Loneliness is a challenge for many seniors that have lost loved ones along the way. Clearly, a pet could make a world of difference, but responsible folks are going to have longevity concerns. Of course, you do not have to experience social isolation to benefit from pet ownership as an elder. Still, the $10,000 question … [Read More]
Jim Morrison of the Doors Made Huge Estate Planning Errors
July 3rd was the 51st anniversary of Jim Morrison’s death. He died in Paris back in 1971, and people are still enjoying the music that he helped create all those years ago. His estate is also making money, just as it has done for the last 50+ years. Who gets these funds? In this post, … [Read More]
Vacation Homes Can Trigger Ancillary Probate
Now that we have been enjoying the summer months, many people are spending time in their vacation homes. It is great to be able to get away from the grind and spend quality time with your family and friends. Plus, you make a good investment when you purchase carefully selected property. From an estate planning … [Read More]
How Can an Estate Planning Lawyer Help?
A lot of people do not understand why an estate planning lawyer is necessary. All you have to do is download a will template from a website, right? In reality, this are many reasons why legal counsel can be invaluable, and we will look at four of them here. Choosing the Right Asset Transfer Method … [Read More]
Did the Pandemic Spur Incapacity Planning Awareness?
Far too many people are going through life without estate plans in place, and sometimes an unexpected event will provide a wake-up call. For most of 2019, no one would have ever thought that intensive care units would be overflowing in just a few months. The pandemic was an enormous shock on many levels, but … [Read More]
What Is a Stepped-Up Basis?
The stepped-up basis is a term that applies to inheritances and capital gains taxes. We will take a look at it in this post, and we will provide a succinct taxation overview. Appreciated Assets Let’s say that your grandfather passes away, and he leaves you 1000 shares of stock that are worth $500 each. He … [Read More]
How Does a 529 College Savings Plan Work?
If you want to save money for a loved one to use to pay for college, you should consider a 529 college savings plan. From an estate planning perspective, this type of plan can be ideal if you want to set aside resources for a grandchild or great-grandchild. Tax Benefits There are considerable tax benefits … [Read More]
Adapt Your Estate Plan to Accommodate Individual Beneficiaries
A lot of people think that estate planning is a one-way street. You decide how you want to distribute your assets, and you express your wishes in writing. The beneficiaries will have to accept your decisions, and when they receive their inheritances, they are on their own. This is certainly one approach, and it can … [Read More]
Clock Is Ticking on Record High Estate and Gift Tax Exclusion
As a layperson, you have a lot of responsibilities on your plate on a day-to-day basis. It is unlikely that you are going to have a finger on the pulse of all the laws that relate to estate planning. On the other hand, an attorney in the field will be up to date at all … [Read More]
IRA Estate Planning: What Should a Beneficiary Expect?
Your individual retirement account is ostensibly supposed to serve as a nest egg that you draw from during your senior years. However, there may be a significant amount left in the IRA after your passing. To account for this, you name a beneficiary when you establish the account. A spouse beneficiary can roll it over … [Read More]
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