As people age, the topic of estate planning becomes increasingly relevant. While it's essential for everyone, single seniors with no children face unique challenges that make it critical to approach estate planning with particular care. So, if you're a senior navigating the golden years solo, here are key considerations to keep in mind. The Reality of Being Solo Being single at an older age can be liberating in many ways. However, it also means that you alone bear the responsibility for … [Read more...] about Effective Planning for Single Seniors
Estate Planning
Tips for Choosing the Right Executor for Your Will
For many, drafting a will is an essential step in estate planning, but the process doesn't end there. Choosing the right executor for your will is equally important. It's a decision that can significantly impact how your estate gets handled. This post guides you through the vital considerations when selecting an executor. Understanding the Role of an Executor An executor carries out the instructions laid out in your will. They manage the distribution of assets, pay off debts, and ensure that … [Read more...] about Tips for Choosing the Right Executor for Your Will
Five Key Facts About the Federal Gift Tax
The federal gift tax can be a factor if your estate is going to be exposed to the estate tax. It has been in place since 1932 to stop people from giving gifts to avoid the estate tax. There are some things you should know about this tax when you are planning your estate, and we will share five key pieces of information in this post. The gift tax will not impact most people. You will probably be relieved to hear that it is very likely that the gift tax will not impact you and your family. … [Read more...] about Five Key Facts About the Federal Gift Tax
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Should I Invest in a Pre-Paid Funeral Plan?
You would undoubtedly prefer to spare your loved ones from having to go through additional grief and stress following your own death. While you cannot entirely spare them from the emotional impact of your passing, you can spare them additional stress and anxiety by incorporating a funeral planning component into your estate plan. As part of that component, you may consider investing in a pre-paid funeral plan with a local funeral home. The estate planning attorneys at Augulis Law Firm discuss … [Read more...] about Should I Invest in a Pre-Paid Funeral Plan?
What Is an ILIT?
One of the first orders of business that you must address when you are planning your estate is the matter of potential taxation. There is a federal estate tax that high net worth people must contend with, and it can significantly erode the wealth that you are passing along to your loved ones. At the time of this writing in 2014, the amount of the federal estate tax credit or exclusion is $5.34 million. This is the amount that you could transfer to your heirs tax-free. If your estate exceeds … [Read more...] about What Is an ILIT?
Estate Planning for the Beginner
Although you probably understand the importance of having an estate plan in place, the prospect of creating that plan can be a bit daunting for the uninitiated. Estate planning incorporated a wide range of goals and objectives into one comprehensive plan. That plan may utilize numerous estate planning tools and strategies. All of that can be overwhelming. To help you feel more comfortable with the concept of estate planning, an estate planning attorney at Augulis Law Firm offers a list of top 10 … [Read more...] about Estate Planning for the Beginner
What Type of Life Insurance Do I Need?
For the vast majority of people, at least one life insurance policy is included in their estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you. Toward that end, the estate planning attorney's at Augulis Law Firm explain how to make the most of your life insurance. Understanding Which Type of Life Insurance You Need Life insurance is not all the same. The … [Read more...] about What Type of Life Insurance Do I Need?
How Can a QDOT Trust Protect My Spouse?
Mixed-Nativity Marriages in the U.S. American has long been referred to as a melting pot, and with good reason. According to the U.S. Census Bureau, 11.4 million married-couple households, or 21 percent of all married-couple households in America in 2011, had at least one spouse born in another country. About 13 percent (7.3 million) of households had two foreign-born spouses, and 7 percent (4.1 million) had one native-born and one foreign-born spouse. Of the couples with one native-born … [Read more...] about How Can a QDOT Trust Protect My Spouse?
Actors Receive Bequests From “Friend”
Receive bequests from a family member or friend and aren't sure about your next steps? Our estate planning attorney can help you plan for your future and protect your estate. Exactly what the definition of a "friend" is may vary from person to person. Most individuals would say that you can't be friends with someone that you have never met (Manti Te'o and Lennay Kekua notwithstanding). Whatever your opinions on the matter may be, a man who passed away in Illinois last summer left behind … [Read more...] about Actors Receive Bequests From “Friend”
