We are all well aware of the fact that we have certain ongoing responsibilities in life, and we invariably prioritize them in a logical manner. One of the keys to doing this effectively is to recognize the sum total of these responsibilities, and some of them are very evident and others may be less so. When it comes to estate planning, most people recognize it as a responsibility, but many do not see it as much of a priority. This can be a mistake because although the value of estate planning … [Read more...] about Estate Planning, Priorities, and Procrastination
It's easy to get kind of jaded about the commercial nature of the end-of-year holidays, and the idea of looking at the calendar and recognizing that it is time to shop for gifts can sometimes seem like more of a chore and less of a joy. But when the day comes when you are actually giving the gifts to your loved ones, all of that resistance melts away and you feel something ineffable. If anything people often kind of wish that they had another gift to give once that last one last one has been … [Read more...] about Tax-Free Gifts
One of the big stories in the field of estate planning in 2010 was the temporary repeal of the estate tax due to the tax reform laws that were passed in 2001. This is the only year that the tax has not been levied since it was first introduced in 1916 and it is returning again in 2011, and from all indications it will continue on into perpetuity. In fact, there is even some talk in Congress about enacting legislation to impose the tax on the estates of those who died in 2010 retroactively. … [Read more...] about Should Estate Tax Be Permanently Repealed?
It could be said that end of life planning contains three distinct components: the physical, the financial, and the philosophical. You can state your wishes concerning these matters by drawing up three different wills. Standard Will When most people hear the term "will" as it applies to estate planning they are going to think about the standard will that provides instructions for the distribution of the property of the deceased. We have all heard the term "last will and testament." The … [Read more...] about A Will For Every Purpose