The estate tax is scheduled to come back with a top rate of 55% in 2011, and over the years this rate has fluctuated but it is generally somewhere in the vicinity of 50%. Many people question the fairness of a tax that sucks up half of the wealth that you have accumulated throughout your lifetime, especially considering the fact that you paid plenty of other taxes along the way. Because this tax is so devastating to the value of your assets, estate planning attorneys recommend strategies that … [Read more...] about A Look At Generation Skipping Trusts
Wills and Trusts
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
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?
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