Zappos online shoe store is one of the great business success stories of the Internet era. It all began in 1999 when an entrepreneur named Nick Swinmurn left a voicemail for Venture Frogs cofounder Tony Hsieh. Sminmurn was looking for start-up capital to launch an e-commerce website that would sell shoes, and Hsieh was not interested when he started listening. He was ready to move on to the next call when Swimmurn mentioned the fact that footwear was a $40 billion a year industry. The size … [Read more...] about Tony Hsieh of Zappos Fame Died Without a Will
New Year’s Resolution: End the Estate Planning Procrastination
When the calendar turns over, people look at the event as an opportunity to get a fresh start, and they make resolutions. You may resolve to try to overcome some unhealthy proclivities, and there are those that decide that they will tie up some loose ends once and for all. As estate planning attorneys, we urge people to take action in 2021 to protect their assets and preserve their legacies, because procrastination is all too common. Most People Are Unprepared Caring.com has been conducting … [Read more...] about New Year’s Resolution: End the Estate Planning Procrastination
IRS Releases 2021 Estate Tax Exclusion Adjustment
Over the last couple of weeks we have been sharing information that has been made available about adjustments to relevant government program parameters. We have looked at the Social Security cost-of-living adjustment and the increases in the out-of-pocket Medicare costs. In this post, we will look at yet another relevant figure that has been released by the Internal Revenue Service. Federal Estate Tax Exclusion The estate tax exclusion is the amount that can be transferred before the estate … [Read more...] about IRS Releases 2021 Estate Tax Exclusion Adjustment
Taxes Can Impact Retirement Choices
Vermont is a beautiful place that offers a high quality of life in many ways. This being stated, many people from our area retire to other states that have milder weather. In addition to the climate, there are other considerations, and different people have different priorities. One reality that is shared is the matter of taxation, and we will look at this part of the retirement equation in this post. Income Taxes The lists that rank the most tax friendly places for retirees revolve around … [Read more...] about Taxes Can Impact Retirement Choices
2021 Medicare Cost Increases at a Glance
The Centers for Medicare & Medicaid Services (CMS) has released the premium and deductible increases for 2021. We are going to provide a rundown here, but before we get there, we will explain the Medicare eligibility parameters. Retirement Credits A lot of people think that you automatically qualify for Medicare when you reach the age of 65, but this is not the case. You gain eligibility through the accrual of retirement credits, and you accumulate them when you pay payroll or … [Read more...] about 2021 Medicare Cost Increases at a Glance
Legacy Planning Is an Expression of Gratitude
Thanksgiving symbolizes the feeling of gratitude, and aside from the traditional get-togethers, people use the occasion to show that they are grateful in various different ways. Gift giving is a profound expression of gratitude, and if you are going through life without an estate plan, you may want to use the holiday as motivation. Passing Along Your Legacy When you initiate the estate planning process, you should create an inheritance list and think about the best way to provide for each … [Read more...] about Legacy Planning Is an Expression of Gratitude
Will Your Parents Need Long-Term Care?
The responsibilities that you assume as you go through life will often shift, but if you are committed to your family, they will come in a steady succession. By the time your children are grown, you may find yourself providing assistance for your aging parents. As time goes on, they will invariably require more and more help. At some point, the level of need may exceed your capabilities, and long-term care can be the only answer. Assisted Living Costs If you have never thought about the … [Read more...] about Will Your Parents Need Long-Term Care?
Address These Sources of Inheritance Erosion
When you plan your estate, you make decisions about the inheritances that you will be leaving to your loved ones. At the same time, you have some control over the size of the pie that will be sliced up after your passing. There are some looming threats that can impact your legacy, and we will take a look at some of them in this post. Elder Financial Abuse It is a very sad phenomenon to say the least, but unfortunately, elder financial abuse is widespread. This subject started to draw … [Read more...] about Address These Sources of Inheritance Erosion
Are You a Member of the Sandwich Generation?
There is a very unique demographic phenomenon unfolding in the United States right now, and it will persist into the foreseeable future. During the postwar years between 1946 and 1964, an inordinate number of babies were born. This phenomenon has been dubbed the “baby boom,” and if you do the math, you can see that these people are attaining senior citizen status. This has created a very large pool of senior citizens. People are having their first children at later ages than they did a … [Read more...] about Are You a Member of the Sandwich Generation?
Estate Tax & Inheritance Tax: Is There a Difference?
People often come away a bit confused when they hear bits and pieces about the taxes that can be applied on inheritances. The term “estate tax” is commonly utilized, and you may have also heard of an “inheritance tax.” Some people think that estate tax is a term that is used to describe the income taxes that you have to pay if you receive an inheritance. In fact, inheritances are not subject to regular income taxes. An estate tax is entirely different. Federal Estate Tax We do have a … [Read more...] about Estate Tax & Inheritance Tax: Is There a Difference?
