We have all heard it said that "giving is better than receiving," and this is just a quaint truism when you hear the words spoken or read them in print. However, no matter how many times you've given a gift, when you actually have the experience of seeing the joy that the right gift brings to the recipient it is truly a meaningful experience. This is something to keep in mind when you are planning your estate, because giving gifts while you're still alive can provide you with estate tax … [Read more...]
Remember Your Pets When Planning For The Future
Pet ownership can be one of the joys of life, and it can be especially beneficial to senior citizens. Many elderly individuals have lost family members along the way while others have become busy with their own lives. As a result, loneliness can become a problem. It is important for seniors to maintain good mental health, and loneliness can lead to depression which can be a significant mental health challenge. It is a lot less likely that you will become depressed if you have a loving companion … [Read more...]
Preparing For Probate
Many people automatically equate estate planning with the preparation of a last will. This is of course one of your options, but it is not always the best one. This is why you should discuss the matter with an experienced estate planning attorney before proceeding. If you do ultimately choose to use a last will as your primary vehicle of asset transfer your estate is going to have to pass through the process of probate. So, it is important to prepare your last will with the realities of probate … [Read more...]
Tax-Free Gift Possible With A Zeroed Out GRAT
One of the objectives that many people have when they are engaged in the process of estate planning is to enable a transfer of assets to their loved ones in a tax efficient manner. You might think this can be accomplished through gift giving while you are still alive to see your family members enjoy the gifts. Unfortunately the IRS is well aware of this possibility so there is a gift tax in place that carries the same rate as the estate tax. There is a $5 million lifetime gift tax exemption, … [Read more...]
Trust Administration At A Glance
Professional guidance is important when you are interested in making preparations for the future. As a layperson, it is very likely that you are not going to be aware of all of the different legal instruments that are available to you and why you may use one and not another and that is why you need to speak to an estate planning attorney. There can be a lot more to comprehensive estate planning than simply drawing up a last Will, and in fact you may want to use an alternative to a Will such as … [Read more...]
Taking Steps To Remain At Home
It is important to be pragmatic about the eventualities of aging so that you are not suddenly confronted with a situation that you have not made any preparations for. It can be hard to envision such a scenario when you are healthy and fully ambulatory, but there may come a time when you will need living assistance and in fact most senior citizens are going to be in this position eventually. You can of course choose to reside in an assisted living community or a nursing home should you require … [Read more...]
Singer Houston Leaves Robust Estate
The world was deprived of a powerful voice recently when the singer Whitney Houston passed away in Beverly Hills. She was extraordinarily successful during the peak of her career, winning six Grammy awards and two Emmy awards while producing seven consecutive number one singles. Whitney Houston will surely be missed and it is sad to think that she was just 48 years old when she passed away. Considering the fact that over half of the people in the United States are going through life without an … [Read more...]
Is Money Management Ability A Concern?
Every family is comprised of a compendium of unique individuals who all have different talents. At the same time, we all have our weaknesses as well and not everyone is a sound money manager. This is something to take into consideration when you are planning your estate. Most people who reach an advanced age become comfortable with the reality of their own mortality. Perhaps the most difficult thing to deal with is the idea that you will no longer be around to help your loved ones should they … [Read more...]
Have A Lasting Impact Through Legacy Planning
When you reach the point in your life when begin to look back and evaluate the mark that you have made on the world a lot of things may cross your mind. When you are gone, how will you be remembered? You may ask yourself how you can make an impact that is felt even after your passing, and this is what legacy planning is all about. There are a number of different courses of action that you could take to have a positive influence on the community for years to come and perhaps even … [Read more...]
Long-Term Care: Be Prepared
When you are working and planning for your active retirement years it can be a lot of fun to envision the future. You will finally have the spare time to do all of the things that you always wanted to do. The key is to plan ahead intelligently so that you have the financial resources to do so. This is why it is wise to develop a relationship with a retirement planning attorney at a relatively young age. The longer you have to achieve your goals the more likely it is that they will come to … [Read more...]
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