The estate tax is something that many people have a problem with not because they are unwilling to carry their fair share of the tax burden, but because it is simply hard to find any logic supporting it. It should first be noted that the estate tax was repealed for 2010 due to a provision in the tax reform act that was passed in 2001, but it will return next year. During the repeal things seem to have proceeded about the same way that the did in 2009 when the tax was in place. So how is a return … [Read more...] about Should 2010 Estate Tax Repeal Become Permanent?
Estate planning is a multifaceted endeavor and there are many things that need to be taken into account regardless of the size and scope of your estate. This is true for everyone no matter how you earn a living, but people who own small businesses face an added layer of complexity when they construct their estate plan. They also may find themselves so wrapped up in their work that they find it difficult to make the time to formulate a plan, but the reality is that the responsible business person … [Read more...] about A Small Business Estate Plan Is A Must
In the realm of estate planning same sex couples face a number of challenges because of the fact that their unions are not legally recognized federally or in most states. This impacts the financial aspects of estate planning in a number of ways, and we will be addressing some of these in future posts. But today we would like to highlight the legal instrument known as the health care proxy or medical power of attorney and the manner by which it can protect the interests of same sex couples. The … [Read more...] about Health Care Proxies & Same Sex Couples
Anyone who has seen children opening presents at the foot of the tree on Christmas morning knows the greatest benefit that you receive when you give someone a gift. It is uncanny how you feel when you are engaged in gift exchanges, even when the people involved are adults. For the most part all of the real emotions that you feel are selfless; you feel genuine gratitude for the gifts you receive, and you feel an ineffable but palpable sense of empathetic resonance when you are giving gifts to … [Read more...] about The Benefits Of Gift Giving
Planning your estate is intertwined with the plans that you must make for the end of your life, and to do this with due diligence you have to ask yourself how long you can realistically expect to live. When you look at the current statistics regarding longevity in the United States you see a remarkable trend. People are living longer, with the "oldest old, " those 85 years of age and older being the single fastest growing segment of our society. So if you have no specific health problems you may … [Read more...] about Nursing Home Costs Trending Upward
There are pragmatic matters to address when you are planning your estate, and of course it is important to take stock of your assets and decide how you would like to distribute them upon your passing. Doing the above involves making some smart financial decisions that require intellect, but there can be a profound emotional component to it as well. You have to consider what you would like to give to each of your loved ones and why, and aside from doing the math this can involve a great deal of … [Read more...] about Include Your Memoirs In Your Estate
Estate planning involves the distribution of your financial assets to your heirs upon your death, and many people assume that the way this is done is through a will. Though it is true that wills are often used to define the terms of asset distribution, there are other vehicles for transferring assets that have a lot of appeal to many people. One of them is the revocable living trust. When you are planning your estate you invariably want to make things simple for your loved ones after you pass … [Read more...] about What Are Revocable Living Trusts?
There is no greater joy than the experience of having your first child, but when the initial excitement subsides, you may feel an added sense of responsibility that is quite profound. After all, it can be a revelation to suddenly recognize that you are now responsible for the health, happiness, and well being of another human being. There are many things to consider, and life is never quite the same after you become a parent. One of the things that young families should take very seriously is … [Read more...] about Estate Plans For Young Families
Estate planning can have a comprehensive impact on your decision making that starts long before there is any reason to believe that there will be the need for any distribution of your assets in the immediate future. As we all know, success in any endeavor is largely contingent upon goal setting along with a long term plan that puts you on a course toward reaching those goals. If you go through life with a plan, keeping the larger picture in focus, your actions will be consistent and you will … [Read more...] about Estate Plans Provide Structure
When you look at an overview of the financial realities that we all face throughout our lives, you immediately notice how everything is connected. Depending on the extent of your assets, you are probably going to have to plan for your retirement years before you consider how to plan your estate. And how prepared you are to address the financial realities of retirement is going to have everything to do with the value of your estate when you pass on, so it is clear that estate planning and … [Read more...] about Retirement Planning: The Sooner The Better