When you evaluate the responsibilities that you have, you generally set your priorities and act accordingly. There are some matters that you take care of once and revisit very rarely if at all (like the the wedding of your daughter...hopefully). And then there are others that you are going to have to tend to on an ongoing basis, and the management of most financial matters is going to fall into this category. But what about estate planning? Where does it fit into the scheme of things? There was … [Read more...] about Where Does Estate Planning Fit?
You may know more or less what you want to accomplish when you start planning your estate, but there are so many facets to consider it can be difficult to compartmentalize these objectives. Here are three useful estate planning vehicles that can be used to provide a foundation to work with as you proceed. Living Will A living will is a commonly executed advance health care directive, and it is used to allow people to state their preferences regarding the types of medical procedures they will … [Read more...] about Wills, Elder Law, & Advance Planning
The pros and cons of inheritances are often discussed when you are engaged in estate planning discussions, and there are no easy answers. More often than not people who are in a position to have to make decisions regarding whether or not a large inheritance is good for their heirs usually got there because they are driven individuals. These types of people are often going to take pause because they want to see their loved ones maximize their potential and experience the feeling of doing for … [Read more...] about Inheritance Planning & Doing For Self
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 It should first be noted that the estate tax was repealed for 2010 due to a provision in the tax reform act that was passed in 2001, but it will return next year.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?
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