At the present time the estate tax exclusion is $5 million as a result of the passage of the tax relief act that was signed into law last December. However, it is important to remember that this change is not a permanent one. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 … [Read More]
Estate Planning & Blended Families
When you consider all the myriad details involved, estate planning can be rather complex and challenging. Depending on the size and scope of your assets and exactly what form they are in any number of financial instruments may be necessary to optimize your assets and prevent erosion. This is true even for people who married … [Read More]
Medicaid: What Can Community Spouse Retain?
We have previously cited the rather alarming spike we are seeing in the prices of long-term care. To recap, there is a study that is done every year by the MetLife Mature Market Institute that places the cost of long-term care under the microscope. In 2010 the average cost for a yearlong stay in a … [Read More]
Removing Your Home’s Value From Your Estate
Due to provisions that are contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 the estate tax exclusion is now $5 million. What this means is that your heirs will owe no estate tax at all if the value of your estate is $5 million or less. Any portion of … [Read More]
Reducing Estate Tax Liability
As a result of the tax relief measure that passed through the legislature at the end of last year we currently have an estate tax exclusion of $5 million and a maximum rate of 35%. What this means to you is that right now, the portion of your estate that exceeds the $5 million exclusion … [Read More]
Ethical Will Can Punctuate Estate Plan
There are some estate planning documents that everyone is aware of, and one of them is the last will. This document is of course used to state your wishes with regard to how you would like your assets distributed after your death. There is another type of will that is also recommended called a living … [Read More]
Are You Prepared For Your Twilight Years?
It is perhaps human nature to avoid subjects that are not particularly pleasant to consider, but when it comes to making sure you’re prepared for the latter stages of your life you really have to face the facts head-on. Many would suggest that it is best to take a holistic approach and recognize that retirement … [Read More]
Estate Planning: Probate Lawyer Is Key
There is generally no incremental learning curve involved in estate planning and everything is new to most individuals when they first start to engage in the process. Before they begin to look into it a lot of people don’t realize that a last will is not something that is just passed around among your loved … [Read More]
Estate Tax Relief May Be Brief
The average layperson may not fully understand just how much the legislative processes going on in Washington impact the field of estate planning. We’ve recently gone through crises of sorts regarding approving a budget for this year and raising the debt ceiling so that the federal government can meet its obligations. Some say that the … [Read More]
Grandchildren & Inheritance Planning
We are all aware of the fact that grandparents and grandchildren often share a very special relationship. When you are planning your estate, making provisions for your grandchildren may well be a priority. Of course you are going to want to do as much as possible for them, so the last thing that you would … [Read More]
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