The 2012 holiday season may have receded into the distance behind us, but the spirit of giving may still be fresh in your mind early in 2013. This spirit can extend into your estate plan. Legacy planning can be a part of the equation as you take steps to lend your name to philanthropic efforts. This is obviously something that can be personally rewarding, and doing something for others late in your life can be especially meaningful and even spiritually significant. The above having been … [Read more...] about Will Philanthropy Be a Part of Your Legacy?
A lot of people tell themselves that they would like to write a book during their retirement years. Indeed, leaving behind your memoirs can be a good idea when you are engaged in the process of legacy planning. Your family members will be able to gain an invaluable store of knowledge and wisdom by having access to personal experiences that were formative throughout your life. Some people get to thinking about this and then turn away from the idea because they don't want these writings to exist … [Read more...] about Make Blogging Part of Your Legacy
If you want to you can look at estate planning as a bare-bones effort to arrange for the transfer of assets to your loved ones after your passing. This is certainly not the best perspective, but even a basic estate plan is better than none at all. However, there are those who see things in a different way. If you have ample resources you may be able to make your legacy felt for generations to come, and this is something to consider when you are contemplating the future. There are a number of … [Read more...] about With Careful Planning Your Legacy Can Be Felt For Generations
What you want to accomplish over the long haul is going to impact how you proceed in the present. This is why it is advisable to ask yourself what you would like to accomplish with your legacy as soon as possible so that you have the time that it takes to accumulate the necessary resources. While there are some people who don't care a lot about what they will be leaving behind, others have a concrete vision. You may want to make sure that younger family members have the opportunity to attend … [Read more...] about How Will You Provide For Your Loved Ones?
If you are like a lot of small business partners your share in the business may be one of your single most significant financial assets. So of course the value of the business share is going to make up a large portion of your estate. Because of the fact that you are probably going to want to spread this value among multiple different people selling the share in the business would probably be necessary. Should your family members sell the share to the highest bidder your remaining partners would … [Read more...] about Small Business Partners Must Plan Ahead
Guardianship proceedings are called for when interested parties may suspect that an individual has become incapable of handling his or her own affairs. Should a guardianship petition be granted the person in question could become a ward of the state, and this individual may not have any control over who actually does make decisions in his or her behalf. This in itself is unsettling to most people, and even if the guardian winds up being someone that you may have selected had you had the … [Read more...] about Avoid The Expense And Uncertainty Of A Guardianship
A lot of people really enjoy doing what they do and they have every intention of continuing to work after they become eligible to receive Social Security. This can get you to wondering if there are any penalties involved in doing so, and it is indeed a good question. People who were born between 1943 and 1954 become eligible to receive their full Social Security benefits when they turn 66 years of age. The full retirement age in a Social Security context then rises by two months per year … [Read more...] about Do Earnings Affect Retirement Benefits?
If you are concerned about the impact that the federal estate tax could have on your legacy it would be logical to consider giving gifts to your loved ones while you are still alive. Of course the powers that be are well aware of this logic so there is a gift tax in place. It is unified with the estate tax and they both carry a 35% rate as of this writing. There is also a combined gift/estate tax exclusion. This amount is $5 million right now as a result of a provision that is contained within … [Read more...] about Looming Changes Make Gifting In 2012 Something To Consider
Individuals often times find it hard to openly discuss their own mortality. This can present some difficulties in the realm of estate planning. Family members can feel as though you are being morbid if you want to discuss some of the pragmatic details that must be dealt with after you pass away. But the truth is that everyone eventually dies and it is as natural as birth. There is no reason why the subject should be taboo in any way, and those who stick their heads in the sand often make a sad … [Read more...] about Estate Planning: Hands-On Realities
If you were to give significant gifts to family members while you are still alive they could be subject to the federal gift tax. Right now the rate of the gift tax is 35%. We say you "could be" exposed because whether or not the gift is taxable will depend on its value. As of this writing the lifetime gift tax exclusion is $5 million, so you can give gifts up to this amount without incurring any gift tax liability. However, the gift tax and the estate tax are unified. So using this exemption to … [Read more...] about Family Limited Partnerships Can Reduce Tax Exposure