We have been following the annual Caring.com estate planning surveys that keep a finger on the pulse of preparedness. The 2022 survey has been completed, and the results have been released, so we will provide a rundown in this post. Consistent Percentages In 2021, there was a surge in the number of young adults between 18 and 34 that had estate plans in place. Most of the people that acted during that year stated that they were influenced by the COVID-19 pandemic. The preparedness … [Read more...] about 2022 Caring.com Estate Planning Survey Yields Interesting Results
As soon as you have people relying on you, estate planning becomes an absolute must. Marriage is the first event that will enter the picture, and when you have children, you have to take your estate planning efforts to another level. Once your family is established and your plan reflects the dynamic, you may feel comfortable from an estate planning perspective, and the years will pass. Over time, events can take place that make estate plan revisions necessary, and you should be aware of this … [Read more...] about Don’t Forget to Update Your Estate Plan
We have been providing updates about the Securing a Strong Retirement Act that would alter the individual retirement account parameters. It was introduced last year, and the prospects for enactment have always been good, because legislators from both parties are in favor of it. This measure is often referred to as “SECURE Act 2.0” because it expands on the SECURE Act that was enacted in December of 2019. It has now been passed in the House of Representatives by a 414-5 vote, so it is one … [Read more...] about Securing a Strong Retirement Act Has Been Approved By House
A lot of people do not consider the possibility of using a trust because they make assumptions about the complexity level. In this post, we will share some basic information about living trust administration to demystify the process so you can make informed decisions. Ongoing Control While You Are Living One commonly held misconception about trusts is the idea that you surrender control of assets that you convey into a trust. There are irrevocable trusts, and though there are limited … [Read more...] about Living Trust Administration Basics
You should work with a licensed estate planning attorney to help you prepare your plan for a number of different reasons. One of them is the simple fact that there are many different ways to go about it, and the right choice will depend upon the circumstances. If you are not aware of all the options that exist and the reasons why one asset transfer method may be preferable to another, you can make mistakes. While you will not be around to see the outcome, your loved ones will be forced to … [Read more...] about Postmortem Asset Transfers: Explore Your Options
When you are 65 years of age, you will qualify for Medicare coverage if you have sufficient retirement credits. You can earn a maximum of four credits each year when you are working and paying taxes, and you become eligible after you have 40 credits. If you are married and you do not have the 40 credits on your own, you can potentially qualify on your spouse’s work record. Most people that work get the four credits annually because the earning requirements are minimal. Hospice Care As … [Read more...] about Will Medicare Cover Hospice Care?
Many people harbor misconceptions about trusts. One of them is the idea that they are only useful for very wealthy people that have complex estates. This is a half-truth, because there are irrevocable trusts that high net worth individuals use to address estate tax exposure. However, irrevocable trusts are also utilized by people that are not extremely wealthy to satisfy relatively common objectives. Another myth is the notion that you lose control of assets that you can convey into any … [Read more...] about What Does a Living Trust Trustee Do?
Everyone is well aware of the fact that life insurance can be used to bolster the inheritances that you will be leaving to your loved ones. This being stated, there are some other utilizations that can provide targeted solutions, and we will look at some of them in this post. Succession Planning for Business Partners If you are a partner in a small business, you have to consider the fallout if your partner passes away. Their ownership interest would be owned by their estate, and you would have … [Read more...] about Life Insurance Can Be Part of a Creative Estate Plan
We recently reported about the closing of the intestate estate of the musical artist Prince. He passed away in 2016, and the estate was stalled in probate for six years in large part because of the fact that there was a dispute about the degree of estate tax responsibility. You may have read about the estate planning decisions of other celebrities over the years. Why does the press have access to this information? If it is disclosed to them, can anyone find out the details about any … [Read more...] about How Do You Keep Your Estate Planning Decisions Confidential?
You pay many different types of taxes throughout your life, including income taxes, property taxes, capital gains taxes, sales tax, gas and hospitality taxes, and on and on. Since you are taxed at every turn while you are living, you would hope that the IRS will leave your estate alone. Unfortunately, if you have been very successful, your estate can be subject to taxation because there is a federal estate tax. Here in Connecticut, we have a state-level estate tax to add to the potential … [Read more...] about Can You Give Advance Inheritances to Get Around Estate Taxes?