The popular website Caring.com conduct surveys every year to measure the estate planning preparedness of American adults. They have recently released their 2021 version, and there is a surprising shift among people in a certain age group. COVID Wake-Up Call In the United States, the average life expectancy is about 78 years, so many people think of estate planning as something that it is only relevant for senior citizens. On one level, this attitude is understandable, but we all know that … [Read more...] about 2021 Estate Planning Survey Yields Interesting Results
Biden Would Like to Reform Social Security
According to the Social Security Administration (SSA), between 10,000 and 15,000 applications for benefits are being received every day, and this volume has been consistent for years. There is no end in sight, because the baby boomers are reaching retirement age. Clearly, there is a lot of interest in the ongoing solvency of the Social Security program, and the person in the Oval Office is certainly concerned. President Biden has proposed some changes, and we will look at the details … [Read more...] about Biden Would Like to Reform Social Security
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. Read on to learn more. … [Read more...] about Dynasty Trusts
Joint Tenancy Problems in Estate Planning
Sometimes people use Joint Tenancy as an easy, simple way to do Estate Planning. However, this can have serious, unexpected drawbacks. Read on to learn more. … [Read more...] about Joint Tenancy Problems in Estate Planning
Biden Administration Could Reduce Estate Tax Exclusion
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. Read on to learn more. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
Tax Planning for 2021
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
Fair Isn’t Always Equal and Vice Versa
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. … [Read more...] about Fair Isn’t Always Equal and Vice Versa
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
