Many people believe that estate planning is not something that you have to concern yourself with until you reach the latter stages of your life. While it is true that the average life expectancy in the United States at this time is just over 78 years, this does not mean that you should wait until you reach the age of 75 to start planning your … [Read more...]
Estate Planning: Clearing Up The Confusion
We have all heard of the term "legalese" and there are indeed a lot of arcane terms that are used in the legal profession. This is true in the specialty of estate planning as well. Though there are some that can be confusing not because they are lengthy but because they include words that perhaps have meanings different than those same words in … [Read more...]
Ethical Will Can Be Priceless Estate Plan Addition
The most common vehicle of asset transfer in estate planning is the last will, and everyone is aware of what this document is intended to achieve. In addition to the last will most modern estate plans will also include advance health care directives, and a living will. What a living will does is elucidate your health care preferences so that they … [Read more...]
Gifts That Do Not Impact Unified Exclusion
As a result of the passage of the new tax relief measure at the end of last year the lifetime gift tax exemption was raised from $1 million to $5 million and the rate of the tax was reduced to 35%. This brings it in line with the estate tax with which it is again unified. What this "unification" means to you is that between gifts and your estate … [Read more...]
Identifying The Ideal Estate Planning Lawyer
Any time you are interested in developing a relationship with a legal professional it is important to identify the correct resource. This is extremely important when it comes to estate planning attorneys in particular on a number of different levels. For one, when you are engaged in estate planning there is invariably going to be a great deal of … [Read more...]
The Realities Of Probate & Your Estate
Creating your will can seem like a matter that is largely between you and your family. And though it is an emotional exercise it could appear on the surface as though there isn't anything particularly complicated about it. There are websites glory that fan the flame of this misconception, claiming that all you have to do is purchase their … [Read more...]
Charitable Remainder Trusts Provide Income, Enable Philanthropy
When you are planning your estate you need to identify an attorney who is focused on this particular area of specialization because of the fact that there are so many financial instruments involved. It takes time and dedication to this aspect of the law to fully understand all that is available to you and when you should implement one strategy … [Read more...]
Tax Bill Brings Estate Tax Relief
The estate tax was repealed in 2010 due to a provision in the Economic Growth and Tax Relief Reconciliation Act of 2001, a body of legislation that is commonly referred to as the "Bush tax cuts." However, under the existing laws the estate tax was set to return in 2011 with some very harsh parameters. The exclusion was to be just $1 million, and … [Read more...]
Grantor Retained Annuity Trusts
When you are planning your estate you want to be cognizant of all of your options. There are many different estate planning vehicles that can be utilized to address certain situations, and this is why it is advisable to work with a professional. When an experienced estate planning attorney absorbs what you are trying to accomplish and then examines … [Read more...]
Teach A Person To Fish: Educatonal Gifts
There is an old saying that goes something like "Give a man a fish, he eats for a day; teach a man to fish, he eats for a lifetime." (Okay, they were sexist in those days, but you get the idea.) When you are engaged in inheritance planning this message is highly relevant. On the one hand planning your estate is all about "giving a person a fish." … [Read more...]
