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
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Has Your Estate Plan Been Reviewed?
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?
Jim Morrison Estate Saga Is Instructive
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
Explanations of Five Common Estate Planning Terms
When you decide to start educating yourself about estate planning and elder law matters, you are invariably going to come into contact with some unfamiliar terms. This is fully understandable, and in this post, we will look at five terms that you may come across and provide some basic definitions.Custodial CareThis is something that is applicable to the most important elder law issue of our day. The majority of senior citizens will need help with their activities of daily living eventually. … [Read more...] about Explanations of Five Common Estate Planning Terms
What Is Estate Tax Exclusion Portability?
If you have been very successful from a financial standpoint, you have to be concerned about the potential impact of estate taxes. Many people contend that the death tax is not fair, because your estate is comprised of resources that you have been able to retain after paying innumerable taxes throughout your life.Why should your death be a taxable event in and of itself?This a good question, but whether it is fair or not, the federal estate tax is a fact of life. The good news is that … [Read more...] about What Is Estate Tax Exclusion Portability?
What Is a Letter of Final Instructions?
It is important to think about the way that your wishes are going to be carried out after you pass away when you are planning your estate. Unfortunately, far too many people fail to see the big picture.We are not trying to compare a holiday to the afterlife in a flippant sense, but the following is a useful analogy.Let’s say that you are going on vacation for a month, and you have a friend that is going to take care of things while you are away. You are not simply going to say, okay, … [Read more...] about What Is a Letter of Final Instructions?
Coronavirus and Nursing Homes
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread.Read on to learn more. … [Read more...] about Preparing for Coronavirus
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more.Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
Whom Do You Want to Get Your Assets?
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries.Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?