Many people think that estate planning is a very simple matter. When you are senior citizen, you record your final wishes in a last will, and that’s the end of the story.In reality, this is a gross oversimplification on a couple of different levels.First, estate planning is one of the core responsibilities of adulthood. You should put your estate plan in place as soon as you have other people depending on you for financial support. In fact, it can be argued that it is even more important … [Read more...] about Will vs. Trust: How Do You Choose?
A lot of people make inheritance planning mistakes because they harbor certain misconceptions. In this post, we will look at a few common misconceptions so you can go forward with sound information.Trusts are only useful for wealthy people.Very high net worth individuals have to be concerned about the federal estate tax, because it carries a whopping 40 percent maximum rate. These people utilize irrevocable trusts to mitigate their exposure.This being stated, the revocable living trust … [Read more...] about Clearing Up Inheritance Planning Misconceptions
Studies show that the vast majority of American adults are completely unprepared from an estate planning perspective. Though it should be viewed as a responsibility that all adults must address, people tend to put it on the back burner.There is no questioning the fact that dying is the last thing on everyone’s to-do list, but it is also something that happens to all of us. As they say, “resistance is futile.” In spite of this obvious reality, inaction is the exception rather than the rule, … [Read more...] about Has Your Estate Plan Been Reviewed?
There are a handful of classic rock stars that never seem to completely drop out of the collective consciousness, and Jim Morrison is one of them. The lead singer of The Doors was a very talented, enigmatic individual that passed away in 1971 at the age of 27.He had a significant amount of wealth at the time of his passing, and his likeness and his work are bringing in revenue to this day. Clearly, his estate was, and is, very valuable. Since he lived a freewheeling lifestyle and he was only … [Read more...] about Jim Morrison Estate Saga Is Instructive