the anatomy of your estate is the fact that they can lay all of your options on the table. There are a number of possible components that can be included in a well conceived, comprehensive estate plan, and there is really no reason why the layman would be aware of them and why they may be advantageous. One of these is the revocable living trust, and when you hear about the way … [Read more...]
Estate Tax Looms In 2011
The estate tax was repealed for the 2010 calendar year, and any form of tax relief is more than welcome for most Americans. However, in 2011 the estate tax will be back in effect, and it is carrying a very significant bite upon its return. The maximum rate will revert back to the level that it was at in 2001, which is a whopping 55%. The exclusion will return to the 2002 level of $1 million. To give you an idea of how this stacks up against more recent times, in 2009 the exemption was $3.5 … [Read more...]
Review Your Estate Plan
As life goes on and the day to day twists and turns occupy your attention you may not give your estate plan much thought. Years can pass since you first created the plan, and those years can turn into decades. But over that time it is very likely that your life changed in many different ways. Your extended family may have got larger, your health care needs may have changed, and your financial situation is very likely to be different as well. Plus, things that are entirely out of your control are … [Read more...]
What is a Living Trust?
When you pass away, there are essentially three ways your estate can be handled: The first is according to the laws of intestacy. These are state laws that dictate how assets should be distributed when the deceased dies without an estate plan. The second way is through a Will. In this instance, you get to decide who gets what and the court supervises the ordeal in a process known as probate. Probate can be very costly and time-consuming for your loved ones. It also makes the details of your … [Read more...]
How to Fund your Living Trust
Living Trusts can be great tools for people who wish to protect property for their heirs, delay distribution of assets to heirs, or simply avoid the costly process of probate. Unfortunately, some people draft Living Trusts and then do not properly fund them before their death, meaning the estate must undergo probate. Fortunately, there is still time for you to learn about how to properly fund your Living Trust. What is meant by ‘funding’ my Living Trust? The funding of your Living Trust … [Read more...]
Do You Need A Will?
Do you need a Will? That all depends upon where you’re at in your life. Someone in their early twenties for example, may not yet have a family to support nor own any major property. In this instance, a life insurance policy might be all you really need at this point. But once you start accumulating assets and building a family, a Will becomes a crucial part of your estate plan. Your Will can tell the courts how to distribute your assets, so that your brother gets your grandfather’s baseball card … [Read more...]
Funding Your First Investments
Are you ready to start investing? If so, have you considered where your funds will come from? Investment money should be extra money you have left over after you pay your monthly bills, create a fund for emergencies, and pay off any large interest debts. Savings Account The rule of thumb for savings is ten percent. You should stockpile at least ten percent of your earnings into a savings account each month. As that account grows, you can decide what purposes to use it for. First you should … [Read more...]
The Living Will and Your Quality of Life
There is no doubt that modern medicine can successfully extend life when someone is seriously ill but in some cases, prolonging life might not be the best option. If there is a good chance to make a full recovery, or even close to a complete recovery, most people would likely opt to receive whatever medical treatment is necessary. But in cases where quality of life might be severely limited, prolonging life may only lengthen the suffering. This is why a Living Will is so important. There are a … [Read more...]
Advance Directives A Must For Same Sex Couples
Healthcare choices have gotten a lot of attention in the news over the last couple of years, and this is something that everyone can address in their estate plan via an advance health care directive or living will. This is a legal instrument that, among other things, allows you to communicate exactly what medical procedures you will allow or disallow. So if you want to be kept alive with life support systems, you can make that known, and if you don't, you have the legal right to record that … [Read more...]
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