A lot of people procrastinate when it comes to estate planning because it seems a bit overwhelming, and they don’t know how to begin. If you are one of them, you can start to build an estate plan framework if you consider the first four questions, and you will then be ready to act on the last one. What is your family dynamic? The nature of your original estate plan will be impacted by your family dynamic at the time. If you are single and you have limited resources and no children, your plan … [Read more...] about These Questions Will Help You Create an Estate Plan Outline
Vermont is a great place to live in many ways, but there are those that want to head to warmer climates during their retirement years. This is understandable, but you should definitely consider the tax situation in your preferred retirement location. State-Level Estate Taxes The federal estate tax can shave down the value of your estate by 40 percent of its taxable value, but your estate is probably not exposed to it. There is a credit or exclusion that allows you to transfer a certain amount … [Read more...] about Weigh the Impact of Taxes During Retirement
There are those that simply do not understand why estate planning is important, so they do not take any action. Many intend to create a simple will at some point in time, and they feel as though that is the only thing that is required. They are not too concerned about dying without a will if it comes down to that because they assume that everything will take care of itself. In reality, this is a misguided point of view, and we will shed some light in this post. Intestate Succession It is … [Read more...] about Why Should You Have an Estate Plan?
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
Some people are under the impression that the only estate planning document you need is a will. This is a very shortsighted perspective because there are other considerations that will enter the picture if you want to plan your estate properly. Asset Transfers The idea that a will is the right choice for most people should be tossed out the window. In reality, the majority of people with a reasonable store of resources would be better served by the utilization of a revocable living … [Read more...] about Estate Planning: Have You Covered All Your Bases?
You may have heard about celebrities like Leona Helmsley or Oprah Winfrey that created estate plans that left millions of dollars for their dogs. It can seem like something that is in the realm of the rich and famous, but ordinary people can be interested in pet planning solutions. Senior Loneliness Imagine the situation that you may be in when you start to reach an advanced age. Your spouse may pass away before you do, and after retirement, you will not have daily interactions with your … [Read more...] about Can You Establish a Trust for a Dog?
A lot of people assume that a will is the best estate planning tool to use if the situation is not extremely complex. In reality, a trust of some kind can be preferable under a number of different circumstances, we will look at a handful of them in this post. Protecting a Spendthrift Heir Let’s say that you have a son that is not good with money. He has come to you for bailouts over the years, and you are concerned about the way he will handle his inheritance. If he spends all the money too … [Read more...] about When Should You Use a Trust Instead of a Will?
There is some misinformation that circulates about certain aspects of the estate planning process. People sometimes make costly errors because they buy into myths, and with this in mind, we will look at some of these commonly held misconceptions in this post. Estate planning is not necessary until you are a senior citizen. Obviously, most people do not pass away when they are under the age of 60, but it does happen each and every day. When you are a single adult with no responsibilities to … [Read more...] about These Estate Planning Myths Can Lead You in the Wrong Direction
It is nice to own a second home in another state where you can spend quality time with the people that you care about. The getaways are life affirming, and real estate is a good investment, so it is a win-win situation if you are in a position to purchase a vacation property. On the estate planning front, there is a consideration with regard to the administration phase, and we will look at it here. The Probate Process If you use a will to record your final wishes with regard to asset … [Read more...] about Vacation Home Owners: Be Aware of Ancillary Probate